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From Priscilla Ediare, Ado-Ekiti
The Chairman and Managing Director of Atlantic Bisco Motors, Mr Banji Akinola, has lamented that the current high import duty and taxes are negatively affecting the existence of private businesses in the country.
He called on President Bola Tinubu to urgently intervene and rescue private businesses from imminent collapse by considering a downward review of the duty and other taxes being imposed on private businesses in the country.
Akinola made the call at the sideline of the reception organized in honour of his late mother, Madam Janet Funmilayo Akinola in Ado-Ekiti, capital of Ekiti State, where he expressed that incessant upward review of taxes and customs duty, coupled with the harsh economic condition in the country are pushing many Nigerians out of business.
The Chairman and Managing Director of Atlantic Bisco Motors, with subsidiaries in Construction, Haulage and Properties, revealed that duty for the clearance of a car has been jerked up by 500 per cent.
The Nigerian importer who is based in Lagos, said, “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 May 29, 2023, Nigerian Customs 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 US dollar. A lot of importers have been pushed out of business as a result of this.
“This actually started during President Muhammadu Buhari’s regime, presently, we now pay as much as 2.5 million naira for the clearance of a car we used to pay just 400 thousand naira to clear. It is now very difficult for an average Nigerian, even a civil servant to buy a fairly used imported car.
“Before now, as one of the top vehicle importers in the country, I can afford to put 40 to 50 vehicles in a Ship for importation to Nigeria, infact, in a year, I do import 500 to 600 into the country but now if I can make 20, 30 then I have tried. The bar of the customs duty was raised by the last government, then the present government came with the liberalisation of the exchange rate which pushed up the duty, they did it twice and that really affected the importation of goods adversely.”
He sympathised with the federal government which he said took the step to shore up its Internally Generated Revenue(IGR) 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 is so difficult, the exchange rate and the customs duty is killing”.
Extolling the virtues of his late mother, Akinola described her as a super generous person who will 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 when you are generous and giving, you will never lack and we all imbibed that act of generosity from her as she taught us morals, to be nice, generous to people and not to be greedy”.
A friend of the Akinola family, Prof Femi Olaofe, described the late madam Akinola as a very close confidant and adviser to his wife virtually on all issues.
Prof Olaofe, in a tribute he wrote on behalf of his family, said, “Mrs Akinola loved her family dearly and showed that through her generosity and consistent prayers for their well-being.
“She was a unifier, kind, generous, open-minded to everyone that came her way. Her Christian faith was strongly reflected in her daily living and lifestyle.
“She taught the children how to be diligent, focused and disciplined. She also brought up her children in a Christian way and taught them how to accommodate others, render assistance and be open-minded to everyone that comes their way. We thank God that they are doing very well today by the grace of God”.
Dignitaries who graced the burial ceremony include Ekiti State Governor, Mr Biodun Oyebanji, former Governor Ayo Fayose, Senator Babafemi Ojudu, former commissioner for information Lagos State, Hon Gbenga Omotosho and former Ambassador to Canada, Amb. Dare Bejide.,High Chief Olatunji Obayemi, The Alareeni of Ado-Ekiti. Chief Dipo Anisulowo, among others.
