Minister of Budget and National
Planning, Senator Udo Udoma, has said that the Federal Government was
considering increasing Value Added Tax, to enable it fund the new national
minimum wage.
Udoma stated this on Tuesday
while appearing before the Senate Committee on Finance.
The Minister also told the panel
headed by Senator John Owan-Enoh, that the Technical Advisory Committee on the
minimum wage, will submit its report to President Muhammadu Buhari this week.
He said, “The current minimum
wage of N18,000 is really too low. It is difficult for workers to manage on
that amount.
“The President supported a
review, but it is important that as we are revising it, we should be able to
fund it.
“It is in the light of this that
we would be coming to you (Senate) because there may be the need to make some
changes, especially the VAT, in order to fund the minimum wage once it is
announced.”
The Senate on the same day,
approved N30,000 as the new national minimum wage.
This decision was reached after
the upper chamber’s ad-hoc committee on new minimum wage headed by Senator
Francis Alimikhena, submitted its report.
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