Finance Minister Wale Edun refuted claims that Nigeria’s VAT rate has increased to 10%, affirming it remains at 7.5%, as stated by law.
[dropcap]N[/dropcap]igeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has debunked reports claiming the Value-Added Tax (VAT) rate has been raised to 10%.
In a statement issued on Monday, Edun confirmed that the VAT rate remains at 7.5%, as stipulated in current tax laws.
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He reassured Nigerians that neither the Federal Government nor any of its agencies would deviate from established tax regulations. Edun emphasised that the government’s fiscal policy is focused on promoting economic growth, reducing poverty, and creating a business-friendly environment.
Edun also pointed out recent government initiatives, such as halting import duties on essential food items like rice and beans, to alleviate economic pressure on citizens. The statement clarifies that VAT will continue to be charged at the current rate of 7.5% on applicable goods and services.
This response followed media reports speculating on an upward adjustment of VAT, which Edun described as misleading.
Oreoluwa is an accountant and a brand writer with a flair for journalism.
