FG Urged to Suspend Tax, Levies on Fuel Imports to Curb Inflation

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Dr Muda Yusuf, Chief Executive of the Centre for Promotion of Private Enterprise (CPPE) and former Director General of the Lagos Chamber of Commerce and Industry (LCCI), has called for the suspension of import taxes and levies on petroleum products in order to reduce inflation.

Manufacturers and other operators in the Nigerian economy have been lamenting the soaring price of diesel, which has risen from around N250 to more than N750 per litre due to the country’s lack of electricity supply.

Inflation, a measure of how quickly prices of goods and services rise, increased to 15.7% in February from 15.6% in January, with analysts expecting inflation to rise even higher in March due to higher fuel prices, which have a knock-on effect on other prices.

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