Lagos State Governor, Babatunde Fashola, has advocated the use of a tax holiday for industries in Nigeria, as a means of compensating for the losses suffered as a result of inadequate power supplies.
He said that such a tax holiday should be commensurate with the additional costs that companies incur during production by providing their own power. He said that “maybe we may become a little more creative by using the absence of power as a stimulus.”
“I think their cost of production is about 40% taken up by power and a tax remission in that area can only mean more production, more investments and more jobs for our people,” he asserted.
The Governor, who spoke at the official commissioning of a factory, appealed to the Federal Minister of Commerce and Industry, Chief Achike Udenwa,who was also present, to take the suggestion seriously.
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