Dr Patricia Auta, an Economic Analyst, while reacting to the N10.33 trillion budget submitted to the National Assembly on Tuesday in Abuja said that the government had acted prematurely in using 7.5 per cent instead of five per cent.
“VAT is a multi level tax on consumption and the burden rest on the final consumer and not the business so the people are the ones who will bear the brunt of the increase. He said that as much as increasing revenue was important, it should not be done at the expense of the people. Ibrahim urged the National Assembly to examine the major components of the budget for the benefit and development of the nation.
Other estimates are N556.7 billion for statutory transfers; N2.45 trillion for debt servicing and provision of N296 billion as sinking fund.
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