Suspend taxes on imported petroleum products, CPPE boss tells FG

The founder/Chief Executive Officer (CEO), Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, has said since one of the major drivers of inflation is high energy costs, the government should as a matter of urgency suspend all forms of taxes and levies on the importation of petroleum products to give a respite on the spiking energy cost.

Recall that Nigeria’s inflation rate recorded a seventh consecutive monthly rise to 18.6 percent in June, representing a 0.9 percent point rise from the 17.71 percent it was in May 2022.

This is the highest since January 2017, according to the latest statistics released by the National Bureau of Statistics (NBS) in its consumer price index (CPI) report for June 2022, released on Friday.