7.5% VAT: New finance law stirs social media outbursts

January 14, 2020

Nigerians have begun expressing their disapproval on social media of the new finance law signed on Monday by President Muhammadu Buhari which allows for a 2.5 per cent increase in Value Added Tax (VAT).

The finance law is aimed at raising government revenues, incentivising investments in infrastructure and capital markets.

The law will also reform Nigeria’s tax system with a view to supporting small and medium scale enterprises (SMEs) through the Ease of Doing Business initiative.

It also marks the beginning of increase in VAT on specific goods and services from 5 per cent to 7.5 per cent.

See what Nigerians are saying about it on Twitter:

7.5% VAT.
Sometimes I wonder if we actually still have the economic teams.
Watch this video till end. pic.twitter.com/YvSuIYE5G3
— Mazi Ejike Aloysius (@Ejiphills) January 14, 2020

* 7.5% VAT *
Companies to Nigerian Consumers: pic.twitter.com/sawjjYfPU0
— Revolutionary Benjamin (@zlatanbenjamin) January 14, 2020

Dear Nigerians, 7.5% VAT is ready for you. Baba Buhari has done it. The consumers will carry the load. pic.twitter.com/Teq3kCTpv3
— Obinna Nwosu (@obi_Nwosu) January 14, 2020

"7.5% VAT"

Dear fellow Nigerians,

If you think life has been tough in the last 5 years or that your beloved Naira has become almost useless, please brace yourselves.

5 taxes are coming into effect as Papa Hanan (a.k.a Buhari) has signed a bill that will punish entrepreneurship
— The Revolutionary Seeker (WAEC) (@The_Seeker76) January 14, 2020

7.5% VAT increase is said to be for the middle and upper class citizens as well as big companies valued at ₦25m and above, so they said the increment will not affect the common man.
I wonder if those companies products are to be exported and are not mean for Nigerian markets.
— Farin Wata (@AbuBakr_MaShI) January 14, 2020

So @MBuhari signed in a financial bill into law with 7.5% VAT but cannot implement minimum wage, So even the peanuts the civil servant are receiving will still be reduced by 2.5%
— Chidiebele (@Baba___Dee) January 14, 2020

So 7.5% VAT is now official?

Can we just put Nigeria up on Jumia and share the money? 🤔
— Abuja President 🇳🇬 (@SirSmithM) January 14, 2020

The new 7.5% VAT bill is crazy don't you think so ? https://t.co/CzxVeBkNr4
— Frankky1004 (@frankky1004) January 14, 2020

AGOGO EEWO was the suggestive correction (like a blueprint) to all the woes in the SAWOROIDE story…if only we knew then

Here we are…an SMH situation
7.5% VAT
30k 'shaky' minimum wage
Insecurity
More taxes
Education https://t.co/RCkhp9VmOt
— Abiola Makinju (@biolamakinju) January 14, 2020

Dear Nigerians, If you think the 7.5% VAT won't affect prices, then think again, PMS was increased from 97 to 145 yet Garri, Rice and other food items increased. At the end of the day manufactures would push down the burden to we all the final consumers.
— King 👑 Kayyy (@Kayb_92) January 14, 2020

We aren't even ok with 5% VAT now is 7.5% VAT.
I wish whoever signed this bill what the poor masses in Nigeria are wishing them.
— Rose Shetu Agidi🇳🇬🇫🇷🔱🔱 (@Shetudeary) January 14, 2020

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