The Federal Government on Thursday assured Nigerians and other stakeholders that it would not increase taxes despite the dwindling oil price.
The Minister of Budget and National Planning, Senator Udo Udoma, disclosed this to State House correspondents at the Presidential Villa, Abuja at the end of a meeting of the National Economic Council presided over by Vice President Yemi Osinbajo.
Udoma was joined at the press briefing by the Lagos State Governor, Mr. Akinwunmi Ambode; Anambra State Governor, Mr. Willie Obiano; and the Jigawa State Governor, Alhaji Badaru Abdullahi.
The minister said there was no plan to increase either the Value Added Tax or the Corporate Tax.
He however said it was government’s desire to see an increase in taxes collection rate which current stands at about 20 percent.
He said, “We do not intend to increase VAT rate at the moment but increase collection rate from 20 percent.
“We will also not raise the corporate tax because we do not want to impose additional burden on Nigerians.
“Government’s position is however that those who make money and have not been paying taxes should pay.
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