The Federal Government of Nigeria has unveiled plans to introduce additional 2.5% Value Added Tax (VAT) rate in 2021 fiscal year as part of efforts aimed at increasing revenue generation.
Dr. Zainab Ahmed, Minister of Finance, Budget and National Planning made this known while appearing before the House of Representatives committee on Finance.
She equally noted that President Buhari, has approved that the Oronsoye report be implemented and has directed the SGF and Head of Service to carry out that process.
Meanwhile, some stakeholders have criticized the planned increment while urging the Federal Government not to increase the already high VAT.
