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Friday, September 20, 2019

CBN Reacts to Tension Over VAT Increase

What began as a new policy which was expected to take immediate effect shortly after its pronouncement has now turned into a full-blown controversy.

A lot has taken place since then, the House of Representatives has summoned the Central Bank Governor and the Finance Minister.

They have also deliberated on the policy and have ordered for its suspension. On its part, the Central Bank of Nigeria has expressed shock over public outcry on Value Added Tax (VAT) increase.

They have brought another dimension into it by explaining that the charges do not affect all financial transactions except those that are above N500,000.

They explained on twitter thinking that the controversy will disappear because only the middle class will be affected and the poor would not afford that amount.

But the rich seem to have cried out too because the controversy would not go away.

Central Bank of Nigeria (CBN) may eat the humble pie and go back to the negotiation table so that stakeholders and the general public can be carried along because, in Nigeria, even the poor can face the fate of the rich.


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