August 16, (THEWILL) – The Manufacturers Association of Nigeria, North East Branch, has declared a trade surplus for the year ended December 31, 2021.
Giving the business analysis of the branch, comprising the eight States of the Branch, the Executive Secretary, Austin Egili, said the performance showed an improved business environment over the previous year which ended in budget deficit because of the lockdowns and closures caused by the Covid-19 pandemic of the year 2021.
Speaking while presenting the annual report of the Branch for the year 2021 during the MAN Annual General Meeting, AGM, holding in Jos, Egili explained that the surplus was made possible because there was improvement in mobility, interaction, and transactions within the North East, and this enabled the Association to successfully stage five (5) revenue generating activities that turned in N5,406,500, while prudent administrative controls kept running costs and other recurrent routines at barely levels.
The report further indicates that MAN’s North East current assets and liabilities for the year ended 2021 net at N6,555,488, as compared to N6,055,874 on the corresponding period 2020, although both fiscal processes were financed by the Association’s accumulated fund.
In the report of the independent auditors, Solomon Iroagba & Co (Chartered Accountants), the Association’s Execute Committee said it conducted an “audit in accordance with generally accepted auditing standards”, based on “evidence relevant to the amounts and disclosure in the financial statements.”
Also speaking on the occasion of the 37th AGM with the theme: “Tax Regime in the Manufacturing Sector: implications on the growth of the Nigerian economy”, MAN North East Chairman, Shehu S. Muslim, in a welcome address, said the theme of the AGM was considered “to articulate and harness the effects of tax regime on our zone and it’s implications on the growth of the economy at large.”
According to him, “this implies that if these issues of over-burden taxes on the manufacturing sector are not addressed, some companies may not survive it; and it may lead to the closure of factories.”
The guest speaker at the event and immediate past Vice Chancellor of the University of Jos, Professor Sabastine Maimako, articulated varieties of taxes and their complementary impact on a buoyant economy, noting that favourable tax regimes enhance atmosphere of industrial production, which eventually produces a growing gross national product, GDP.
The North East MAN comprises of Adamawa, Bauchi, Benue, Borno, Gombe, Plateau, Taraba, and Yobe States.
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