President Bola Tinubu has approved the suspension of five percent Excise Tax on telecommunication services in Nigeria.

The President also approved the suspension of Excise Duties escalation on locally manufactured products in the country.

Speaking with newsmen yesterday, in Abuja, Special Adviser to the President on Special Duties, Communication and Strategy, Dele Alake, said the suspension were parts of four Executive Orders signed by the President.

Alake said the decision was taken to reduce the suffering of Nigerians, especially in the area of multiple taxation, as well as creating a friendlier environment for both local and foreign businessmen.

Among the Bills signed, include 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, to September 1, 2023.