The federal government has made known its intention to upwardly review the Value Added Tax as a means of funding the national minimum wage.
The Budget and National Planning Minister, Senator Udo Udoma, made this disclosure on Tuesday while appearing before the Senate Committee on Finance headed by Senator John Enoh. He said: “We would be coming soon to the Senate because there may be the need to make some changes especially the VAT, in order to fund the minimum wage once it is announced.”
The minister further revealed that the Technical Advisory Committee on the minimum wage will this week submit its report to President Muhammadu Buhari. According to him, “The current minimum wage of N18,000 is really too low. It is difficult for workers to manage on that amount. The president supported a review but it is important that as we are reversing it, we should be able to fund it.”
The government is always looking for cheap money and very good in killing the goose that lays the golden egg. The percentage of Nigerians that pays VAT is not up to 10%. Any increase will further reduce it. What they should do is to reduce VAT so that at least over 40% will pay.
Rubbing Adamu to pay Ngozi
Next level plans loading........
Okaaaaay! This is where all the minimum wage saga was going? It will not work, my oga. The market people have already come with cut-throat prices of commodities just merely hearing of the MW. Now, 'upward review of VAT'? Who will suffer it? You should rather increase minimum wage
NEXT LEVEL loading !!!
Next level economics! Who will bear the effects of higher VAT? Voters!!! Early signs of what’s to come. Those who voted for this government should enjoy the next level ride.
Please and please Nigerians are tired of this minimum wage thing,all we need is action and not reviewing and reviewing what nah Abba
Secure loan from WB and fund the minimum wage please,
Wahala go dey bedat...Smh
Why do you want to give us and collect it back. God will punish you o
They have started o.
Rubbish
If u try to fund with VAT and average Nigerians with pay for it
Robbing Peter to pay Paul? SMH
Why not downward review of the enormous sums our law makers get every month. Increasing VAT is like giving the people something with one hand and then take it with the other hand.. Only the devil does that shit!!!
No. That will be like taking two step forward and taking one step backward again. Why not just take one step forward and remain there.
Why can't FG reduce the money they are siphoning away in the executive and legislative arms of Government. So you want to rob from the masses to pay the citizens? Revolution is looming!
Rubbish. They should come out and tell us they want to use another medium and take back the wage increment.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: THISDAY LIVE - 🏆 14. / 51 Read more »