Nigerians have reacted with outrage to the approval of an increase in Value Added Tax (VAT) rate in the country from 5 per cent to 7.2 per cent by the Federal Executive Council (FEC), Igbere TV reports.

Igbere TV reports that the Minister of Finance, Budget and National Planning, Zainab Ahmed, announced the approval after the FEC meeting in Abuja on Wednesday.

She said stakeholders, including the National Assembly and the states, would have to agree on the date expected to be in 2020.

“We also reported to council and council has agreed that we start the process toward the increase of the VAT rate. We are proposing and council has agreed, increase in the VAT rate from 5 per cent to 7.2 per cent,” she said.

Nigerians have expressed disappointment with the government over the increase.

http://igberetvnews.com/982870/nigerians-knock-fg-over-increment-of-vat-to-7-2/

More; http://igberetvnews.com/982870/nigerians-knock-fg-over-increment-of-vat-to-7-2/

Lalasticlala Mynd44 Dominique

Nigerians are docile!

Whay a devious time to bury such bad news!

Buharism!

Increasing VAT while still negotiating minimum wage? What kind of madness is that.
Abeg make buhari no start wetin e no fit end o.

That Funmi though, wetin she dey advertise sef?

Why not introduce wealthy tax since this government loves tax?

I withdraw everything i typed before.

At 5% a plate of Akpu cost 300 naira.

At 7.2% a plate of Akpu will be...

I'm waiting for yoruba muslims to come and defend their slave masters again on this.
The zoo will continuously become sweeter from now.
We die here.

I'm so glad that we're all gonna feel it together! they should increase fuel pump price too... some mumu zombies will be crying and still shouting "Sai Baba" in between sobs

Lolz, My people my people.
How una de. This is the change you all voted for.

The evil government hasn't bothered to tell the people that voted them into power what they intend to use the almost 50% increase in tax revenue for.

How do they expect startups and small businesses to survive?

Issorait

Hmm. This isn't funny anymore. The vat increment isn't the issue. The issue is if there is anything the citizens are enjoying to justify such increment.

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NEXT LEVEL JUST GOT STARTED!!

Zombies must receive sense come 2023!!

This next level go tough gan

This will no doubt increase the hardship in the land.. Prices of consumer goods will surely go up


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This is bubu's gift to us for congratulating him for winning at Tribunal, where are the zombies especially that mannabbqgrill irritant that always say "God bless Buhari" bla bla bla, is Buhari a curse or a blessing to Nigeria? Idiots.

Thanks Buhari...... We will all pay it. Thunder fire anyone that voted you and will come back here to complain.

Na only for Social media we fit protest nothing else. We are cowards abeg

@ Investors King, we think while it is imperative to up revenue generation, it is also cogent to sustain and up consumer spending – a key driver of the economy. A 44 percent increase in VAT would hurt the effectiveness of the recently increased minimum wage and further erode the already weak household income.

All central bank’s policies, 60 percent LDR, the new limit on bank’s investment in fixed income market, financial inclusion program etc, point to aggressive growth through a broad-based economic stimulation and job creation. Therefore, an uncomplimentary fiscal measure would impede growth through weak retail sales (consumer spending) as income and savings would drastically drop despite an increase in the minimum wage.

Also, the financial inclusion program of the Central Bank of Nigeria will take backstage amid a drop in savings.

Nigeria’s unemployment remained high at 23.1 percent and with a 44 percent increase in VAT that number is likely to surge even further as businesses will hold off on recruitment in the near-term.

Reducing interest rate while increasing the number of taxpayers would have effectively complement CBN’s efforts — enhance economic productivity, boost job creation, increase consumer spending and support wage growth.

https://investorsking.com/fg-raises-value-added-tax-by-44-to-7-2/

Why won't there?
First was petroleum pump price, we did nothing.
Electricity Tarif, still no reaction rather we keep shouting Sai Baba up and down .
Now VAT at over 7%

Yet they re still negotiating wages till 2023.

Enjoy ur NEXT LEVU

Whats happened in SA is child's play. Very soon other countries will join. Lets us all come and die here cus we too dumb to act.

It will all end on social media. Then Nigerians will carry on with their lives suffering and smiling as usual.

Nigerian youths have not realised that one day they will be paying the school fees of their children.

No worry, una neva ready.

Sometimes, I do think God doesn't feel concern about Nigerians and Nigeria anymore. Because He's tired of our foolishness, mno matter how foolish or cruel Buhari's policies are, you will still see some people fighting to protect him
As in... Do we love being poor or we are afraid of the truth?

Errmmm
They're quick for VAT and not the Minimum wage.



Check my signature.
I sell USA used laptops

Abeg somebody should post that pics of bubu picking his teeth in aso rock

And as usual just like always, the VAT increment will trend on social media and that will be the end of it. I wish we could all collectively do more

They are quick to ask for their money but slow to give u your own.

btaliat:
Sometimes, I do think God doesn't feel concern about Nigerians and Nigeria anymore. Because He's tired of our foolishness, mno matter how foolish or cruel Buhari's policies are, you will still see some people fighting to protect him
As in... Do we love being poor or we are afraid of the truth?

For most people it's Stockholm syndrome I guess

H

una NEVER SEE ANYTHING

Next Level Suffering loading...


No one was asking questions on transparency on the N5 per bank deposit on the stamp duty from the SAINTLY rogues?

Why Buhari?

Now you will increase in VAT?

Why has Buhari refused to cut the cost of governance as he promised?

This is indeed a very fraudulent administration.