Asiwaju Dapo Wahab, a businessman and Treasurer of the Abeokuta Chamber of Commerce, Industry, Mines and Agriculture (ABEOCCIMA), has cautioned the Federal Government to exercise restraint in its decision to suspend import duties, tariffs, and taxes on essential food items.
While acknowledging the potential benefits of lower food prices and improved food security, Wahab warned of the potential risks of reduced government revenue, market distortions, and long-term dependency on imports.
Speaking on Sweet FM in Abeokuta, Wahab emphasized the need for careful monitoring and management of the policy’s implications to ensure that its benefits are not outweighed by its drawbacks.
He urged the government to establish a robust feedback mechanism to gather insights from communities on the policy’s effectiveness and make necessary adjustments.
He said: “While the suspension of import duties may provide temporary relief, we must consider the long-term effects on our economy and ensure that we’re not trading short-term gains for sustainable growth”.
“As a nation, we must prioritize responsible economic policies that balance immediate needs with future prosperity. Let us work together to create a stable and prosperous economic future for Nigeria”.
“I urge the Federal Government to establish a robust feedback mechanism, engaging with communities and stakeholders to monitor the policy’s effectiveness and make necessary adjustments”.
“We must be cautious of unintended consequences, such as reduced government revenue and market distortions, and work to mitigate them. Our economic growth depends on it”.
“Let us harness this opportunity to diversify our economy, promote local industries, and create jobs. We owe it to ourselves and future generations to get this right”, he added.
