Coronavirus: Suspend VAT, Print more naira notes, Tinubu tells FG

APC National leader and former Lagos State Governor, Bola Tinubu, has asked Nigeria Government to print more currency note in order to save the economy from collapsing.

Bola Tinubu, also ask Federal Government to stop collection of the Value Added Tax {VAT}immediately which was last month increased from five per cent to 7.5 per cent as the Covid-19 pandemic continues to bite harder.

VAT should be suspended for the next two to four months. This will help lower import costs and protect against shortages.“We need to protect the people from food shortages and high prices.

Government must reduce the sufferings of Nigerians by introducing tax cuts while the Central Bank of Nigeria must reduce interest rates. “Tinubu said this in a statement he wrote in commemoration of his 68th birthday.

Asiwaju said, the United States Federal Reserve had printed more dollars in order to boost the economy.He said Nigeria could also do the same.

“Already, the price of oil has fallen to less than 30 dollars a barrel. This will bring a dollar shortfall. This does not, however, necessitate a corresponding shortfall in public sector naira expenditures.

“The US controls dollar issuance. We control naira issuance as is our sovereign right. Just as America has used its sovereign right to issue its currency to stave economic disaster, so too may Nigeria issue naira for the same purpose.”

“Federal Government should initiate a crash program to decrease spoilage of agricultural produce by construction of storage facilities in local marketplaces in and around major cities and towns throughout the country.”

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