FG Considers 50 Per cent Hike in VAT, to Guarantee New Minimum Wage

Minister of Budget and National Planning, Senator Udo Udoma, and the Chairman of the Federal Inland Revenue Service (FIRS), Mr Babatunde Fowler, on Tuesday said the Federal Government was considering an upward review of the Value Added Tax by 50 per cent. Udoma and Fowler who stated this on Tuesday when they appeared before the Senate Committee on Finance, said the increment was to, among others, enable the Federal Government to fund the new national minimum wage. The government is currently charging five per cent VAT on all products in…

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FG Proposes N1.9tr Deficit In 2019 Budget – Udoma

[Aminu Imam] As part of efforts to address the budget deficit, the Federal Government has proposed 3.07 percent reduction from N1.95 trillion in 2018 to N1.895 trillion this year. According to the Minister of Budget and National Planning, Senator Udo Udoma, the deficit is 1.3 percent of Gross Domestic Product (GDP), well within the 3 percent limit set by the Fiscal Responsibility Act. As for the debt service-to-revenue ratio, he said as revenue situation improves, the ratio will come down. “Nigeria does not have a debt problem as such; our…

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