President Bola Ahmed Tinubu has issued an executive order to discontinue the payment of taxes and levies in foreign currency.
This is to reduce the pressure on the Naira.
The Order also mandates that all levels of government and their agencies prioritize the procurement of Made in Nigeria goods and services.
The Executive Order, titled the Inflation Reduction and Price Stability (FIscal Policy Measures, Etc.) Order, 2024, was expected to have commenced on May 1, 2024.
A part of the Order read: “Governments at all levels and their agencies shall patronise MADE IN NIGERIA goods and services to the extent possible.
“Payments of taxes and levies in foreign currency shall be discontinued to enable the payers pay in Naira while non-critical spending plans by any MDA involving foreign exchange cost shall be put on hold.”