FG to increase VAT from 5 to 7 percent

LAGOS, Nigeria – The Federal Executive Council(FEC) today gave tacit approval to proposal to increase Value Added Tax(VAT) from 5 to 7.3 percent.

Minister of Finance, Budget and National Planning Mrs Zainab Ahmed who made the revelation shortly after the Federal Executive Council(FEC) meeting said the increase will take effect after extensive consultation and amendment of the VAT act.

She however said that government hoped that the negotiations with the respective group will be speedy to enable it take effect in 2020.