Index to Nigerian Newspapers

The Manufacturers Association of Nigeria (MAN) has criticized the Nigerian government's indiscriminate imposition of high and multiple taxes on manufacturers in an attempt to generate revenue to repay the N77 trillion public debt. The MAN's Manufacturers CEO Confidence Index (MCCI) for Q1 2023 revealed that the government is using the debt crisis to impose anti-growth manufacturing taxes, putting the manufacturing sector at the receiving end. The report also warned that a debt service-to-revenue ratio of over 100 percent may hinder the new administration's ability to provide critical infrastructure needed to boost the manufacturing sector and kick start the economy's recovery. The MAN also emphasized that Nigeria's real problem is not revenue generation or collection but siphoning collected revenue without adequate remittance into state coffers. The MAN recommends widening the tax net, strict implementation of the Voluntary Assets and Income Declaration Scheme, and promoting fiscal discipline. The government should prioritize debt management, transparency, proper capital management, and diversification of the country's revenue base.