ActionAid Nigeria (AAN) has commended the federal government for exempting small businesses, manufacturers (SMEs), and farmers from withholding tax, a move that acknowledges the critical role of local industries and SMEs in driving economic growth and development.
The AAN Country Director, Andrew Mamedu, who said this on Wednesday in Abuja in a statement, said that while they see this as a step in the right direction, they also sound a clarion call on the looming hunger crisis and pervasive insecurity in Nigeria which the government must be accountable for its inaction.
He lamented that the continuous interest rate hike by the Central Bank of Nigeria (CBN), aimed at curbing inflation, has unfortunately not yielded the desired results.
Mamedu said that while the hikes were intended to reduce inflation, prices continue to soar, leaving many Nigerians struggling to make ends meet.
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“AAN believes that the focus on interest rates alone is misplaced and that the root cause of inflation lies in the production sector. To truly tackle inflation, AAN urges the government to prioritize production and address the obstacles facing small business owners and farmers, including insecurity and lack of access to credit,” Mamedu said.
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