Kingsley Moghalu, former deputy governor of the Central Bank of Nigeria (CBN), has opined that, considering the recent judgment of the federal high court in Port Harcourt, Rivers state, on value-added tax (VAT) collection, restructuring has already begun.
Last month, the court issued an orderrestraining the Federal Inland Revenue Service (FIRS) from collecting VAT, while directing the Rivers state government to take charge of the collection.
Reacting to the development on Wednesday, the former presidential candidate of the Young Progressives Party (YPP) tweeted: “The Federal High Court ruling on VAT is the correct one, though we can expect litigation to the Supreme Court. It strikes a strong blow at THE LAZY FEDERAL GOVERNMENT whose head once called our youth “lazy”. Nigeria has long been a fiscally failed state,”
“Why should states in a supposed federation be producing mainly for @NigeriaGov?#Restructuring has already begun, by fire by force. I pity those who think they can stop the wind.”
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