The Executive Director of International Climate Change Development Institute(ICCDI), Mr Olumide Idowu, has said that the suspension of green tax on Single Use Plastic by the federal government may hinder progress towards achieving net zero in Nigeria. This was disclosed in a statement on Sunday in Lagos.
He said that the suspension of the tax meant that there would not be an additional charge or tax on activities that harm the environment.
According to him, this can be a problem because the green tax is meant to discourage polluting activities and encourage environmentally friendly practices.
“Achieving net zero means that the country’s Green House Gas (GHG) emissions are balanced out by removing an equivalent amount of greenhouse gases from the atmosphere.
“It is an important goal in fighting climate change. However, without the green tax, there may be less incentive for industries and individuals to reduce their carbon footprint and adopt cleaner technologies,” Idowu said.
The executive director said that green tax helps to fund renewable energy projects, environmental conservation efforts, and other initiatives that promote sustainability.
He added that with its suspension, it reduces the financial resources available for such projects.
Idowu urged the government to consider the long-term effects and the impact on the environment when making decisions about policies like the green tax.
He urged the government to find alternative ways to encourage and support sustainable practices that could help Nigeria move closer to achieving its net zero goals.
Newsmen reports that former President Muhammadu Buhari in a circular dated April 20, approved a 10 per cent tax on Single Use Plastic (SUP) few weeks before leaving office on May 29.
However, barely few weeks into President Bola Tinubu’s administration, he ordered the suspension of the newly introduced 10 per cent tax on SUPs in a move targeted at reducing the cost of business in Nigeria.
Newsmen further reports that the suspension of the tax has generated a lot of reactions from environmentalists and climate change experts across the country.
While some believe the decision would promote the ease of doing business in the country, others believe the suspension would hinder progress at curbing the menace of plastic pollution.