The federal government of Nigeria has said it has no plans to increase company taxes or Value Added Tax in the country despite the dwindling oil revenue.
There had been reports that the Nigerian government plans to increase VAT from 5% to 20%.
However, government would do all it can to ensure that Nigerians pay their taxes as and when due, Minister of Budget and National Planning, Udoma Udo Udoma said.
He said that the budget is geared towards stimulating the economy and promoting inclusive growth and that the federal government would build an economy that is less vulnerable to oil price shocks by creating resistant divested income base and creating efficient public financial management system.
He said that government would partner states and local governments to recruit, train and deploy 500,000 unemployed graduates as teachers.
He added that the Vice President’s office was also working to design an implementable and transparent conditional cash transfer programme of 5,000 Naira monthly to one million poorest and most vulnerable..
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