As part of efforts aimed at returning smile to faces of business owners and enterprises that suffered losses during violence and looting that marred protest against police brutality, the Lagos State Governor, Babajide Sanwo-Olu, has promised tax waivers, among other incentives for owners of shops and malls that were looted.
Particularly, he said, plans had been concluded to assist the tenants, stores, and shop owners at Circle Mall in Lekki looted by hoodlums with incentives to bounce back to business and rebuild their empire.
The Governor said that his administration would help in mitigating effect of the losses incurred after hoodlums hijacked the EndSARS protest and looted property worth billions of naira at the mall and also set parts of the building ablaze.
Speaking yesterday during a condolence visit and meeting with tenants and shop owners at the Mall in Lekki, Sanwo-Olu, though silent on the time frame, said that the government would give tax breaks and some financial assistance to all the business owners affected by the ugly incident.
The Governor assured that the government would give all business owners in the burnt Circle Mall tax break of PAYE and also appealed to Federal Government to ensure that they get tax relief from the Federal Internal Revenue Services (FIRS).
According to him, the financial support will be in form of grant or loans to cushion the effect of the looting and destruction of their respective shops and stores.
“The grant support is non-refundable financial support to the victims and the affected businesses are not expected to pay back while the lending support will be in form of a loan as we have started the discussion with some financial institutions to assist people with zero-interest loans,” he said.
Sanwo-Olu also asked the shop owners to reach out to the Lagos State Employment Trust Fund (LSETF) and urged them to make use of the opportunities being provided by the agency in assisting people who are in business, especially small scale businesses.