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Increment In Taxes Would Further Compound The Sufferings, Pains Of Nigerians, Says Senator Abaribe, Ubah, Others


ABUJA, NIGERIA - The red chamber of the National Assembly on Thursday passed the Finance Bill which seeks to amend seven Acts of the National Assembly relating to taxes payable in the country.

In specific terms, the bill seeks an increment of the value-added tax from five per cent to 7.5 per cent.

The Bill equally seeks an increment in the Companies Income tax,  Customs and excise, Petroleum Profit Tax, Stamp duties, personal income tax and Capital Income tax.

Meanwhile, the Minority Leader, Enyinnaya Abaribe, and Senators Ifeanyi Ubah, Gabriel Suswan and Abba Moro, however, raised objections to the bill, stating that it would further add to the pains of the Nigerian people.

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