Sequel to the passage of the 2020 Finance Bill by the National Assembly, President Muhammadu Buhari, on Monday signed the bill into law but this act has infuriated a lot of Nigerians.
A number of Nigerian citizens took to their Twitter accounts to lament about the increase of the VAT rate from the previous rate of five percent to the now signed and approved 7.5 percent.
According to the press release by the Special Adviser to the President, Femi Adeshina, the increased rate is to foster ‘more revenue to finance key governmental projects especially in the areas of health, education, and critical infrastructure’.
The 2020 Finance Bill has so far garnered over 3,900 tweets. Here are some of the comments on Twitter.
Dear Nigerians, 7.5% VAT is ready for you. Baba Buhari has done it. The consumers will carry the load. pic.twitter.com/Teq3kCTpv3
— Obinna Nwosu (@obi_Nwosu) January 14, 2020
3 THINGS D@ MUST HAPPEN WITH D NEW 7.5 VAT.
1, Politicians will've more money to loot.
2, Companies will increase d prices of commodities & services 2 recoup d new VAT.
3,There'll be more suffering 4 d governed.
FACT: Taxes are meant 4 d rich but it's d poor, who pay it.
— chinanu Ndumele CN (@CN4real) January 14, 2020
So 7.5% VAT is now official?
Can we just put Nigeria up on Jumia and share the money? 🤔
— Abuja President 🇳🇬 (@SirSmithM) January 14, 2020
Dear fellow Nigerians,
If you think life has been tough in the last 5 years or that your beloved Naira has become almost useless, please brace yourselves.
5 taxes are coming into effect as Papa Hanan (a.k.a Buhari) has signed a bill that will punish entrepreneurship
— The Revolutionary Seeker (WAEC) (@The_Seeker76) January 14, 2020
7.5% VAT is not on food, medicines (drug) and education items, etc.
The 7.5% VAT is not for the poor or vulnerable but the middle class and the rich. They should pay more and we pay less.
— EKITIKAN (@EkitiKetekan) January 14, 2020