Business
Don’t increase VAT, Tinubu warns FG
National leader of the ruling All Progressives Congress (APC) Asiwaju Bola Ahmed Tinubu, has advised the federal government not to increase value added tax (VAT).
Speaking at the colloquium held in commemoration of his 67th birthday, the APC leader said such action could lead to hardship among Nigerians.
He counselled the government to widen the tax net.
“I must say this to Prof Osinbajo and his team, don’t increase VAT but increase tax net to accommodate those who are not yet paying,” he said.
“Don’t reduce the people’s purchasing power.”
During a session with members of the senate finance committee, Babatunde Fowler, chairman of the Federal Inland Revenue Service (FIRS), Udo Udoma, minister of budget and national planning, had said the government was considering raising VAT to shore up its revenue and to also meet up with the N30,000 minimum wage approved by the national assembly.
Fowler said the proposed payable VAT by Nigerians based on the increment would actually be between 35 per cent (6.75%) and 50 per cent (7.25%).
The government is currently charging five percent VAT on all products in the country.
-
Business3 days agoOPay explains how Nigerians can access FG’s N50,000 monthly cash relief
-
Sports1 week agoSenegal opens Dakar 2026 Youth Olympic Games, Africa’s first Olympic event
-
Latest1 week agoFG Announces N50,000 cash support for vulnerable Nigerians under new relief programme
-
Business1 week agoNNPC’s N66-per-litre petrol discount set to end October 31
-
Latest1 week agoINEC recognises Pantami for Gombe, keeps Kano NDC candidate off final list
-
Latest1 week agoNDC Chieftain tells Atiku to drop presidential ambition over son’s support for Tinubu
-
Crime1 week agoDoris Ogala remanded as Court adjourns bail hearing to November 6
-
Latest1 week agoOne dead, one injured in three road emergencies across Lagos – LASEMA