The Labour Party (LP) presidential candidate, Peter Obi, claimed that President Bola Ahmed Tinubu’s administration’s misguided and ineffective economic policies are forcing manufacturers to close factories and killing enterprises.

Obi suggested that the federal government halt the continuously rising Nigerian Customs Service (NCS) fees.

On Wednesday, February 21, he made this announcement using his X handle (previously known as Twitter) @PeterObi.

According to the former governor of Anambra state, the Customs Foreign Exchange (FX) rate for customs is negatively affecting businesses and product costs.

The Cable said that customs raised the rate six times in February alone, indicative of the FX market’s volatility.

Obi issued a warning, stating that importers would turn to using the ports of neighbouring nations if the situation is not resolved, which could further destabilize our economy.

“I wish to urgently call on the Federal Government of Nigeria to end the inconsistency in duty charges as it is affecting the general business atmosphere in the country. The federal government should stop the arbitrary and ever-increasing customs duties.

“The government should also show consistency in its policies as this will help with economic forecasting and business planning. Businesses are dying and manufacturers are shutting down because of the poor and inconsistent economic policies of the government.”

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