PRESIDENT Bola Tinubu has signed four Executive Orders and suspended the five per cent excise tax on telecommunication services and locally manufactured products.

The Special Adviser to the President on Special Duties, Communications and Strategy, Dele Alake announced this on Thursday while briefing journalists at the State House in Abuja.

He stated that  Tinubu signed the Finance Act (Effective Date Variation) Order 2023, which has now deferred the commencement date of the changes contained in the Act from May 23, 2023, to September 1, 2023.

He also signed the Customs, Excise Tariff (Variation) Amendment Order 2023 shifting the commencement date of the tax changes from March 27, 2023, to August 1, 2023, in line with the National Tax Policy.

The President gave an order suspending the five per cent Excise Tax on telecommunication services, as well as the Excise Duties escalation on locally manufactured products.

He also ordered the suspension of the Import Tax Adjustment levy on certain vehicles.

“The Executive Orders signed by the President is a step in the right direction,” the head of financial institutions ratings, Agusto and Co, Ayokunle Olubunmi, said.

Olubunmi added that businesses had been operating on a wait-and-see approach as the President was yet to form the full cabinet that would work with him.

Former President, Muhammadu Buhari, had on April 29 approved increases in some taxes following the introduction of new Fiscal Policy Measures (FPM) for 2023, The ICIR reported.

The increase affected excise duty on beverages, drinks, and wines, while it levied a 40 per cent import duty on vehicles, and a 45 per cent import duty on iron and steel products.

The ICIR had also reported the views of some analysts that the policy would “significantly hurt Nigeria’s economy.”

Addressing journalists in Abuja, the special adviser to the President on Special Duties, Communication and Strategy, Dele Alake, said the Executive Order on Finance Act was to ensure adherence to the 90 days minimum advance notice for tax changes as contained in the 2017 National Tax Policy.

According to Alake, Tinubu’s administration regarded business owners and local and foreign investors as critical engines in its focus on achieving higher gross domestic product (GDP) growth and appreciable reduction in unemployment rate through job creation.

He added that the administration would not raise taxes without robust consultations within a coherent fiscal policy framework.