The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) and the Organised Private Sector (OPS) have expressed concerns over the long-term implications of arbitrary taxation on businesses and the nation’s economy.

Speaking at the 45th Trade Fair hosted by the Kano Chamber of Commerce, Industry, Mines, and Agriculture (KACCIMA), NACCIMA President, Dele Kelvin Oye, emphasized that high taxes hinder innovation, stifle investment, and pose a threat to the sustainability of enterprises.

Oye specifically called for a review of sections of the 2024 Tax Bill, citing provisions that negatively impact businesses, particularly those operating within free trade zones.

He also urged the Federal Government to adopt a more collaborative and long-term approach to taxation policies so as not to destabilize critical sectors of the economy. According to him, “As Margaret Thatcher warned, we should be wary of high taxes. High taxation restricts the power of the people while giving more authority to the government.

“As we strive for economic prosperity, I must also draw attention to the issue of arbitrary taxation. “I urge all levels of government in Nigeria, especially state and local governments, to consider the long-term implications of high taxation on businesses.