The National Leader of the All Progressives Congress (APC), Nigeria’s ruling party, Bola Tinubu, has opposed President Muhammadu Buhari led Federal Government‘s plan to increase the Value Added Tax (VAT).
AN24 reports that Tinubu spoke on Thursday during the 11th colloquium event marking his 67th Birthday celebration at the International Conference Centre in Abuja, Nigeria’s capital.
The former Lagos state governor said an increase in VAT will reduce the purchasing power of Nigerian consumers and is capable of increasing hardship in the country.
His words: “This is why I appeal on Mr Osinbajo (Yemi) and his team to put a huge question mark on any increase on VAT please…”, Mr Tinubu said.
Tinubu’s comment is coming barely hours after Minister of Finance, Zainab Ahmed, said the administration has concluded plans to increase revenue by introducing new taxes.
Mrs Ahmed who spoke at the public hearing on the 2019 budget organised by the Senate and House of Representatives committees on appropriation Wednesday said the federal government has devised a new revenue initiative to increase revenue to fund this year’s budget.
She said the initiative is segregated into three thematic areas and appealed for the support of the National Assembly.
Opposing any plan to increase taxes, Mr Tinubu said the government should rather widen the tax net and include those who are not yet being taxed. “Let’s make the nets get bigger so we take in more taxes.
“That is what we must do in the country instead of putting an additional layer of taxes for now.”
Voices Against Tax Increase.
The VAT is currently being charged at five per cent.