The Nigeria Employers’ Consultative Association and the National Union of Petroleum and Natural Gas urged the Federal Government to utilise the extra income to be generated from the increase in VAT and other taxes to improve infrastructure.
The Director-General of NECA, Dr Timothy Olawale, said the Federal Government would be earning an additional N550bn annually from the increase in VAT.
He advised that the fund should be judiciously used for the benefit of Nigerians.
Spend on impact projects
The General Secretary, NUPENG, Afolabi Olufemi, on the hand, urged the government to utilise the additional revenue in improving the road, power, education and health infrastructure in the country.