The Federal Government has officially debunked reports suggesting that the President Bola Ahmed Tinubu-led Administration plans to raise Nigeria’s Value-Added Tax (VAT) from 7.5% to 10%.
In a statement issued earlier this morning, the Honourable Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun clarified that there is no such proposal under consideration, emphasising President Tinubu’s commitment to fiscal stability.
HM Edun highlighted that the current VAT rate remains unchanged, and that the Federal Government is focused on strengthening the economy through sustainable policies aimed at reducing inflationary pressures without burdening citizens. He also stressed that recent fiscal measures, such as suspensions on import duties for key goods, are part of President Tinubu’s efforts to alleviate economic hardship.
The Federal Ministry of Finance remains committed to transparent communication on all tax and economic policy matters, ensuring that citizens are well-informed and not misled by unfounded reports.
The Minister assured the public that any future tax reforms would be announced through official government channels to avoid misinformation.
Signed
Mohammed Manga FCIA
Director, Information and Public Relations
September 9, 2024
