Nigeria’s Minister of Finance, Mr. Wale Edun, has debunked rumors that the Federal Government raised the Value-Added Tax (VAT) rate from 7.5% to 10%.
In a statement released on Monday, Edun clarified that the VAT rate remains unchanged at 7.5%, as stipulated in the country’s tax laws.
He emphasized the importance of Nigeria’s tax framework, which relies on three core pillars: tax policy, tax laws, and tax administration.
Edun reassured the public that the government is committed to creating an economic environment that supports business growth and poverty reduction.
He also addressed concerns raised by the media, stating that the government aims to ease economic pressures on Nigerians.
Edun highlighted recent steps taken by the government, such as suspending import duties on essential food items like rice and beans, to ensure affordable access to food. He reiterated that the VAT rate remains at 7.5% and stressed the government’s focus on using fiscal policy to promote sustainable economic growth.