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Thursday, September 19, 2019

Hardship - Nigerians Cry Out Over VAT Increase, Call on Reps to Intervene

The new economic policy of the Buhari administration has generated a lot of mixed reactions across Nigeria. The federal government through the Central Bank of Nigeria has announced the increase in Value Added Tax (VAT) on all financial transactions, on deposits of an amount ranging from N500,000 and above.

The VAT was raised by 7.2% and it also includes a 2% deduction for withdrawals of the same amount. The policy has sparked reactions from Nigerians who are complaining about the new policy that will kick off this September.

The House of Representatives has also summoned the minister of finance over the issue but it seems that there will be no going back on the issue.

The increase in VAT will affect the entire economy, it will earn more revenue for the government but it may cause more hardships for the people as many Nigerians have observed.

It is expected that before the policy is implemented, the government will engage stakeholders on the need to generate more revenue to strengthen Nigeria's ailing economy.

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