EFCC declares Yahaya Bello wanted over alleged N80bn ‘financial crimes’
FG debunks rumours of VAT increase
By Emmanuel Awosika
The Federal Government has debunked rumors that it is making plans to increase the rate of Value Added Tax (VAT) and other taxes in its proposed Finance Bill.
The Minister of Finance, Zainab Muhammed, dismissed claims of an increment in VAT and other taxes while defending her Ministry’s budget before the Senate Committee on Finance in Abuja on Thursday.
She said: “There will be no increase in VAT or any form of taxes because we see 2021 as a year of recovery – not only for government but businesses as well.”
Also present at the session was Accountant-General of the Federation, Ahmed Idris, who complained of inadequate funding of his office.
He said: “We have 37 offices all in dire need of rehabilitation. In particular, the Mosaic House in Lagos where the office of the Accountant General was sited before. That office is a huge property that can be utilised to generate revenue.
“It is being occupied by unwanted elements. If it is rehabilitated, it will go a long way in boosting revenue because it is in the heart of the commercial city.
“We are grossly underfunded. We are being treated like any other MDA. We know the constraints but we can be better in terms of our ability to meet expectations and needs of the Nigerian economy.”
