The Federal Government will use the opportunities provided by the newly signed Finance Act to protect Micro Small and Medium-scale Enterprises (MSME) in the country, Vice President Yemi Osibanjo, has said.
Speaking on Thursday in Abakaliki during the launch of the MSME Clinic in Ebonyi, the the vice president explained that the act provided a wide range of tax incentives for small businesses.
Osibanjo explained that the act signed into law on Jan.13, 2020, showed the federal government’s intention to improve the lots of small businesses to achieve overall economic development.
“The act exempts companies with less than N25 million turnover a year from paying any company income tax at all.
“It also allows those that generate a turnover of between N25 million to N100 million, to pay tax with significant lower rate of 20 per cent from the previous 30 per cent rate,” he said.
The vice president commended the enthusiasm shown by MSME operators in the state from his interaction with them and enjoined them to adequately utilise the opportunities provided by the clinic.
“I am convinced that based on the creative businesses that are on parade, the rapid business transformation that we crave in Ebonyi and Nigeria is imminent.
“It is a proven fact and not rhetoric that small businesses are the engine room of economic growth in the country and the federal government has consistently worked to enable these businesses to thrive.
“The government has created the enabling environment for businesses to thrive especially small businesses and this is evident in our ease of doing business reforms celebrated locally and internationally,” he said.
He congratulated Gov. David Umahi for his leadership qualities in the state and the south east geo-political zone and also commended his ‘mature’ collaboration with the federal government.
Gov. David Umahi thanked the vice president for the visit, declaring the he carried the aura of the presence of God wherever he went.
“The concession of federal government owned roads which it is introducing is a wonderful development that will lift the country and become one of its many successful programmes.
“Ebonyi government will support you in this regard as I have suggested that we incorporate services and security along these major roads,” he said.
He decried the level of electricity supply to the state, noting that its ‘11 KVA-line’ was militating against efforts being made to rapidly industrialise the state.
“We plead that the situation be remedied to ensure that our six industrial clusters be fully developed into medium scale industries and provide adequate electricity for the international market and the new international mall,” he said.
Mr Uchenna Orji, Acting Commissioner for Human Capital Development and Monitoring, said that the MSME clinic would make the private sector thrive in the state and actively engaged the youths to reduce crime.
The News Agency of Nigeria (NAN) reports that the Vice President inspected products displayed by the MSME and interact with the operators on ways of enhancing their businesses
