High Exchange Rates, Taxes Killing Private Businesses, Tinubu Told

Gbenga Sodeinde in Ado Ekiti

A Lagos-based businessman and Chairman and Managing Director of Atlantic Bisco Motors, Mr. Banji Akinola, has urged President Bola Ahmed Tinubu to save the private business from collapse by reducing the current high import duty and taxes.

Speaking at the sideline of the reception organised in honour of his late mother, Madam Janet Funmilayo Akinola, in Ado-Ekiti, Akinola urged the government to consider a downward review of the duty and other taxes being imposed on private businesses in the country.

Among the dignitaries who graced the burial service were Ekiti State Governor, Biodun Oyebanji, Senator Babafemi Ojudu, former Commissioner for Information, Lagos State, Hon Gbenga Omotosho, and former Ambassador to Canada, Dare Bejide, among others.

The Nigerian importer lamented that the incessant upward review of taxes and customs duties coupled with the harsh economic condition in the country is pushing many Nigerians out of business.

Akinola, who the chairman of Atlantic Bisco Motors, with subsidiaries in construction, haulage, and property, lamented that duty for the clearance of a car has been jerked up by 500 percent.

He, however, described his late mother as a super generous person, who would  never consider anything to be too much for her to  assist people

“She really impacted our lives positively and taught us to be generous to people, and that when you are generous, you will never lack. And we all imbibed that act of generosity from her as she taught us moral-to be nice, generous people and not to be greedy.”

He added: “I have been importing goods from Europe and America into Nigeria in the last 30 years. The customs duty is so unfriendly, and since the president assumed office about two months ago, specifically on May 29, 2023, the Nigerian Customs Service (NCS) has increased the duty two times and the exchange rate was also implemented. It used to be N420 now it is about N850 to a dollar. A lot of importers have been pushed out of business as a result of this.

“This actually started during President Muhammadu Buhari regime. Presently, we now pay as much as N2.5 million for the clearance of a car we used to pay just N400,000 to clear. It now very difficult for an average Nigerian, even civil servants, to buy a fairly used imported car.

He, however, sympathised with the federal government whom he said took the step to shore up its internally generated revenues to prosecute some projects “but whatever they intend to do, they are overtaxing people.

“What we are experiencing now is over taxation, and this has really dealt a severe blow to our businesses. I am now trying to diversify to other businesses, because relying only on importation at this time is so difficult-the exchange rate and the custom duty are killing us.”

Meanwhile, a friend to the Akinola family, Prof. Femi Olaofe, described late Madam Akinola as a very close confidant and adviser to his wife virtually on all issues.