The Enugu Chamber of Commerce Industries Mines and Agriculture, ECCIMA, has expressed concern over the borrowing of N5 trillion naira to finance the deficit budget.
The President of the Chamber, Sir Emeka Nwandu made this known in Enugu at the 48 Annual General Meeting of the Chamber on Thursday.
Sir Nwandu said that the debt burden of Nigeria economy, especially that of the continuous borrowing from the Central Bank has left the exchange rate on all time low.
“Effort must be made to save the naira and our economy. We commend the National Assembly for the speedy passage of the 2022 budget but the Chamber is worried about the Federal Government plan to introduce N10 per litre tax on all non-alcoholic, carbonated and sweetened beverages through the Finance Act signed into law by President Muhammadu Buhari on December 31,2021. Sincerely we think we think that this tax if implemented would be counterproductive as reason stated by the Federal Government for imposing this tax does not outweigh the unemployment issues it would generate, “ Nwandu said.
ECCIMA however, supported the raising revenues for health-related and other critical expenditures as stated by the government and suggests that high import duties should be placed on foreign manufactured drinks only, to encourage local beverage drink manufacturers.
“We appeal to the Nigerian Government to play with caution on the implementation of the Petroleum Industrial Act, (PIA) and the potential removal of subsidy planned for this year, 2022 to avoid inflationary pressures that could be detrimental to household income considering the slow pace of household income growth in Nigeria since 2015, “ Nwandu stated.
Earlier in an address, the governor of Enugu state, Ifeanyi Ugwuanyi who was represented by the deputy governor, Cecelia Ezeilo, commended ECCIMA for being a critical stakeholder in the state and promised that Enugu state would continue to partner with ECCIMA to sharpen and promote economic activities in the state.
ECCIMA said it would remain committed in the promotion of business and economic development as well as collaborating with various levels of government in boosting business and investment opportunities in Enugu state, the south east, and indeed Nigeria.
The 48 annual general meeting will see to the emergence of a new President of the Chamber.
Confidence Okwuchi
