7.5% VAT: New finance law stirs social media outbursts

Nigerians have begun expressing their disapproval on social media of the new finance law signed on Monday by President Muhammadu Buhari which allows for a 2.5 per cent increase in Value Added Tax (VAT).

The finance law is aimed at raising government revenues, incentivising investments in infrastructure and capital markets.

The law will also reform Nigeria’s tax system with a view to supporting small and medium scale enterprises (SMEs) through the Ease of Doing Business initiative.

It also marks the beginning of increase in VAT on specific goods and services from 5 per cent to 7.5 per cent.

See what Nigerians are saying about it on Twitter: