The Central Bank of Nigeria, CBN Governor, Godwin Emefiele says the plan to increase Value Added Tax, VAT from five per cent to seven point per cent is in the right direction to raise the country’s revenue.
Emefiele stated this while fielding questions from journalists after the Monetary Policy Committee meeting held in Abuja.
He said the government had responsibility to fend for every citizenry by providing basic infrastructure like roads, electricity and hospitals among others.
He explained that the government had only two ways to fund such projects, which are by raising revenue and through loan collection.
According to the Governor, the present government has been criticised by some people for high rate of debt incurred.
appealed to Nigerians to show understanding and support government’s policies.