Emmanuel OchayiNACCIMA, representing the interests of businesses across Nigeria, has formally reached out to the Minister of Finance, Olawale Edun, emphasizing the urgent need for the disclosure of the 2024 government fiscal policy.
In a letter signed by NACCIMA’s National President, Dele Kelvin Oye, the association highlights the pressing demand for a stable economic framework to guide investment decisions in the country.
The delay in releasing the fiscal policy has raised concerns among business leaders, who stress the importance of reliable fiscal and monetary policies for informed decision-making. NACCIMA commends the government’s efforts on fiscal and tax reforms but underscores the necessity for timely updates to facilitate strategic planning in the private sector.
Expressing the concerns, Oye stated, “Most business decisions hinge upon fiscal and monetary policy expectations. Therefore, we advocate for the timely release of a well-defined government fiscal policy for 2024.” He further highlighted the adverse effects of the delay, including erratic changes in fiscal regimes and monetary policies, causing uncertainty for businesses.
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The absence of a consolidated fiscal policy has led to unpredictable duty rate modifications by the Nigerian Customs Service and significant changes to monetary policy parameters. These challenges have complicated investment planning, affecting both domestic economic stability and the attraction of foreign direct investments.
NACCIMA’s letter stresses the importance of a stable fiscal environment for economic growth, urging the swift conclusion of the Presidential Committee’s report to provide clarity and coherence in fiscal planning.
The association believes that a clear fiscal framework will enhance investor confidence, stimulate economic activity, and pave the way for sustainable growth in Nigeria.
In conclusion, NACCIMA’s call for the prompt release of the 2024 fiscal policy underscores the critical role of stable economic policies in fostering a conducive business climate and driving economic prosperity.
