Fashola charges FG to grant tax relief to manufacturers

25.11.2007

Lagos State Gover nor, Mr. Babatunde Fashola (SAN), over the weekend, charged the Federal Government to consider granting tax relief to all manufacturers in the country as an incentive to reduce prices of production.

Fashola, who spoke when he received members of the Presidential Review Committee on Waivers, Concessions and Incentives, led by its Chairman, Senator Udoma Udo Udoma in the Government House, said the call became necessary because 40 percent of the cost being incurred from the cost of production is from generating power to run the business.

He added that the federal government should, as a matter of necessity, ensure the restoration of power in economic quantity to stimulate the industrial sector of the economy.

He urged the federal government to strike a balance in discouraging concessions that do not benefit the people. He said that Lagos state had in the past applied for concessions on pharmaceuticals which it uses in public health institutions, promising to seek concessions on similar items that would ensure provision of a better life for the people.