Expert urges FG to judiciously spend revenue from VAT increase

Chairman of Nexia Agbo Abel & Co, a financial consulting firm, Mr. David Olaleye has urged the Federal Government to judiciously use revenue generated from the increase in the Value Added Tax (VAT) to finance key national projects. 

Olaleye gave the advice in Abuja at the sidelines of his retirement dinner organised to honour him by the company.  The new tax regime, as espoused by the finance law, came into effect on February 1. 

But Olaleye explained that to cushion the impacts of the new finance law on Nigerians, those in government must do the right thing with the revenue generated. 

He said: “Naturally, the implication of the VAT increase is that cost will go higher. However, the resources generated should be applied to the nation’s development. We can block revenue leakages, if all of us as individuals, including the government work on our attitude to development. We should believe the success or failure of the country rest on us…”