Business Tycoon Urges President Tinubu To Scrap TETFund, ITF Others

A renowned business man and a political activist Engr. Opeyemi Olabanji has advised President Bola Tinubu led government to scrap all tax related funds such as TETFUND, ITF, NSITF describing them as antithetical to doing business in Nigeria.

Olabanji yesterday in a press briefing in Ilorin said those penciled down as true beneficiaries of the funds are allegedly edged out due to diversions of such funds into other things.

According to him, as business owners we continue to pay annually to these funds and nothing comes out of them. For example I don’t know anyone, student or worker that has directly benefited from Industrial Training Fund (ITF) or Nigeria Social Insurance Trust Funds. These are just drains. Please scrap ITF, TETFUND and NSITF.

Besides, the political activist advised Tinubu to make the National Youth Service Corps (NYSC), scheme optional. He added, “I am not saying NYSC should be totally scraped but it should be optional.

“NYSC certificate should no longer be a requirement or prerequisite to get jobs or for any other purposes in the country. At best you may only consider it as an added advantage for those that will seek employment in our enforcement organizations such as police, military and so on.

“For example, with the introduction of students loans and the University financial autonomy, you can’t ask someone that took loan or spends good money to acquire education to undertake mandatory NYSC,” he said.

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