Tinubu Asks FG To Stop Planned Increase In VAT Rate

APC National Leader, Asiwaju Bola Tinubu, has asked the Presidency not to go ahead with the proposed increase in the rate of value-added tax (VAT).

Budget and National Planning Minister, Senator Udo Udoma, announcing the move while appearing before the Senate Finance Committee says that revenue generated from the proposed VAT increase will be used to pay the new national minimum wage.

But Tinubu speaking at the Eleventh Bola Tinubu Colloquium to mark his eighty seventh birthday in Lagos, says the timing of the proposal is wrong.

The APC leader explains that increasing VAT at the moment will amount to taxing the ordinary Nigerians.

Instead of raising the VAT rate, Tinubu asks those in-charge of revenue generation to brainstorm on other ways of increasing revenue.

He suggests that tax net should be further widened by compelling those still outside it to pay the new national minimum wage.

The Colloquium was attended by all the South West States Governors, except Governor Ibikunle Amosun of Ogun.

Others in attendance include Vice President Yemi Osinbajo, Governors Simeon Lalong of Plateau, Mohammed Abubakar of Bauchi, Rochas Okorocha of Imo, as well as Edo Deputy Governor, Phillip Shuaib, and Former Governor Rauf Aregbesola.

Also at the event were Service Chiefs and the Acting Inspector General of Police.

READ ALSO: Osun Gov Appeal Against The Revocation Of His Election


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