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The National Leader of the All Progressive Congress (APC), Asiwaju Bola Ahmed has warned the Federal Government against implementing the proposed increase in Value-Added Tax (VAT) but should consider all steps towards increasing the number of people paying tax (Tax Net).
This advice was given by the National Leader during the 11th Bola Tinubu Colloquium which is to celebrate his 67th birthday in Abuja. Tinubu told the Buhari government to discard ‘Container Economics’ and move towards diversification of the economy.
Tinubu paused during his birthday address and specifically addressed the Vice President, Prof. Yemi Osinbajo, and his team to drop the idea of increasing any form of taxes for now.
“…the truth is particularly acute when these developed economies now face question casting doubt on the economic and social ability of economic model under which they have travel for over fifty. it casts doubt and the projection is slow growth.”
“The consumer spending is weakened. This is where I will stop and appeal to Prof. Yemi Osinbajo, the Vice President and his team.”
“Put a huge question mark on any increase on VAT. Please! If we reduce the purchasing power of the people, we can further slow down the growth of the economy. Let us widen the tax net to those not paying tax now. If it includes Bola Ahmed Tinubu, let the net gets bigger to take more taxes and that is what we must do to get the country going instead of increasing the tax.”
“Please let us stop it for NOW!”