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Finance Minister Wale Edun Denies 10% VAT Increase, Says It Remains 7.5%

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Minister of Finance, Wale Edun, has refuted claims that the federal government increased the Value-Added Tax (VAT) rate to 10%.

In a statement released on Monday, Edun clarified that the VAT rate remains at 7.5%, as stipulated in the country’s tax laws.

“The current VAT rate is 7.5% and this is what government is charging on a spectrum of goods and services to which the tax is applicable,” Edun said.

“Therefore, neither the Federal Government nor any of its agencies will act contrary to what our laws stipulate.”

Edun said the tax system stands on a tripod which includes tax policy, tax laws, and tax administration.

The minister said all three elements must work together to create a sound system that gives vitality to the government’s fiscal position.

He said the government’s focus is to utilise fiscal policy in ways that promote sustainable economic growth, alleviate poverty, and promote a thriving business environment.

“The imputation in some media reports on the issue of VAT and the opinion articles that have sprouted from them seem to wrongly convey the impression that government is out to make life difficult for Nigerians,” he added.

“That is not correct. If anything, the federal government has, through its policies, demonstrated that it is committed to creating a congenial environment for businesses to thrive.

“In fact, it is on record that the federal government, as part of efforts to bring relief to Nigerians and businesses, recently ordered the stoppage of import duties, tariffs and taxes on rice, wheat, beans and other food items.”

On May 8, Taiwo Oyedele, chairman of the presidential committee on fiscal policy and tax reforms, said there is a need to increase the VAT rate.

Atiku Abubakar, former vice-president, on September 8, criticised the proposed VAT increase.

Atiku described the move as “regressive and punitive policy”, adding that its impact could deepen the domestic cost-of-living crisis.

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Michael Abimboye Speaks On Food Items, Palliative To Ode-Omu Residents

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  • “Why we target aged, widows, and other vulnerables. Here is what this got to do with Governor Ademola Adeleke.”

 

Michael Abimboye, a Nigerian political communication consultant and journalist, has supported Osun Governor Ademola Adeleke’s palliative measures through the distribution of food items to residents of Ode-Omu communities in Ayedaade Local Government Area of the State.

Abimboye, who distributed the food items on Friday, September 6, said the Osun government has in the last few months, shown a high sense of responsibility through its commitment to alleviating the suffering of the masses.

In June, Adeleke-led government distributed rice palliative under the State Government Food Security Program in a bid to alleviate food scarcity and ensure food security. The distribution targeted a wide array of registered groups to ensure that the palliative reaches diverse segments of the population.

Among the beneficiaries are Labour Unions, the Inter-Party Advisory Council (IPAC), Civil Society Organizations, the Union of Pensioners, various Security Outfits, Ministries, Departments and Agencies (MDAs), Religious Associations, Market Unions, and Persons with Disabilities (PWDs), among other registered associations.

Before then, Adeleke rolled out free medical outreach in the state as palliative to cushion the effect of high cost of living. The Imole free medical outreach took place in Ilesa, Ile-Ife, Ede, Iwo, Ila, and Osogbo.

On his part, Abimboye, who is following the political footprint of Adeleke in Odeomu through the distribution of food items, emphasised the importance of the palliatives in mitigating the effects of food insecurity exacerbated by various socio-economic challenges.

“The governor has laid down a very good foundation, and the best we can do is to support his initiative. I am distributing palliatives in Ode-omu and its environs as part of my commitments to supporting the most vulnerable in our society,” he stated. “The economic situation in the country is terrible, and the little we can do for our people is to ensure that essential food items are accessible to provide relief and promote stability.”

“We’ve looked out for the aged, widows, and other vulnerables. Our goal is to ensure that they don’t beg to put food on their tables. Adeleke’s government has shown that it’s ready to address food insecurity, and the best I can do to support the state governor is to echo his proactive measures.

“I have come to distribute the food items myself because I want the beneficiaries to be those who really need them and would make judicious use of the palliatives,” Abimboye said.

He also urged other indigenes of Osun at home and in diaspora to continue to support the governor’s strides towards leading Osun to a promised land and eradicate poverty in the state.

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BREAKING: DSS Takes Over SERAP Abuja Office

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The Abuja office of the Socio-Economic Rights and Accountability Project (SERAP) has been taken over by officers from the Department of State Services (DSS).

In a statement released on Monday, SERAP denounced the action as an “unlawful occupation.”

The statement revealed that the DSS officers are demanding a meeting with SERAP’s directors.

“President Tinubu must immediately direct the SSS to end the harassment, intimidation and attack on the rights of Nigerians,” SERAP urged.

This is coming barely 24 hours after the organisation urged Tinubu to leverage his leadership and authority to instruct the Nigerian National Petroleum Company Limited (NNPCL) to promptly reverse the seemingly illegal and unconstitutional hike in the pump price of premium motor spirit, commonly known as petrol, at its retail outlets.

 

More to come…

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BREAKING: NLC Begins Closed-Door Meeting Over Ajaero’s Arrest

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The Nigeria Labour Congress (NLC) has convened a closed-door meeting following the detention of its President, Joe Ajaero, by the Nigerian government.

NLC’s Head of Public Relations, Benson Upah, confirmed the meeting on Monday.

Upah stated that Ajaero was seized by agents of the Nigerian State without a legal warrant or formal instrument.

Furthermore, Upah expressed concern that Ajaero’s whereabouts and health status remain unknown.

The NLC has condemned the detention as a “brazen act of lawlessness and intimidation” and demanded Ajaero’s immediate and unconditional release.

“The Congress has also called on the international community, human rights organizations, and democracy advocates to take note of the rising wave of authoritarianism in Nigeria.”

Ajaero was set to address the Trade Union Congress in the UK on behalf of Nigerian workers, discussing critical issues like workers’ rights, social justice, and economic fairness.

Upah said, “The NLC has put its affiliates, state councils, and civil society allies on high alert and vowed to protect workers’ rights and not be cowed by oppressive tactics.

“The Congress is currently holding a closed-door meeting to discuss the situation, and the outcome will be made public soon.”

 

More to come…

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