√ NYSC members lament as new VAT (7.5%) takes effect
The National Youth Service Corps (NYSC) Members have raised concerns over the new 7.5% VAT rate. They said the new VAT rate has reduced the value of their monthly allowance.
A female Corps members, Chioma, who earlier expresses her joy over the increment, said the new tax rate has made the money look like the previous amount (N19,800), adding that it has compromised their hopes of savings before passing out. Below are her words;
“I’m very happy the Federal Government kept to their promise; the money will go a long way. But the new tax has compromised everything. In a scenario, where you pay tax on every single transaction from phone calls to data, bank transactions, then you would find out that there’s nothing left,” she said.
Another Corps member, Shantel said it’s high time government regulated the issue of tax by introducing a policy that would put the economy of the country into consideration.
Another Corps member, Benson who is serving in Ogun State, urged the Federal government to pull the resources together and create more jobs for corps member to fall back on after their service year.
Benson argued that, with the new VAT rate and high cost of transportation in Lagos sate, following the ban of Keke and Okada, the new NYSC allowance which is N33,000 is equivalent to the previous N19, 800 and adds no value. “The new minimum wage should have come in employment form. The government already knows quite a number of youths are unemployed and ex-corps members make up this number.
Why share the ‘peanuts’ when you can pull the resources together and create something that would benefit this generation and the next,” he asked.
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