The Senate has assured Nigerians that the implementation of the 2.5 per cent increase in the Value Added Tax from February 1 will not affect the purchasing powers of an average Nigerians because the increment was targeted at luxury items.
The President of the Senate, Ahmad Lawan, stated this on Monday, while answering a question on what palliative measures that the National Assembly expected the Federal Government to put in place, in order to ameliorate the expected pressure on the purchasing powers of Nigerians.
Lawan said, “The 2. 5 per cent increment in VAT does not include items that ordinary Nigerians normally use.
“Many of the items that would now have additional 2.5 per cent increment are luxury items that ordinary Nigerians don’t use.”
He explained that the nation needed additional resources to provide basic social amenities that average Nigerians required.
