Nigeria executive finance bill – Yomi Olugbenro

Since the passing of the Executive Finance Bill, sent to the Nigerian Senate by President Muhammadu Buhari amid controversy over the 50 per cent increase in Value Added Tax (VAT) from five per cent to 7.5 per cent, Nigerians are still reacting to the bill.
The passage, which came to pass after the upper legislative chamber held a public hearing on the bill where stakeholders including oil producers, Manufacturers Association of Nigeria (MAN) and Institute of Chartered Accountants of Nigeria (ICAN) objected to some provisions of the bill.
The Lagos Chamber of Commerce and Industry (LCCI) also kicked against the passage of the bill warning that the upward review of VAT would have adverse effects on consumers and businesses because of the negative impacts it would have on sale of goods, firms’ profit margins and weakening of the consumers’ purchasing power.
Joining us now to discuss Nigeria’s Executive Finance Bill, is YOMI OLUGBENRO, Partner and West Africa Tax Leader at Deloitte.

Original of the video here
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