New minimum wage fg proposes vat increment to fund payment as senate approves n30000

It seems like you're referring to a news article or a proposal from the Federal Government (FG) of Nigeria. Here's a breakdown of what I understand:

Proposed VAT Increment: The FG is proposing to increase the Value-Added Tax (VAT) rate to fund the payment of the new minimum wage, which has been approved by the Senate.

New Minimum Wage: The Senate has approved a new minimum wage of N30,000 per month for Nigerian workers.

Funding the New Minimum Wage: The FG is seeking to increase VAT to generate more revenue to fund the payment of the new minimum wage. This means that the government plans to increase the tax rate on goods and services to generate more revenue to cover the increased cost of paying the new minimum wage.

Implications: The proposed VAT increment could have implications for businesses and individuals in Nigeria, as it may lead to increased costs and prices of goods and services. This could, in turn, affect the purchasing power of consumers and the overall economy.

It's essential to note that the proposal is still pending and has not been officially implemented. The FG will need to consult with stakeholders, including the National Assembly, to finalize the proposal and ensure that it is implemented in a way that minimizes the negative impacts on the economy and citizens.

What would you like to know more about? The proposed VAT increment, the new minimum wage, or the potential implications for the economy?