Ogun State governorship candidate of the New Nigeria People’s Party (NNPP) in the last general election, Olufemi Oguntoyinbo, has attributed difficulty in setting up companies in Nigeria to the massive tax being demanded by the government.
He spoke at an interactive session with the League of Yoruba Media Practitioners (LYMP) at Ibafo, Ogun State.
The businessman said the establishment of industries was not easy because the money invested in businesses was not recovered, following huge tax the government demanded from entrepreneurs, even as it (government) failed to provide amenities such as electricity, good roads, conducive working environment, among others.
Oguntoyinbo, who said he would vie for the president in 2027, added: “If a manufacturer comes from abroad to invest his money in this kind of our economy, it is certain he will fold up quickly.
‘’This is why you see companies that started with huge sums of money folding up within two to three years, because they lack amenities they ought to get from the government, yet they still have to pay huge taxes.
‘’In other countries, everything has been standardised. No one asks for electricity before it is provided. These things are obstacles for people who want to establish companies in Nigeria.”
He implored President Bola Ahmed Tinubu to allow states generate electricity.