The Trade Union Congress (TUC) has rejected the Federal Government’s proposed phased VAT increase from 7.5% to 15%, citing its potential to worsen economic hardships. TUC President Festus Osifo emphasized maintaining the current rate to protect Nigerians from further financial strain amid inflation and unemployment.
The union proposed raising the tax exemption threshold to N2.5 million annually to ease burdens on low-income earners and criticized transferring royalty collection from the Nigerian Upstream Petroleum Regulatory Commission to the Nigeria Revenue Service.
TUC also commended retaining key institutions like TETFund and NASENI, urging the government to adopt equitable tax policies to stimulate growth and improve citizens’ welfare.
Peoplesmind