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Time to pop champagne, no more tax increase

14 February 2017, 16:45

Lagos - Although the government plans to generate much money by making more people pay tax, it has no plans to raise tax.

Mr. Udoma Udo Udoma, the Minister of Budget and National Planning, made the clarification at a public hearing of the Joint Session of the National Assembly on the 2017 Budget.

“There is no increase in VAT, there is no increase in company income tax, there is no increase at all in taxes, but people who are not paying taxes must be made to pay,” the minister told the joint session during the hearing.

Speculations had been rife that government plans to increase taxes, a development analysts believe would further worsen the economic fortunes of individuals and businesses.

Speaking on the Economic Recovery and Growth Plan, Udoma said government consulted with the private sector extensively on the development of the plan.

Also see: WATCH: Harrysong celebrates victory as he pops N300k Champagne after police arrest

According to him, government has a clear vision and is on a determined path to get the economy out of recession.

“We are determined, thereafter, to begin to go back to the path of growth, a more diversified growth, not depending just on crude oil.

“We want to stimulate our manufacturing sector; we want to stimulate agriculture; so we have a coherent, cohesive plan.”

The Minister of State, Mrs Zainab Ahmed, said government was determined to ensure that Nigerians experienced inclusive growth.

Ahmed said the government had been implementing Social Intervention Programme (SIP) to spur inclusive growth.

“The SIP took off fully in October 2016 and all the four components of the SIP have now been rolled out in their first Phases and we are scaling up on a monthly basis.” she said.

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- News24 Nigeria

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