Emefiele Defends Proposed VAT Increase

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has defended the proposed move of the federal government to raise the Value Added Tax (VAT) from the current 5% to 7.5%. Emefiele who spoke to journalists in Abuja on Friday after the two-day meeting of Monetary Policy Committee (MPC) said Nigeria‚Äôs current…

VAT: Senate Expresses Concerns, Summons Finance Minister, FIRS Boss

The Senate Committee on Finance has summoned the Minister of Finance, Budget and National Planning, Mrs. Zainab Shamsuna Ahmed to appear before it to explain the rationale for the proposed hike in the Value Added Tax, VAT by the Federal Government  from the present 5% to 7.2%. Also summoned is the Executive Chairman of Federal…

Nigeria Increases Value Added Tax

The federal government has approved a new Value Added Tax (VAT) of 7.2 percent. The Minister of Finance, Budget and Planning, Mrs. Zainab Ahmed disclosed this on Wednesday in Abuja at a press briefing after the Federal Executive Council Meeting (FEC). The announcement came on the day the Presidential Election Petition Tribunal upheld the election…