NECA Kicks Against Consumer Protection Bill

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The Nigeria Employers Consultative Association (NECA) has urged the Federal Government to withhold assent on the Consumer Protection Bill 2016 passed by the National Assembly.
A statement issued last Wednesday in Lagos by the Director General NECA, Mr Segun Oshinowo, said that the association’s stand was in the interest of the nation’s economy and sustainable development of the country.
Oshinowo urged President Muhammadu Buhari not to assent to the bill, but rather stressed that the bill should be rejected and sent back to the National Assembly for proper procedural compliance.
The Association’s statement emphasized that enterprises and businesses are being unwittingly strangulated by a hostile, unfriendly andvery unreasonable tax and levy regimes.
He added that the unfortunate thing is that the trend has continued as evidence from the recent Federation and Consumer Protection Bill submitted by the National Assembly to the President for assent.
The Association alleged that some retrogressive forces have gone behind after the stakeholders public hearing on the Bill before the National Assembly to insert some extraneous clauses unacceptable in the bill.
He said that the insertion of 0.5 per cent profit after tax on companies in the bill by the National Assembly to fund the establishment of the new Federal Competition and Consumer Protection Bill is unacceptable to the Association.
He stressed that the Association viewed the new bill as adding extra tax burden on its members from the existing taxes and that the situation may further hinder business growth and limit ability of businesses to create the necessary employment opportunities under the fiscal framework regime.
The Assocaition wants the Federal Government to fund the agency from the existing fiscal regime framework as the private sector is not ready to pay any additional levy or tax to the government.