Lagos based business and Chairman and Managing Director of Atlantic Bisco Motors, Mr Banji Akinola has urged President Bola Ahmed Tinubu to save the private business from collapse by reducing the current high import duty and taxes .
Speaking at the sideline of the reception organized in honour of his late mother, Madam Janet Funmilayo Akinola in Ado-Ekiti Akinola urged government to consider downward review of the duty and other taxes being imposed on private businesses in the country.
Among the dignitaries who graced the burial service were governor Biodun Oyebanji Senator Babafemi Ojudu former commissioner for information Lagos State. Hon Gbenga Omotosho and former Ambassador to Canada Amb Dare Bejide. Also at the event was the High Chief Olatunji Obayemi, The Alareeni of Ado-Ekiti. Chief Dipo Anisulowo, and others .
The Nigerian importer lamented that the incessant upward review of taxes and custom duty, coupled with the harsh economy condition in the country is pushing many Nigerians out of business.
Akinola who the Chairman and Managing Director of Atlantic Bisco Motors, with subsidiaries in Construction, Haulage and Properties lamented that duty for the clearance of a car has been jerked up by 500percent .
Mr Akinola described his late mother 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 moral, to be nice, generous people and not to be greedy”.
He said, “I have been importing goods from Europe and America into Nigeria in the last 30 years.The custom duty is so unfriendly and since the president assumed office about two months ago, specifically May 29, 2023 , the 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 results of this.
“This actually started during President Muhammadu Buhari 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 now very difficult for an average Nigerian , even 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 custom duty was raised by the last government, then the present government came with the liberalisation of the the exchange rate which pushed up the duty, they did it twice and that really affected the importation of goods adversely.
He however, sympathised with the federal government whom he said took the step to shore up its internally generated revenues to prosecute some projects “but whatever they intend to do , they are over taxing 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 custom duty is killing”.
A friend to the Akinola family,Prof. Femi Olaofe, described 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 comes 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 to be open minded be to everyone that comes their way. We thank God that they are doing very well today by the grace of God”.