Saturday , 20 April 2024
Home News Why VAT law will be beneficial to Lagos – Obasa, residents speak at public hearing
NewsTrending News

Why VAT law will be beneficial to Lagos – Obasa, residents speak at public hearing

Obasa

The Speaker of the Lagos State House of Assembly, Rt. Hon. (Dr) Mudashiru Obasa, on Wednesday, said the proposed law on Value Added Tax (VAT) would help the state meet more of its developmental goals.

 

Obasa said this during a public hearing on a bill for the Lagos State Value Added Tax (VAT) and for other connected purposes.

 

This was as stakeholders at the hearing commended the Lagos State Assembly and its leadership for their determination to ensure that the bill becomes law.

Obasa Obasa Obasa Obasa Obasa

In his remark, Obasa noted that states have always felt financially strangulated and unfairly treated by the Federal Government in her administration and appropriation of receipts of VAT.

 

Speaking through the Deputy Speaker, Hon. Wasiu Eshilokun-Sanni, who represented him, Obasa said that Lagos state generates an excess of N500 billion in VAT.

 

“If we go by generation trend in tandem with the N2.4 trillion forecasted by the FIRS, Lagos state will be contributing about 55 percent of the total VAT collectables in the entire country.

See also  Excitement as FunmiAyinke Waheed Adekojo wins West African Gospel Music Awards

 

“But what do we get in return? Some paltry sum. This injustice and inequity are part of the premises on which some of the extant agitations are founded.”

 

The Speaker said this agitation had been helped by the judgement of a Federal High Court in the case of the Attorney General of Rivers State versus the Federal Inland Revenue Service (2020) in which the rights of Rivers state (by extension, other states) were upheld.

 

“Though the FIRS has expectedly appealed the judgement to the Court of Appeal, it is expected that the appellate court will follow the sound logic in the Federal High Court decision,” he said.

 

The Speaker said the proposed law would allow the state more resources to meet its developmental goals.

 

“More so, this action brings to the fore of actualization, the true federalism for which we have been agitating,” he added.

 

See also  Lagos Journalist, Shola Adekunle Weds Sweetheart in Style

On his part, the State Attorney-General and Commissioner for Justice, Mr Moyosere Onigbanjo (SAN), said every state of the federation stood to benefit from the judgement of the court.

 

Speaking at the event, the Chairman of the House Committee on Finance, Hon Rotimi Olowo, said even though Lagos is prosperous, it can do better and VAT will help with the resources it needs.

 

“We know that the resources in the state are overstretched,” he said adding that the proposed law has benefits on the state and its residents.

 

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

Wema Bank
BusinessTrending News

Wema Bank Announces Call For Entries For Its Youth Focused Hackathon, Hackaholic 5.0

Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully...

Access Bank Zambia
BusinessTrending News

Access Holdings’ Shareholders Unanimously Back Capital Raising Plan, Hail Aig-Imoukhuede’s Return as Chairman

The shareholders of Access Holdings Plc (“Access Holdings” or “the Group”) at...

Adewale Tinubu, Tunde Onakoya
SportsTrending News

Guinness World Record: Adewale Tinubu Throws Weight behind Tunde Onakoya

Attempt by Nigerian-born chess player, Tunde Onakoya, to break the Guinness World...

PariPesa
SportsTrending News

PariPesa Presents: Your Ticket to ₦5,000,000 Glory!

Eager to elevate your sports betting excitement? PariPesa, Nigeria’s premier bookmaker, presents...