Senate President overrules opposition, passes bill raising VAT from 5 per cent to 7.5 per cent

…it ‘ll further inflict pains on Nigerians — opposition senators

A Finance Bill which raised Value-Added Tax (VAT) from five per cent to 7.5 per cent as proposed by the Federal Government has been passed by the Nigerian Senate.

The Bill also seeks to amend seven Acts of the National Assembly relating to taxes payable in the country.

An increase in the Companies Income Tax, Customs and excise, Petroleum Profit Tax, Stamp duties, Personal Income Tax and Capital Income Tax has also been approved as contained in the bill.

The Minority Leader, Sen. Enyinnaya Abaribe, and other senators — Ifeanyi Ubah, Gabriel Suswan and Abba Moro — however, opposed the bill.

They said increasing taxes including VAT would worsen the living conditions of Nigerians and inflict pains on them.