The proposed increase in energy tariffs, as well as the 7.5% VAT on PMS, have infuriated Nigeria's OPS

The anticipated increase in energy tariffs, as well as the recently imposed 7.5% Value-Added Tax (VAT) on petroleum items, are causing concern in Nigeria's Organized Private Sector (OPS).Electricity tariff charges, which are mostly decided by foreign exchange rates and inflation, have been added to the list of things set to rise beginning July 1, 2023, as the country faces new challenges with the new administration's program execution.The organized private sector, which includes manufacturers and small enterprises, predicts a more troubling future because the overall development may have an impact on their everyday operations. Dr. Muda Yusuf, Director of the Centre for the Promotion of Private Enterprise (CPPE), who spoke with The Sun, criticized the FG's decision to adopt the modifications in energy tax.Yusuf said the action of the FG to introduce taxes on energy came at the wrong time since the deregulation of the PMS industry and unification of the exchange rate just happened recently.In his opinion, the FG should have allowed the new reforms to settle and take effect first before starting off on implementing new ones.