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FG raises taskforce to force down food prices

 

approves new tax regime to affect luxury goods

Acting President Yemi Osinbajo this afternoon raised a taskforce of selected ministers to advise the Federal Government on how to stem the rising cost of foodstuff in the country.

The taskforce, which he set up during the Federal Executive Council (FEC) at the Presidential Villa, is expected to turn in a report next week.

Also during the meeting, the FEC approved a revised National Tax Policy that intends to among other things, increase Value Added Tax (VAT) on selected luxury items like champagne.

Current VAT rate is 5% across board but government hopes to shore up federal revenues using the new tax policy that will also address challenges of tax evasion, multiple taxation, better implementation of indirect tax, online marketing and other issues.

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….details coming.

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  • gboyegaa
    February 1, 2017 at 5:52 pm

    You should tax all allowances of all politicians such that 90% of those allowances come back to the government.
    The way it is at the moment is such that, members of all professions in the whole country are working for the politicians. They take almost all the income of the nation as salaries and allowances.

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  • akin sodimu.
    February 1, 2017 at 8:11 pm

    Good initiative by the Vice President, because this will positively touch the economic life of many Nigerians. There is too much hunger and anger in the country, but may be the Oracle of God in person of Pastor Yemi Osinbajo has been destined to help Buhari out in his area of weakness, I wish Buhari quick recovery if he is sick, and I also pray that those people wishing him dead will turn to Hamman and Buhari will turn to Mordecia as it was written in the holy scriptures. Amen !

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