As the country struggles to ramp up revenue, private sector operators have expressed concerns about government’s resort to multiple taxation and over-regulation, noting that such actions will negatively impact growth and business survival.
He stated this at the Lagos Chamber of Commerce and Industry economic and business outlook seminar 2022, tagged: “LCCI Mid-year economic review and outlook conference” in Lagos. On fuel subsidy, he projected that Nigeria will spend more than the proposed N4 trillion, pointing out that the federal government has never been honest about the cost of fuel subsidy.
He said that there are different business arrangements in the oil and gas sector which have different implications for government’s revenue, saying that the Joint Ventures are the biggest hit as a result of crude oil theft and vandalisation of oil facilities since they provide the highest stake. “We expect to experience some fiscal constraints because of debt overhang accompanied by a high debt service burden and heavy subsidy costs. There are therefore heightened fears of contracting output, constrained production, and recession risks as we navigate the murky waters of 2022,” he warned.
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Source: GuardianNigeria - 🏆 1. / 94 Read more »