FG imposing more hardships on Nigeria with VAT increment - Fayose

Ekiti State Governor, Mr Ayodele Fayose
has said that the Federal Government
was planning to impose more hardships
on Nigerians by increasing Value Added
Tax (VAT) from the current five per cent
to 10 per cent, describing the move as
insensitive to the plight of Nigerians who
are suffering from the bad economic
policies of the President Mohammadu
Buhari led All Progressives Congress
(APC) government.
Vice President Yemi Osinbajo had said on
Thursday, in Lagos that the current five per cent
VAT rate in the country was very low, and went
on to add that the Federal Government would
increase the taxpayer base this year. Reacting
through his Special Assistant on Public
Communications and New Media, Lere Olayinka,
Governor Fayose said any increment in VAT or
any other tax being paid by Nigerians at this
time will further make life unbearable for the
people.
“Nigerians are suffering and the little that they
have, federal government is planning to take
back through VAT increment, this is wickedness!
“Under three months, electricity tariff was
increased despite epileptic power supply, N50
stamp duty was imposed on bank customers for
money received into their accounts via electronic
transfer, cash and cheques; petrol is being sold
for as high as N400 per litre and now they are
talking about increasing VAT to 10 per cent, this
is the height of insensitivity to the plight of
Nigerians,” he said.
The governor, who lamented the increase in the
cost of living of Nigerians, occasioned by the
bad economic policies of the Federal
Government, said “even recent figures from the
National Bureau of Statistics (NBS) revealed that
prices of food have hit a record high and
inflation is worsening.
“How can government be considering 100 per
cent increment in VAT when businesses are
folding up, prices of essential commodities have
skyrocketed, millions of Nigerians are losing
their jobs and those who are still employed are
no longer getting paid regularly? “For even
contemplating the increment of VAT at this
difficult time shows that the Buhari-led
government does not care about the welfare of
the citizens and only God will save the poor
masses from the hands of this government.”
Governor Fayose said rather than imposing more
hardships on Nigerians, President Buhari should
seek help from experts on how best to revive the
country’s economy, adding that; “As at today,
the Buhari-led government is yet to show that it
has any clue to the revival of the economy.”