Taiwo Oyedele proposes to raise Nigeria's VAT from 7.5% to 10% in 2025, consolidate taxes, and lower personal and corporate taxes.

Taiwo Oyedele, chair of Nigeria's Presidential Fiscal Policy and Tax Reforms Committee, has proposed a law to raise the Value Added Tax (VAT) from 7.5% to 10%, effective in 2025. The initiative also aims to consolidate various taxes and reduce personal income tax for those earning less than N1.5 million monthly, while lowering corporate tax from 30% to 25%. The proposal is set to be submitted to the National Assembly for consideration.

September 03, 2024
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