‘FG is operating economic Yahoo Yahoo’ – Nigerians say as Government increases VAT from 5% to 7.2%

In the aftermath of President Buhari’s victory at the Presidential election petitions tribunal, Nigerians have taken to social media to condemn the government on its plan to increase the Value Added Tax from 5% to 7.2%.

The Federal Executive Council which President Buhari presided over on Wednesday, September 11, approved the increment of value-added tax (VAT) rate from 5% to 7.2%.

The Minister of finance, budget and national planning, Mrs Zainab Ahmed confirmed the increment at the end of the cabinet meeting. The new rate which will take effect from 2020 is however subject to an amendment of the VAT act of 1994 by the national assembly.

Nigerians have not welcomed that idea and here’s how they reacted;