Business
RTEAN Appeals For Loan
The Road Transport Employees Association of Nigeria (RTEAN) has appealed to the Federal Government to assist transporters to obtain soft loans to beef up vehicles in their fleet.
Malam Mohammed Magaji, the Gombe State Chairman of RTEAN made the appeal on Wednesday in Gombe, in an interview with newsmen in Gombe State.
He noted that the government’s gesture would help to develop the transport sector.
“This will help boost the business of transporters and also assist to reduce the level of unemployment in the country.’’
The chairman further urged the Federal Government to use savings from the oil subsidy removal, to rehabilitate the county’s high ways to reduce the carnage on the roads.
He said that the association had directed its members to reduce transport fares following the reduction of the fuel pump price from N141 to N97 by President Goodluck Jonathan.
Magaji said transport fare from Gombe to Yola was reduced from N2,500 to N1,500 while Gombe to Abuja was reduced to N2,600 as against N5,000 charged when government removed the fuel subsidy.
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Business
Sugar Tax ‘ll Threaten Manufacturing Sector, Says CPPE
In a statement, the Chief Executive Officer, CPPE, Muda Yusuf, said while public health concerns such as diabetes and cardiovascular diseases deserve attention, imposing an additional sugar-specific tax was economically risky and poorly suited to Nigeria’s current realities of high inflation, weak consumer purchasing power and rising production costs.
According to him, manufacturers in the non-alcoholic beverage segment are already facing heavy fiscal and cost pressures.
“The proposition of a sugar-specific tax is misplaced, economically risky, and weakly supported by empirical evidence, especially when viewed against Nigeria’s prevailing structural and macroeconomic realities.
The CPPE boss noted that retail prices of many non-alcoholic beverages have risen by about 50 per cent over the past two years, even without the introduction of new taxes, further squeezing consumers.
Yusuf further expressed reservation on the effectiveness of sugar taxes in addressing the root causes of non-communicable diseases in Nigeria.
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