Covid 19 atiku calls for reduction of pms price suspension of stamp duty
It seems like you're referring to a news article or statement made by Atiku Abubakar, a Nigerian politician and former Vice President of Nigeria.
To provide more context, Atiku Abubakar, the Presidential candidate of the Peoples Democratic Party (PDP) in the 2019 Nigerian presidential election, recently made a statement calling for the reduction of the price of Premium Motor Spirit (PMS), also known as petrol, and the suspension of the Stamp Duty Act.
Here's a breakdown of his statement:
- Reduction of PMS price: Atiku Abubakar called for a reduction in the price of PMS, which has been a contentious issue in Nigeria. He argued that the current price of petrol is too high and is affecting the livelihoods of Nigerians. He suggested that the government should reduce the price to make it more affordable for citizens.
- Suspension of Stamp Duty Act: Atiku Abubakar also called for the suspension of the Stamp Duty Act, which was introduced in 2016. The Act imposes a 0.5% tax on transactions above a certain threshold, including bank deposits, withdrawals, and other financial transactions. Atiku argued that the Act is causing hardship for Nigerians and is not achieving its intended purpose of generating revenue for the government.
It's worth noting that Atiku's statement is likely a response to the current economic challenges facing Nigeria, including high inflation, unemployment, and poverty. His call for a reduction in the price of PMS and the suspension of the Stamp Duty Act may be seen as a way to alleviate the suffering of Nigerians and stimulate economic growth.
However, it's also important to consider the potential implications of such a move. Reducing the price of PMS could lead to a loss of revenue for the government, which could impact its ability to fund public services and infrastructure projects. Similarly, suspending the Stamp Duty Act could lead to a loss of revenue for the government and potentially undermine the stability of the financial system.
Overall, Atiku's statement highlights the need for the government to take bold steps to address the economic challenges facing Nigeria and to find a balance between generating revenue and alleviating the suffering of citizens.