Olubunmi Akinlade, has urged the Federal Government to drop the idea of increasing the rate of Value Added Tax by 50 per cent. The bishop said increasing the VAT from its current five per cent to 7.5 per cent would have multiplier economic effects on goods, services and livelihood. He advised the government to focus on policies that would reduce unemployment and increase economic fortunes of Nigerians. Akinlade said, “I will appeal to government to suspend any increase in VAT as the economic hardship is biting hard. Policies that promote job creation and reduce unemployment should be rigorously pursued.

Source: Punch April 20, 2019 00:33 UTC