The Institute of Chartered Accountants of Nigeria has advised the Federal Government to implement palliatives for low-income earners.
“It should introduce policies that will bring down the cost of transportation and food. Palliatives should be implemented at both the national and sub-national levels. Care should be taken to measure the cost of palliatives to be introduced to avoid re-introducing another form of subsidy.
“This is where chartered accountants are needed. We do not support the borrowing of $800m for palliatives when the savings from the subsidy removal can be used for this purpose, saving the country from further debt and rising debt service costs.” The chartered accountants added that, for SMEs, a palliative may be to put on hold the recently introduced tax increases, while granting tax rebates and investing in infrastructure.All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
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