NECA urges to FG reverse VAT to 5%

The Nigeria Employers’ Consultative Association (NECA) has urged the Federal Government to reverse the current Value Added Tax (VAT) from 7.5 per cent to initial five percent.

NECA said this should be part of the measures to ameliorate the impact on businesses and save the economy from further collapse.

This, according to NECA, will also curtail the imminent job loss after Covid-19.

Speaking at Association Quarterly Economic Review at the NECA House in Ikeja, the President of the  NECA, Mr Taiwo Adeniyi said: “We wish to state with concern that organized businesses were basically left in the lurch to weather the challenges alone.

“With many businesses closed down and many others on the verge of bankruptcy, we had urged government to give attention and support to businesses to ensure their survival and competitiveness.

“With unemployment rate soaring high pre-Covid-19 and reaching an alarming rate during the pandemic period, it was expected that necessary Job Retention Scheme as proposed by our Association would be given adequate consideration; this was never the case. As full economic activities are on the brink, we, once again, urge government to take a second look at long term strategic support for organized businesses to enable an accelerated and sustained economic recovery.

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