FG wants to suspend nationwide tax collection for Okada drivers, tankers and shops

President Bola Tinubu is considering suspending the collection of taxes, duties and fees in some economic sectors for six months.

Those benefiting from the tax suspension include okada drivers, goods transporters, fuel transporters, wheelbarrow and cart pushers, shopkeepers, market traders and others.

This was contained in a draft regulation titled “Inflation Reduction and Price Stability (Fiscal Measures etc.) Regulation 2024” dated May 1, which aims to reduce inflation and food prices across the country.

According to the draft order, the President said he was exercising the powers conferred on him by Section 5 of the Nigerian Constitution (as amended), Section 38 of the Value Added Tax Act, Cap. V1 of 2004 (as amended) and others.

According to the draft regulation, the suspension affects “vehicle tax and all other taxes or charges on the transport of goods, as well as fees for bicycles, trucks, canoes, wheelbarrows and carts”.

These include, among others: “Registration of business premises, taxes and duties for shops, kiosks and markets, VAT on animal trade and products, further suspension of VAT and diesel (AGO).”

The draft regulation also provided that “states and local governments shall take appropriate steps to support the implementation of the tax suspension.”