VAT Increase: Senate Summons FIRS Chairman, Finance Minister

Finance Minister, Zainab Ahmed and Federal Inland Revenue Service (FIRS) Chairman, Babatunde Fowler, were summoned by the Finance Committee of the Senate on the proposed increase in VAT.

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Brookinfo reports that on Thursday, September 13, Chairman of the finance committee, Solomon Adeola, made the announcement in a statement issued by his media assistant, Kayode Odunaro, in Abuja.

Sen. Adeola lamented that, the invitation was hinged on the proposed plan to increase VAT from 5% to 7.2%.

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Ahmed had after the Federal Executive Council (FEC) meeting on Wednesday, September 11, spoken on the proposed plan to increase VAT.

Senator Adeola, however, noted that the proposed increase in VAT had generated mixed reactions among the public on its possible effects on living standards and the economy.

He said: “We are glad that the minister of finance indicated that the VAT act will have to be amended for the increase to take effect.

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“But we are concerned about the current economic situation of the country as it affects the generality of the people.”

The chairman said the interaction with the two key officials of federal government would form part of the basis for possible amendments of the VAT Act.

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He said the meeting would further assuage any sentiments against the proposed VAT increase, if eventually the act is amended. (NAN)

It was reported that the labour union said the planned increase in VAT would erode any benefit the increase in the new national minimum wage would bring to workers and Nigerians.

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