We’ll strike balance between subsidy removal, VAT increase – Senate

We'll strike balance between subsidy removal, VAT increase – Senate
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The Senate on Thursday said it would not take any decision on oil subsidy that would aggravate the suffering of Nigerians. Spokesperson of the Senate, Sen. Aliyu Sabi, stated this in an interview with the News Agency of Nigeria (NAN). Sabi said that the upper chamber had not taken a decision on removal of subsidy, adding that the chamber would not support any move that would put further pressure on Nigerians.
"As much as I will say, the senate has not come up with a position on that (subsidy removal); if you we are going to remove subsidy or increase Value Added Tax (TAX), we must strike a balance. "We cannot be putting too much pressure on the masses.
The masses are in pains right now and we are surely going to do things that will ease that pain,'' he said. Sabi said that subsidy in itself was not injurious because even the advanced countries provided subsidies to make life bearable for their citizens. He, however, said that the major problem with subsidy implementation in the country was corruption.
"If we can deal with corruption for instance, what stops us from making sure that we look at the entire management framework of the subsidy?'' On oil benchmark, the senate spokesman said the red chamber would note the advice by Christine Lagarde, Managing Director of International Monetary Fund (IMF) when considering the 2016 Appropriation Bill. He said that the lawmakers would give priority to the consideration of the bill when they return from recess. He said that with emphasis on non-oil revenue and the political will to block leakages, the nation's economy would rebound.
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Daily Times Nigeria
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