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Stats: 2,332,261 members, 5,156,215 topics. Date: Monday, 16 September 2019 at 05:39 PM

FG Raises VAT To 7.2%. To Seek National Assembly Approval - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / FG Raises VAT To 7.2%. To Seek National Assembly Approval (17959 Views)

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FG Raises VAT To 7.2%. To Seek National Assembly Approval by olatade(m): 7:15pm On Sep 11
The federal executive council (FEC) has approved an increase in value added tax (VAT) rate from 5% to 7.2%.

Zainab Ahmed, minister of finance, budget and national planning, disclosed this to state house correspondents at the end of the cabinet meeting on Wednesday.

However, this is subject to an amendment of the VAT act of 1994 by the national assembly.
VAT replaced the sales tax in 1994 and was pegged at 5% by the military government of Sani Abacha.

In 2007, former president Olusegun Obasanjo increased VAT to 10% on the eve of his departure from office but it was reversed by his successor, Umaru Musa Yar’Adua, following opposition from labour.

Wednesday’s FEC meeting, which started at 11am and ended at 6:12pm, was presided over by President Muhammadu Buhari.

Ahmed said FEC directed immediate consultations with states, local governments and other relevant stakeholders before the new rate takes effect in 2020.

https://www.thecable.ng/breaking-fec-approves-increase-in-vat-to-7

Re: FG Raises VAT To 7.2%. To Seek National Assembly Approval by tayebest(m): 7:18pm On Sep 11
Ah! shocked

Buhari, NO! cry sad cry sad

10 Likes

Re: FG Raises VAT To 7.2%. To Seek National Assembly Approval by PureGoldh(m): 7:20pm On Sep 11
NNPC reduced Fuel pump price few days back from #145 to #144 just One Naira difference.

Now.. The Federal government have increased VAT from 5 to 7.2%

Who did we actually offend in this country ?

Incase you need Original Pure Unadulterated Honey

Call or whatsapp me on the number attached to my signature below

51 Likes 1 Share

Re: FG Raises VAT To 7.2%. To Seek National Assembly Approval by FarahAideed: 7:24pm On Sep 11
More hardship

29 Likes 1 Share

Re: FG Raises VAT To 7.2%. To Seek National Assembly Approval by Lanre4uonly(m): 7:25pm On Sep 11
It is well.

1 Like

Re: FG Raises VAT To 7.2%. To Seek National Assembly Approval by Mutemenot(m): 7:37pm On Sep 11
Nextlevel grin

45 Likes 1 Share

Re: FG Raises VAT To 7.2%. To Seek National Assembly Approval by bonnylight003: 7:45pm On Sep 11
Nice one from the president .... Shebi Dem dey celebrate on the rogue judgement..like say one part of the country dey enjoy pass another..

Increase pump price and make vat 10... Some section of this country must recieve sense byy force..

96 Likes 8 Shares

Re: FG Raises VAT To 7.2%. To Seek National Assembly Approval by four4: 7:46pm On Sep 11
Here we come, all of us die here together

5 Likes 1 Share

Re: FG Raises VAT To 7.2%. To Seek National Assembly Approval by GuestLog: 7:49pm On Sep 11
This is Buharis thank you gift for not protesting against his incompetence.

93 Likes 6 Shares

Re: FG Raises VAT To 7.2%. To Seek National Assembly Approval by CharleyBright(m): 8:03pm On Sep 11
Buhari the Holy Looter.
You increase VAT by 50% to make more monies for Abba Kyari to loot on your behalf.


Buhari what has happened to all the Abacha loot that was returned to your govt?
What has happened to the monies derived from the pump price increment by your govt?
What has happened to the stamp duties your govt introduced?
What has happened to all the monies you have been borrowing upandan and putting the country into huge debts?
And yet you have refused to pay the 30k minimum wage that you deceived Nigerians that you will pay in order to get their votes.
The next thing will be for you to increase pump price again.
All in all, nothing to show for it.
You are just a wicked corrupt looter.
A petty thief in Aso Villa. Wolf in sheep clothing.
Continue to inflict hardship on Nigerians while you eat our monies dry.

I don't blame you, I blame the useless people that calls themselves your supporters.
God will judge you and your crook uncle Abba Kyari.

134 Likes 20 Shares

Re: FG Raises VAT To 7.2%. To Seek National Assembly Approval by AstralBody: 8:29pm On Sep 11
tayebest:
Ah! shocked


Buhari, NO! cry sad cry sad
Buhari go kill u dere! U never see anything,we die in dis next level togethergringrin

45 Likes

Re: FG Raises VAT To 7.2%. To Seek National Assembly Approval by Charleys: 8:56pm On Sep 11
To seek Nass approval, the same Nass wey him don pocket already. grin

23 Likes

Re: FG Raises VAT To 7.2%. To Seek National Assembly Approval by awgumayor: 9:03pm On Sep 11
7% vat. No wonder Nigeria is undeveloped. People want good road, constant power supply, other good infrastructures but don't want to pay tax. How can the country develope with meagre 7% vat.

10 Likes 4 Shares

Re: FG Raises VAT To 7.2%. To Seek National Assembly Approval by capitalzero: 9:22pm On Sep 11
awgumayor:
7% vat. No wonder Nigeria is undeveloped. People want good road, constant power supply, other good infrastructures but don't want to pay tax. How can the country develope with meagre 7% vat.

why should government increase VAT when more than 50% of population are poor? goverment should rather reduce cost governance, minimise corruption and impose heavy tax on luxurious items. to minimize corruption, sanitize Nigeria police. If police is corrupt, fighting corruption will remain a joke.

133 Likes 11 Shares

Re: FG Raises VAT To 7.2%. To Seek National Assembly Approval by doctokwus: 9:34pm On Sep 11
grin grin
Vat up
Food prices, specifically rice gone up 25% following border closure.
Phcn tariff has been secretly increased,as reflected in recent bills,by about 25%.
Petrol prices will follow soon or later.
All these in the midst of an economy that is harmorrhaging because there is none or very little purchasing power and businesses being forced to close or operate at subsistence level.
This is what 15million imps voted to lead them.
Hell awaits those people,if indeed there is actually a place like that.

47 Likes 5 Shares

Re: FG Raises VAT To 7.2%. To Seek National Assembly Approval by gratiaeo(m): 9:38pm On Sep 11
We will survive Buhari government

10 Likes 1 Share

Re: FG Raises VAT To 7.2%. To Seek National Assembly Approval by jkendy(m): 9:45pm On Sep 11
Next level King on the beat grin grin grin
We never see anything. Let's enjoy the reggae beats while it last.
Increase pump price of PMS (fuel) as well biko, to make the circle go round already

26 Likes 1 Share

Re: FG Raises VAT To 7.2%. To Seek National Assembly Approval by bendike: 10:12pm On Sep 11
Lanre4uonly:
It is well.
It is well?
As howww bro grin

2 Likes 1 Share

Re: FG Raises VAT To 7.2%. To Seek National Assembly Approval by monichannel: 10:12pm On Sep 11
cry cry

19 Likes 1 Share

Re: FG Raises VAT To 7.2%. To Seek National Assembly Approval by MarianaTrench: 10:12pm On Sep 11
Next Level is here

6 Likes

Re: FG Raises VAT To 7.2%. To Seek National Assembly Approval by ekaette1621: 10:12pm On Sep 11
Buhari is well pleased

1 Like

Re: FG Raises VAT To 7.2%. To Seek National Assembly Approval by iLegendd: 10:12pm On Sep 11
With Buhari, Nigeria is great now. Read in-between the line.

27 Likes 2 Shares

Re: FG Raises VAT To 7.2%. To Seek National Assembly Approval by Onyeedum(m): 10:12pm On Sep 11
How can u collect it from a local business man in Onitsha
Re: FG Raises VAT To 7.2%. To Seek National Assembly Approval by Flexherbal(m): 10:12pm On Sep 11
Money that politicians share among themselves.

Money that they do not use to better the life of the people.

11 Likes

Re: FG Raises VAT To 7.2%. To Seek National Assembly Approval by bendike: 10:13pm On Sep 11
gratiaeo:
We will survive Buhari government
Amen bro..
Meanwhile na next level grin

3 Likes

Re: FG Raises VAT To 7.2%. To Seek National Assembly Approval by Bacteriologist(m): 10:13pm On Sep 11
Buhari please increase the pump price to 200NGN please.

If you do this you will be blessed beyond measures amd you'll earn my loyalty forever. Everybody must feel this heat of incompetence.

Buhari will increase price of petroleum Insha Allah amin

Buhari will increase price of petroleum Insha Allah amin

Buhari will increase price of petroleum Insha Allah amin
Buhari will increase price of petroleum Insha Allah amin

19 Likes

Re: FG Raises VAT To 7.2%. To Seek National Assembly Approval by StrikeBack(m): 10:13pm On Sep 11
All this educated illiterate leading us

4 Likes

Re: FG Raises VAT To 7.2%. To Seek National Assembly Approval by ednut1(m): 10:14pm On Sep 11
awgumayor:
7% vat. No wonder Nigeria is undeveloped. People want good road, constant power supply, other good infrastructures but don't want to pay tax. How can the country develope with meagre 7% vat.
was the one of 5% not looted Company income tax is there at 30%. Ppt between 59% to 85%

21 Likes 2 Shares

Re: FG Raises VAT To 7.2%. To Seek National Assembly Approval by Dee60: 10:14pm On Sep 11
Finally, they have given up on efforts to tax the rich and now want to vex their frustrations on the middle class and SMEs.

Instead of further widening the net to make the non-payers to pay, they now want to punish those who have been complying.

Very backward development.

The Parliament is in their pocket, so that is another hopeless situation.

What a way to celebrate the victory at the tribunal?

Anyway, everyday for the thief, just ONE day for the owner.

Kwantinue.

17 Likes

Re: FG Raises VAT To 7.2%. To Seek National Assembly Approval by waveskaaya(m): 10:14pm On Sep 11
Lol
AstralBody:
Buhari no kill u dere! U never see anything,we die in dis next level togethergringrin
Re: FG Raises VAT To 7.2%. To Seek National Assembly Approval by jchioma: 10:14pm On Sep 11
From 5% to 7.5%; they should make it 10%. Abi no bi next level dem call am?

11 Likes

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