‘Common man will suffer most’, Nigerians react to increment in VAT


It is no longer news that the newly signed Finance Bill has activated increment in Value Added Tax (VAT) to 7.5 percent.

Expectedly, Nigerians on the Twitter community have voiced their concerns, noting that the masses will face a significant burden.

According to President Muhammadu Buhari, who signed the bill into law yesterday, the bill will, among other things, reform Nigeria’s tax laws, align it with global best practices; support MSMEs, aid the government’s Ease of Doing Business reforms, incentivize investments in infrastructure and capital markets and raise government revenue.

The majority of the people on the Twiter community were against the idea, while some compared the current rate to the global standard in support of the government.

See some of their comments below.

Show More

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button