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COVID-19: Print more naira notes, suspend VAT — Tinubu tells Buhari

Posted by on March 29, 2020>



All Progressives Congress National Leader, Asiwaju Bola Tinubu, says Nigeria’s health care system cannot withstand a coronavirus pandemic on the scale of America and Europe.

He, therefore, called on the government and the citizens to do everything to curb the spread of the virus in the country.

Tinubu said this in a statement he wrote in commemoration of his 68th birthday on Friday.

The former Lagos State governor said, “The public health care systems of developed nations have been overwhelmed by this virus. They are running out of equipment and healthy doctors.

“Our public health care system is much smaller and less equipped than those in Europe and North America. We cannot afford to put undue pressure on our system because it cannot bear the great weight of a pandemic.

“Thus, it is incumbent on us to thoroughly implement and obey social safety and distancing techniques so that we halt the spread of the disease and keep hospitalisation to the barest possible minimum.”

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Tinubu asked the Federal Government to print more naira notes to save the economy from collapse even as the Covid-19 pandemic continues to bite harder.

The APC chieftain said the United States Federal Reserve had printed more dollars bills to boost the economy.

He said Nigeria could also do the same.

Tinubu added, “Already, the price of oil has fallen to less than $30 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 off economic disaster, so too may Nigeria issue naira for the same purpose.”

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Tinubu also asked the Federal Government to stop collection of the Value Added Tax immediately.

Recall that the government of the President Buhari had last month increased VAT from five per cent to 7.5 per cent.

However, Tinubu said the government must reduce the sufferings of Nigerians by introducing tax cuts while the Central Bank of Nigeria must reduce interest rates.

– Punch

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