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No plans for tax increase –Nigerian govt

Finance Minister allays fear over gov borrowings, says N25.7tr debt not worrisome

The federal government on Wednesday said it does not intend to effect an increase in taxes any time soon.

The Federal Government on Wednesday ruled out any increase in taxes in the country as the Federal Executive Council (FEC) approved the 2020 Finance Bill at its weekly meeting.

The decision not to effect increase in taxes was one of the highlights of the meeting of the council presided over by President Muhammadu Buhari.

This was disclosed by the Minister of Finance, Budget and National Planning, Zainab Ahmed, who briefed State House correspondents on the outcome of the meeting.

According to the minister, the 2020 Finance Bill was meant to support the 2021 fiscal year budget, assuring that the bill will not lead to an increase in tax because the situation in the country does not warrant an increase in taxes.

“This is not the time to increase taxes,” she said.

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