Business
‘Oil Exploration Activities Retarding Farming In Rivers’
The Chairman, Khana Lo
cal Government Council in Rivers State, Mr Celestine Akpobari, has attributed the challenges of poor harvest experienced by farmers in his area to impact of oil exploration.
Akpobari made the remark while swearing in the council Secretary and some key officials at the council’s headquarter in Bori, Rivers State.
He advocated the right application of scientific technologies to tackle the challenges of poor harvest in order to liberate his people from poverty.
The council boss said that he was determined to embark on a robust agro-based enterprise to checkmate the over-dependence on oil revenue and on federal monthly allocation.
He said that he would increase Internally Generated Revenue (IGR) of the council and make Bori a commercial city.
“We shall boost our local economy by relocating our local market to a site where there is opportunity for expansion.
“My administration shall build a modern market that will serve as ‘point of sale’ to fishermen and farmers in the region.
“The market, when established will enhance inter-state trade as traders from neighbouring states of Abia, Anambra, Akwa/Ibom and Ebonyi shall patronise it.
The council boss said his administration would establish “Khana Development Agency’’ that would partner with the private sector to deliver employment through small and medium scale enterprises.
He charged officers of the council to give him the needed support to move the council forward.
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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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