The request by President Muhammadu Buhari to increase value-added tax (VAT) from 5 per cent to 7.5 per cent has been approved by the Nigerian senate.
The request was approved by the Red Chamber after Solomon Olamilekan, chairman of the finance committee, presented a report on a bill entitled ‘Nigeria tax and fiscal law’.
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The federal executive council (FEC) had approved an increase in VAT and sent a bill to the national assembly for consent in September 2019.
Meanwhile, following reports of the VAT increment of VAT by the federal government, some Nigerians had kicked against it, citing various reasons and appealing to lawmakers not to approve the request.
Why the increament when the economy is waving? Why they will not approve it? Because it is not concern them.