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Tinubu Told To Raise VAT From 7.5% To 10%

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Chicago State University

The Minister of Finance, Zainab Ahmed, has urged the incoming government of Asiwaju Bola Tinubu to increase Nigeria’s Value Added Tax, VAT.

The minister said that increasing VAT from the current 7.5 % to 10 %, would stimulate the country’s economic growth.

Mrs Ahmed made the call during a courtesy visit to the headquarters of VON in Abuja.

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Mrs Ahmed said “VAT was one of the ways to increase revenue and we still have to increase VAT because at 7.5 per cent, Nigeria has the lowest VAT rate in the world, not in Africa, in the world.

“In Sub-Saharan Africa, the Africa average is 18 per cent, when you increase your VAT, your Gross Domestic Product (GDP) will grow.”

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She noted that the government had used the finance bills to block leakages, and strengthen the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service adding that the government has also done automation of the two institutions through the process.

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