In a move that looks like inflicting pain on fresh injury, on Thursday, 19/11/2019 the Senate passed the Finance Bill aimed at amending the seven Acts of the National Assembly relating to taxes payable in the country.
The bill clearly seeks an increase of value-added tax from 5 per cent to 7.5 per cent, increment in the Companies Income tax, Customs and excise, Petroleum Profit Tax, Stamp duties, personal income tax and Capital Income tax.
By this move, the minimum increase recently added to workers take-home has been eroded and the other citizens whose means of livelihood does not depend on minimum wage will have to suffer same consequences of hardship as a result of price increase that will follow the policy.
However, as it is gradually becoming glaring that whatever could be regarded as public interest slowly becoming a fact of the Minority Leader, Enyinnaya Abaribe.
He, Senators Ifeanyi Ubah, Gabriel Suswan and Abba Moro, nonetheless, proposed disapproval to the bill and advised that the increase in taxes of any forn would further intensify the sufferings and pains of Nigerians.
