incomes

The disposable incomes of Nigerian consumers will be squeezed by the proposed increase of Value Added Tax and electricity tariff this year, an economic and financial expert, Mr. Bismarck Rewane, has said.

Rewane, who is the Managing Director /Chief Executive Officer of Financial Derivatives Company Limited, said the VAT hike (from five percent to 7. 5 percent) would lead to higher commodity prices.
He said other challenges would include low income per capita ( currently at $2, 236), high-income inequality and rising poverty rate in the country.
He spoke at the December edition of the LBS Breakfast Session on Tuesday.…