The Senate has assured Nigerians that the 2.5 per cent increase in the Value Added Tax (VAT) from February 1; will not affect the purchasing powers of an average Nigerians because the increment was targeted at luxury items.
The President of the Senate, Ahmad Lawan, stated this on Monday, January 27; during a media session on what palliative measures that the National Assembly expected the Federal Government to put in place; in order to ameliorate the expected pressure on the purchasing powers of Nigerians.
Lawan said, “The 2. 5 per cent increment in VAT does not include items that ordinary Nigerians normally use.
“Many of the items that would now have an additional 2.5 per cent increment are luxury items that ordinary Nigerians don’t use.”
He explained that the nation needed additional resources to provide basic social amenities that average Nigerians required.
The Senate President further revealed that issues of security in the country, Petroleum Industry Bill (PIB) and electoral reforms are topmost on the agenda of the Senate as the upper chamber reconvenes on Tuesday.
Lawan said the heightening spate of insecurity is of growing concern that requires the collective effort of the Executive and Legislature, alongside all tiers of government at the State and Local levels.
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