Business
Public Holidays: Nigerians Count Losses
Interestingly, the extended
public holiday, declared by the Federal Government of Nigeria has come to an end but not without, Nigerian’s counting their losses.
A cross section of Port Harcourt residents who spoke with The Tide, have given a thumps down to the first two-day, then extended to three-day public holiday declared to mark the end of the 30-day fasting of the Ramadam Muslim faithful.
They reasoned that the losses far outweigh the gains given the present economic situation in the country, stating that it was not necessary to extend the holiday.
A political analyst and economist Mr. Omubo Eferebo, in his response said “it was not necessary at all to extend the holidays to three days. We are in a country struggling to keep our heads above water, why the need to give such long holidays.”
He continued, “Can we take a random check and calculate how much it costs the nation in terms of revenue for one day of no work, especially to those who are in manufacturing business? I can assure that in hese three days we have lost billion of naira, if I may say”
Another respondent, a business woman, Mrs Kariba Benstow, also said “we are in a country that needs all the man hours we can get. Two days had been given already, there was no point extending it to the third day.
I can assure you that for these three days we didn’t work, some businesses would shutdown, that is how bad it is,” she continued.
On his part, an auto mechanic with a car servicing outfit Mr. Desmond Ejiji, expressed displeasure saying if workers in Nigeria were paid by the hour, no work, no pay, then the country and especially the citizenry would learn not to embark on such long public holidays.
He noted that they would rather work than take those holidays.
Tonye Nria-Dappa
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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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