- The federal government has dismissed the reports that it is planning on increasing taxes
- Vice President Yemi Osinbajo said the government knows that now is not the time to increase taxes
- Osinbajo disclosed that the government’s priority is to help businesses survive
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Vice President Yemi Osinbajo has disclosed that the federal government is not planning on increasing taxes.
Osinbajo made the disclosure on Thursday, September 24, during a virtual interactive session hosted by the Africa Report magazine, according to a statement from the presidency.
He pointed out that the current administration knows that now is not the time to increase taxes given the state of affairs.
The vice president said:
“Our position really is that, this is hardly the time to raise taxes. It is even more difficult for people to pay taxes now than ever before, I mean, given the state of affairs, but this is why we're doing everything now.”
Osinbajo explained that the goal of the government is to make sure that businesses survive this period by providing as much support and by relieving them of as much burden as possible.
He said the administration is trying to help businesses get some moratorium so that they can at least continue to run their businesses.
Osinbajo disclosed that the government is determined to save jobs and businesses.
“Our approach is first to ensure that we save jobs. If we save jobs and save businesses, and then do the best we can in agriculture, the housing scheme and all of that, we will actually be able to improve spending and if we are able to improve spending, taxes will definitely improve, and if businesses survive, taxes will improve. So, those are the sort of projections that we are looking at."
Meanwhile, after opening the portal for the registration of prospective beneficiaries for the survival fund, the federal government has released the schedule for categories of businesses that would benefit from the scheme.
A statement issued in Abuja on Sunday, September 20 by the Project Delivery Office stated that the portal has educational institutions as the first category of beneficiaries to register.
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