Suspend VAT immediately, Tinubu tells FG

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All Progressives Congress stalwart, and former Governor of Lagos State, Bola Tinubu, has asked the Federal Government to stop collection of the Value Added Tax immediately.

The federal government had increased VAT from five per cent to 7.5 per cent last month.

In a statement, Tinibu wrote, “Government should announce a tax credit or partial tax reduction for companies or firms. VAT should be suspended for the next two to four months. This will help lower import costs and protect against shortages.

“We need to protect the people from food shortages and high prices. As such, we must quickly improve farm-to-market delivery of agricultural produce. Also, government should initiate a crash program to decrease spoilage of agricultural produce by construction of storage facilities in local marketplaces in and around major cities and towns throughout the country.”


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