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Obi Hails Tinubu’s Advice on VAT

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Vice Presidential candidate of the Peoples Democratic Party (PDP) Peter Obi has hailed National Leader of the All Progressives Congress (APC), Asiwaju Bola Tinubu, on his position on the proposed increment in Value Added Tax (VAT).

Tinubu, last Thursday, advised the Federal Government against increasing VAT rate as being canvassed by the Minister of National Planning, Udoma Udo Udoma and the Executive Chairman of the Federal Inland Revenue Service, Mr. Babatunde Fowler.

In a statement yesterday by his media office, Obi described Tinubu’s advice as gratifying and making economic sense given the situation in the country.

According to him, Tinubu’s position was clearly at variance with that of his party, saying it goes to underscore the uncoordinated campaign the APC dished out to Nigerians.

Obi, who said tax must be relaxed to act as incentive to local and foreign investors, insisted that the right way to shape up the economy in the face of mass unemployment is to have attractive economic policies to encourage entrepreneurs and investors.

According to him, the call for an increase in VAT or other taxes in the present economic situation amounted to insensitivity on the part of the government.

He, however, noted that Tinubu’s advice was in tandem with the position of the PDP, stressing that tax reduction was one of the main electioneering campaign messages of the PDP presidential campaign.

“It is extremely unrealistic for anybody to think of growing the economy and creating jobs by increasing tax. It’s too simplistic an approach,” Obi reiterated.

The former vice presidential candidate enjoined Tinubu to also advise the All Progressives Congress (APC) to embrace restructuring, saying it is the only option left to move the country forward.

“Anybody thinking this country will work without tinkering with the political and economic structure is deceiving himself because no nation grows on injustice,” he noted.

 

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