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Entrepreneur seeks tax relief on loans repayment for companies, schools

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To cushion the effect of the COVID-19 pandemic on the economy, an entrepreneur, Mr. Taiwo Samuel Olatoye, has appealed to the Federal Government to provide tax relief and waivers on loan repayment to schools, companies and other businesses in the country.

Speaking with The Guardian in Lagos, yesterday, Olatoye said the pandemic and its increasing incidence calls for strategic measures to save businesses from imminent collapse.

According to him, with the decline in prices of oil in the international market, and the uncertainties that surrounded earnings from that quarters, revitalising the economy by helping small businesses, industries and others to pull through the crisis is crucial.

The entrepreneur, who congratulated President Muhammadu Buhari on his appointment as ECOWAS COVID-19 Response Champion, drew his attention to the plights of industries, companies, schools and many others, which are servicing loan repayment from Bank of industry (BOI), banks, She ventures by FCMB for women in business, individual entrepreneurs and other financial institutions.

He said these businesses are facing increase in interest rates and repayment of loans and would need government intervention to remain afloat.

He said: “The Federal Government should take measures to save small/large scale businesses, companies, institutions, private schools and organisations that are in great difficulty paying back loans, salaries, settlement of outstanding bills, and logistics due to the pandemic.”

Olatoye urged governments at all levels to apply wavier on levies and taxes to help struggling businesses avoid bankruptcy during the crisis.


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