VAT Hike Will Disempower Businesses, Impoverish Nigerians
The Peoples Democratic Party (PDP) says the decision to hike the Value Added Tax (VAT) from 7% to 7.2% will disempower many businesses and lead to impoverishment of many citizens.
The party therefore asked the Nigerian Government to rescind the decision and maintain the 5 per cent current rate.
The party in a statement issued by its National Publicity Secretary, Mr Kola Ologbondiyan on Thursday in Abuja said that the PDP rejected the decision.
Ologbondiyan said that Nigerians could not bear such a burden under the prevailing economic situation.
The PDP insists that the decision to increase VAT on already impoverished citizens is in bad faith and cannot be justified under any guise.
He advised President Muhammadu Buhari that such increment would put more pressure on families and businesses as it would result in an increase in costs of goods and services that have a direct bearing on the welfare of the people.
Ologbondiyan said that instead of foisting more tax burden on Nigerians, Buhari should recover the over N14 trillion oil money alleged to have been stolen in the last four years.
“The PDP, therefore, urges the National Assembly to protect Nigerians and save the nation from collapse by rejecting this injurious decision by the Buhari Presidency.”
(NAN)
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