Home News VAT: Tinubu warns Buhari, says increase will slow down the economy

VAT: Tinubu warns Buhari, says increase will slow down the economy

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The National Leader of the ruling All Progressives Congress (APC), Asiwaju Bola Tinubu, has advised the Federal Government not to increase the value added tax (VAT).

Tinubu issued this warning while speaking at the colloquium held in commemoration of his 67th birthday on Wednesday in Abuja.

According to the frontline politician, increasing VAT was tantamount to reducing the purchasing power of the people.

“I must say this to Prof Osinbajo and his team, don’t increase VAT but increase tax net to accommodate those who are not yet paying.

“Don’t reduce the people’s purchasing power. We must criticise ourselves.”

“Consumers’ spending is slipping, and this is where I will stop and appeal to Professor Yemi Osinbajo, the Vice President, and his team to put a huge question mark on any increase of VAT, please,” the former governor pleaded.

He added, “If we reduce the purchasing power of the people, we can further slow down the economy.”