- PDP rejected the federal government's plan to increase the the Value Added Tax (VAT) from 5% to 7.2%
- The opposition party said such planned increment would put more pressure on families and businesses as it would result in an increase in costs of goods and services
- The party asked the president to recover the over N14 trillion oil money alleged to have been stolen in the last four years instead of increasing VAT
The Peoples Democratic Party (PDP) has advised the federal government to reverse its decision to increase the Value Added Tax (VAT) from 5% to 7.2%.
The party in a statement issued by its national publicity secretary, Kola Ologbondiyan on Thursday, September 12, in Abuja said that the PDP rejected the decision, the News Agency of Nigeria (NAN) reports.
Ologbondiyan said that Nigerians could not bear such burden under the prevailing economic situation.
“The PDP insists that the decision to increase VAT on already impoverished citizens is in bad faith and cannot be justified under any guise," he said.
The opposition party advised President Muhammadu Buhari that such increment would put more pressure on families and businesses as it would result in an increase in costs of goods and services that have direct bearing on the welfare of the people.
Ologbondiyan said that instead of foisting more tax burden on Nigerians, President Buhari should recover the over N14 trillion oil money alleged to have been stolen in the last four years.
“The PDP therefore urges the National Assembly to protect Nigerians and save the nation from collapse by rejecting this injurious decision by the Buhari presidency," Ologbondiyan stated.
Meanwhile, Legit.ng previously reported that the minister of finance, Zainab Ahmed, and the chairman, Federal Inland Revenue Service (FIRS), Babatunde Fowler, had been summoned by the Senate committee on finance over the proposed increase in VAT.
Solomon Adeola, the chairman of the committee on finance, made the disclosure in a statement issued by his media adviser, Kayode Odunaro, in Abuja on Thursday, September 12.
Senator Adeola noted that the proposed increase in VAT had generated mixed reactions among the public on its possible effects on living standards and the economy.
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