‘VAT Hike Will Disempower Businesses, Impoverish Nigerians’

0
751
VAT HIKE




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)

Add 0808 390 9209 to receive SKYTREND NEWS alerts on whatsApp;
For adverts enquiries, whatsapp 0803 385 7245,
Send Articles & News Stories To editor@skytrendnews.com.



READ ALSO! Nigerian Central Bank Approves Disbursement Of Loans For Creative Industries At 9%

READ ALSO! Tony Elumelu To Empower 1,000 Northern Entrepreneurs With $5000 Each

READ ALSO! How To Empower Yourself And Generate Income From Mutual Funds

READ ALSO! Is N-Power Truly Empowering Nigerian Youths?

READ ALSO! How Nigerian Govt Can Lift 100million People Out Of Poverty — Tony Elumelu

READ ALSO! TraderMoni: Poverty Alleviation Or Political Leverage?

READ ALSO! Is N-Power Truly Empowering Nigerian Youths?

READ ALSO! Gtbank 737 Disservice: How to Kick Your Customers in the Butt!

READ ALSO! Why The North Remains Headquarters Of Poverty In Nigeria — Kingsley Moghalu

READ ALSO! The Love Of Your Life Is An Illusion: It Doesn’t Exist Anywhere!