The National Leader of the All Progressive Congress, Bola Ahmed Tinubu has called on the federal government to stop the implementation of the planned increase in the Value Added Tax (VAT).
Speaking at the 11th Bola Tinubu Colloquium to mark his 67th birthday, tinubu stated that the increase in VAT would have a greater impact on the poor, impoverishing them as they would bear the major brunt in the exercise.
He said: “Consumers’ spending is slipping, and this is where I will stop and appeal to Professor Yemi Osinbajo, the Vice President, and his team to put a huge question mark on any increase of VAT, please,”
“If we reduce the purchasing power of the people, we can further slowdown the economy,” he added.
However, he gave suggestions on a way to generate more revenue for the economy, saying: “Let’s widen the tax net. Those who are not paying now, if it is inclusive of Bola Tinubu, let the net get bigger and we take in more taxes and that is what we must do in the country, instead of the additional layer of tax.”
In attendance of the colloquium was the vice president, Yemi Osinbajo and many other dignitaries.
