[BUSINESS NEWS] NECA CAUTIONS FEDERAL GOVERNMENT ON LOANS TO AVOID NEGATIVE IMPACT ON ECONOMY

THE NIGERIA EMPLOYERS’ CONSULTATIVE ASSOCIATION (NECA), ON TUESDAY, ADVISED THE FEDERAL GOVERNMENT TO TAME ITS APPETITE FOR LEVERAGE ON LOANS TO AVOID NEGATIVE IMPACT ON THE ECONOMY.

NECA’ PRESIDENT, LARRY ETTAH, GAVE THE ADVICE AT THE ASSOCIATION’S 61TH ANNUAL GENERAL MEETING IN LAGOS, NOTING THAT THE COST OF SERVICING NIGERIA’S DEBTS ON BOTH THE DOMESTIC AND EXTERNAL FRONTS HAS RISEN IN CONTRAST TO REVENUE EARNED BY THE GOVERNMENT.

ON TAX, ETTAH SAYS THE ORGANISED PRIVATE SECTOR IS MAKING EFFORT TO EXPAND ITS TAX TO GROSS DOMESTIC PRODUCT RATIO FROM SIX TO 15 PER CENT TO ACHIEVE SUSTAINED GROWTH IN THE ECONOMY.

HE HOWEVER URGED THE FEDERAL INLAND REVENUE SERVICE NOT TO FURTHER BURDEN THE PRIVATE SECTOR WITH MORE TAXES IN ITS DRIVE TO MEET THE OVER N6 TRILLION TARGET FOR 2018.

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