The Minister of Finance, Budget and National Planning, Zainab Ahmed, proposed that Nigeria’s VAT be increased from 5% to 7.2%. This has caused a lot of counterblast with labour unions and some experts protesting the proposal.
What most people do not know is that Nigeria is one of the countries in the world with the lowest VAT rates. This proposal would most definitely do us as Nigerians a whole lot of good because what it means is, that we may eventually in the nearest future not have to borrow from other countries or be indebted to any country or organisation.we need to get this country out of the mess of indebtness, Nigeria has all it takes to become and succeed as an economical stable country. The country’s elites should not be left out either. If we all pay our taxes judiciously, then maybe, Nigeria would finally be a debt free country.
Source: Daily trust