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VAT hike: Senate to invite Finance Minister, FIRS chairman

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Minister of Finance Zainab Ahmed

The Senate Committee on Finance says it will invite the Minister of Finance and the Chairman, Federal Inland Revenue Service, (FIRS) to give details on reasons for the proposed increase in Value Added Tax (VAT).

The Chairman of the Committee, Sen. Solomon Adeola, made the disclosure in a statement issued by his Media Adviser, Mr Kayode Odunaro, in Abuja on Thursday.

Adeola said the invitation was hinged on the proposed plan to increase VAT from 5 per cent to 7.2 per cent .

The Minister of Finance, Mrs Zainab Ahmed had after the Federal Executive Council (FEC) meeting on Wednesday spoken on the proposed plan to increase VAT.

Adeola, said the proposed increase in VAT had generated mixed reactions among the public on its possible effects on living standards and the economy.

“We are glad that the minister of finance indicated that the VAT act will have to be amended for the increase to take effect.

“But we are concerned about the current economic situation of the country as it affects the generality of the people.”

The chairman said the interaction with the two key officials of Federal Government would form part of the basis for possible amendments of the VAT Act.

According to him, the meeting will further assuage any sentiments against the proposed VAT increase, if eventually the act is amended.

205 COMMENTS

  1. We go dey alright last last for this country.. Make them keep pushing the masses to the wall. One.day will be one day..

  2. Exactly they should give detailed account and reasons for the increase in VAT. I mean this is inhuman, of recent there has been retard growth in the economy and things are hard.

  3. is this how you want to move the country out of poverty? hike vat please tell me the next level, this govt only has the to 4years to rebuild there image

  4. they don’t care how the masses are feeding, all there interest is to increase tax, so that there take home will increase

  5. minimum wage una no increase am, una still drag am, now see how una dey hurry-hurry dey wan increase VAT, which kind wicked government be did na?

  6. Its not right for a govt to increase the VAT without a due deliberation on the Effect of the amendment
    Am pleased to know Mrs Zainab will be interviewed

  7. Pls o, why is it that the only thing our govt do is to increase every means of collecting from their citizens ? They don’t ever give any good thing except to collect. Am tired of thus country am going to south Africa. Now they want to increase tax wen they can’t even increase our minimum wage.
    This new increment in vat should also lead to payment of workers minimum wage for a balance equation. No payment of minimum wage, no increment in vat.

  8. Comment: the senate and the house of rep cannot do anything in this administration. all this invitation is just a mere charade. Buhari is set to kill nigeria

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