Osinbajo made the assertion at the Inspiration Conference 2020 of the Redeemer’s Men Fellowship in Lagos.
He said that the 2020 budget of N10.6 trillion has a deficit of N2.2 trillion, “so it is clear that we are running a fairly large deficit”. The vice-president justified the increment of the Value Added Tax from 5 per cent to 7.5 per cent, noting it to be very low when compared to other African countries.
“Also, before the Finance Act, many companies operating in the country without physical presence escaped taxation. Osinbajo expressed confidence in the Nigerian economy, maintaining that the government would continue to provide the enabling environment for businesses to thrive.
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