Senate approves 7.5% VAT increase




Nigerian Senate

The Senate on Thursday approved the Federal Government request to increase the value-added tax (VAT) from five per cent to 7.5 per cent.

The Senate President, Ahmad Lawal said what the Federal government is trying to do with the tax increase is to create revenue to provide schools, health care and have an economy that works for everyone.

“Let me thank all of us for passing the seven Acts in the Finance Bill to ensure that we streamline the tax system in Nigeria and ensure that we get revenue for government to provide infrastructure for this country.

“This Bill is not putting taxes on Nigerians, what government is trying to do with this Bill is to create the revenue necessary for us to create the environment where we are able to provide schools, Health care and have an economy that works for everyone,” he said.

Senator George Sekibo said Nigeria has borrowed enough, stating that it is good for Nigeria to raise funds within the people than borrowing outside.

“It is good to raise the funds by ourselves than borrowing from outside. We have borrowed enough. Nigerians are used to free things, otherwise the amount of taxes we pay here compared to other countries, we are not paying enough.”

Senator Gabriel Suswam of the Peoples Democratic Party (PDP) called on the Federal Government to create social welfare to alienate the peoples suffering.

“The Federal Government should also try to create social welfare to alienate the sufferings that people will go through.”




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