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Voodoo economics: FG increases minimum wage to N30, 000, hikes VAT to 7.2%- Nigerians

Voodoo economics: FG increases minimum wage to N30, 000 hikes VAT to 7.2%- Nigerians

Nigerians have taken the All Progressives Congress government (APC) of President Muhammadu Buhari to the cleaners over the recent hike of Value Added Tax (VAT) from 5% to 7.2%.

According to many Nigerians who took to the various social media platforms to react the VAT increment, since the APC government cave on board in 2015 their major policy has been to inflict hardship on Nigerians.

The Federal Executive Council (FEC) presided over by Buhari on Wednesday, approved the VAT increment.

Minister of finance, budget and national planning, Hajia Zainab Ahmed made this known at the end of the cabinet meeting.

According to her, the new rate which will take effect from 2020 is, however, subject to an amendment of the VAT Act of 1994 by the National Assembly.

Nigerians, however, flayed the federal government for the decision, saying that the government is bereft of ideas and so, always resorts to inflicting the masses with more hardship.

Babalola who took to his Twitter handle wrote; “When this government came on board in 2015, Nigerians were hit with a hike in the pump price of fuel which unleashed poverty on the already suffering masses. Not done with that, they also increased electricity tariff by almost 50% few months after.

 “Since then, Nigerians have never remained the same. So many Nigerians have committed suicide over the economic hardship. Social vices and criminality have sky-rocketed beyond the capacity of the security forces and millions of Nigerians have fled the country to escape the siege.

“Now, after winning the 2019 election by hook and crook, they have started again by increasing VAT which most Nigerians pay, for nearly everything they buy. We learnt also that they smuggled another increment into the electricity tariff. It has become obvious that this APC government came on board to carry a systematic elimination of Nigerians through their draconian economic policies”.  

Another Nigerian, Chinelo, pointed out that the most difficult country to live in presently is Nigeria. According to her, any country where the foreign exchange will jump from around N120 to $1 to N350 and more to $1, is already doomed because the citizens of such country will never be able to enjoy the good things of life.

Her words; “ Nigerians who brought this man Buhari into power in 2015 and those who voted him into power in 2019 will never go unpunished by the creator. Imagine bringing a man who has no track record of enterprise, apart from rearing cattle in the most archaic manner to lead a country of nearly 200 million people in this advance technology age. The country is doomed and it is obvious that Buhari will not achieve anything other than plunging the country into the worst economic conditions.

“When he came into office in his first term, for a man who claimed to have solutions to the country’s economic, security and corruption problems and spent almost eight months before constituting a cabinet, then came back for a second term in 2019 and spent another six months before announcing his cabinet, you don’t need a soothsayer to tell anyone that the man is light years away from the present modern, technology age and has nothing to offer society.

“How does one explain the fact that only a few months back, the government reluctantly agreed to pay workers N30, 000 which is less than $100 a month and most governors are crying that they cannot afford it, yet the same government has gone ahead to announce increment in VAT from 5% to 7.2%. this looks like a voodoo economics which is the more you look the less you see.”

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