The President, Major General Muhammadu Buhari (retd.) signed the 2019 finance bill into law in Abuja, yesterday.
The Finance Bill is meant to reform the country’s tax laws, support MSMEs, encourage investments in infrastructure and capital markets, and increase revenue for the government.
The law looks to amend six tax provisions. Key amongst them is the increase in Value Added Tax on specific goods and services from 5 percent to 7.5 percent.
This issue has birthed several reactions in support and against the Government.
See a few reactions MyNigeria gathered.
For Wale Adetona, it is not the increment of VAT, it is a problem of trust.
"7.5% VAT increment is really not a problem assuming the motive behind it is right. What has become of all the 'revenues' raised by the government since inception?" he asked.
7.5% VAT increment is really not a problem assuming the motive behind it is right.
— Wale Adetona (@iSlimfit) January 14, 2020
What has become of all the 'revenues' raised by the government since inception?
Is there any evidence of a positive effect of the proceeds on the common man?
E go better is still our slogan.
Person Pikin believed that the 7.5 VAT increase would affect the poor.
This 7.5% VAT should have never been a topic if this government really want the country to move forward. Coming out to say it's not going to affect the poor is even worse cuz it's very wrong to lie to our faces that way.
— person pikin???? (@Phalom_O) January 14, 2020
They said the VAT will only apply to companies that
Tweet Oracle predicted more suffering for the masses.
Brace up Nigerians, the 7.5% VAT increase has been officially signed into law by President Buhari.
— AURA??COOL (@TWEETORACLE) January 14, 2020
What does this mean??
You are about to see increase in the prices of basic goods and commodities.
As usual, its the common man in the streets that suffer the most.
U & I ????????????
Mediamic said, "Things keep going up in this country... 7.5% VAT is just uncalled for! the guys in the sate house that are supposed to be talking against some laws/policies that bring hardship to the populaces they wont do anything. Just SAD."
Things keep going up in this country... 7.5% VAT is just uncalled for! the guys in the sate house that are supposed to be talking against some laws/policies that bring hardship to the populaces they wont do anything. Just SAD????
— MediamicPR???? (@Mediamic22) January 14, 2020
Alexander was not that enthusiastic.
I had so much to say on 7.5% VAT
— King_Alexander (@dhotun) January 14, 2020
Then I just wiped it all up cos this is Nigeria. Hardship continues for my fellow citizens. pic.twitter.com/lZuN2asf6H
Punk is standing on the side of trust.
7.5% VAT charges wouldn’t have been an issue if the funds generated will be used to improve the county standard of living and infrastructure, but nah! It’s just another way for politicians to loot funds???????????
— Mr Punk ???? (@IamMrPunky) January 14, 2020
A Buharist comes along
I've heard a lot that this 7.5% VAT isn't going to affect the poor. Who told you? An economist? Many a time, goods and services provided by large companies end up with the average citizens as the final consumers.
— MikeMike ???????? Michael Effiong. (@Iam_MikeMike) January 14, 2020
If the VAT is targeted on companies with turn over of over N25m
Last but not the least
7.5% VAT in plain language.
— World Billionaire (@caramelskin5) January 14, 2020
1. Government has decided to reduce your disposable income.
2. Govt has decided to make you refund looted funds indirectly
3. You're funding govt but can't ask how they spend the money
4. You're funding their lifestyle n they'll still oppress you
