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Senate approves bill to increase VAT, other taxes

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Nigeria retains position, scores lower in global competitiveness index

Nigerian Senate has passed the Finance Bill which would enable the amendment of seven Acts of the National Assembly relating to taxes payable in the country.

The bill seeks among other things, an increment in the payment of value-added tax from five per cent to 7.5 per cent.

The bill also wants companies’ income tax, customs and excise, petroleum profit tax, stamp duties, personal income tax and capital income tax to be increased.

The bill was passed amid opposition to its passage by Minority Leader, Enyinnaya Abaribe and senators Ifeanyi Ubah, Gabriel Suswan and Abba Moro, however.

READ ALSO: BUDGET PADDING, CONSTITUENCY PROJECTS: Are executive, legislature back to annual row over budget?

Abaribe and those who opposed the bill had argued that the increment would only help to worsen the sufferings and pains of Nigerians.

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