NewStats: 3,261,125 , 8,173,110 topics. Date: Wednesday, 28 May 2025 at 10:03 AM 5y1c4v

The Senate on Thursday ed the Finance Bill which seeks to amend seven Acts of the National Assembly relating to taxes payable in the country.

The bill specifically seeks an increment of the value-added tax from five per cent to 7.5 per cent.

It also seeks an increment in the Companies Income tax, Customs and excise, Petroleum Profit Tax, Stamp duties, personal income tax and Capital Income tax.

The Minority Leader, Enyinnaya Abaribe, and Senators Ifeanyi Ubah, Gabriel Suswan and Abba Moro, however, raised objections to the bill.

They said the increment in taxes would further compound the sufferings and pains of Nigerians.

Details later…

https://punchng.com/breaking-senate-okays-7-5-hike-in-vat-6-other-taxes/

VAT AND THE 30,000 MINIMUM WAGE:
Nigerian inflation rate for the past 5years have been above 10% with a purchasing power of 50% given our naira devaluation. What this means is: with the current minimum wage of 18,000 naira goods you purchase are actually worth 9,000 naira(purchasing power).
If goverment increases the minimum wage to 30,000 naira (which of course has the purchasing power of 15,000naira) life would be somewhat easier. If this 7.5% vat is introduced, it will further reduce the purchasing power of minimum wage earners. Meaning about 85% of Nigerians will be living below 2$ per day
This law is regressive, wicked and against progressive change that was voted for

Next level perks

Eh ? We no gree. We go die for this one.

Make 20% if you like
Zoogeria

APC government.

No comment and I mean it. No comment.

beresponsible:
Eh ? We no gree. We go die for this one

Nonesense who knows how much they've been collecting since? Like 20%

Wetin you wan do, crocodile go just smile for your domot...............

Fake news

Okay naaw

Chai! All these rubber stamp SINators!!

Seem the guys in the green chamber are far better than these crooks we've got in the red chambers...


Opps! Hope this ain't hate speech ?

johnmartus:
Fake news

That is hate speech

Ndia egbue mmadu

next level.. Thank God apc ers like the hike since it doesnt affect them

Buhari is busy levying taxes everywhere without any iota of ability, from stamp duty to pos taxes, credit and debit taxes, also vat increase. Under this APC regime Nigeria may become the most taxed citizens of the world yet nothing to show for it. Upon all this we are still borrowing from every dick, tom and harry. If you talk DSS will pay you a surprise visit,

The dumbest rubber stamp senate in the history of Nigeria....this evil party is set to finally seal the fate of the already oppressed.

To the NLC, the victory of the minimum wage increase is pyrrhic afteral... devilish people in governance

beresponsible:
Blazar We no gree. We go die for this one

Nonesense who knows how much they've been collecting since? Like 20%

Rubber stamp senate

ONE DAY THEY WILL APOLOGIZE FOR THIS ATROCITY,MEANWHILE NIGERIANS CAN ONLY PROTEST ON INTERNET,UNA NO DEY ENTER STREET?

Really

What of.minimum wage implementation

Very good ..zombies can you afford it? Because me I can oooo.. the Americans are reducing Company Income tax to stimulate their economy which has worked well as we can see while Buhari with an almost dead economy is increasing company income tax in the face of record levels unemployment which is tantamount to giving your sick horse a shot of cyanide to wake it up .

In all my history I have never seen where anyone increased all tax bases at the same time .. Nigerians get ready for another round of bitter recession .

Lets say the truth Buhari shouldn't be leading us because expecting him to get anything right is like expecting your Keke rider to lift a fully loaded Boeing 737 into the air

Keep your nigeria

keep beeing patriotic and wallow in your ignorance

Your patriotism enriches their pockets


Dumb citizens

Smh even personal income Tax. They would rather Tax us to Death Than reduce Their Salaries and Bonuses

Omooba77:

Wetin you wan do, crocodile go just smile for your domot...............

.. Hahahahahaha. Or even python wee dey dance.

Buhari till 2023 we love u sir

Restructuring is really needed to move this country forward. A new constitution or amendment to the constitution that will make this country truly work and move in the right direction

Some idiots will still come online and the VAT increment, buh if you see them on the street they are still suffering like every other Nigerian, they are still buying fuel 145, and very happy with, cos they told them they are fighting corruption