Gom Mirian
In light of the current economic challenges faced by Nigerians, the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, has called on the government to suspend Value Added Tax (VAT) on diesel and essential services.
Mr Oyedele emphasised the significance of this move to alleviate the economic hardships being experienced across the country.
Speaking during an interview on Channels TV Sunrise Daily programme on Friday, Mr Oyedele shed light on the committee’s recommendation to the government.
He stressed that temporarily suspending VAT on diesel would have a direct impact on reducing the cost of transportation, particularly for commercial purposes, thereby not only providing relief to struggling businesses, but also benefiting the general public.
He said: “I’ve requested that the government suspend VAT on diesel for very obvious reasons, as well as suspend VAT on import duties and CNG. There are things you have to do par time because, at the end of the day, governance is about the people.
“You may not be able to immediately measure the economic impact on those, but you, of course, can tell the social impact.”
He further expressed concern about the country incurring annual losses of up to N6 trillion through tax waivers, while concurrently generating equivalent revenue.
