Nigeria's Finance Minister denies VAT rate increase to 10%, confirming it remains at 7.5%.

Nigeria's Finance Minister, Wale Edun, has denied claims that the Value-Added Tax (VAT) rate will rise from 7.5% to 10%. He confirmed that the VAT rate remains unchanged, emphasizing the government's commitment to fiscal policies aimed at economic growth and poverty alleviation. In Q2 2024, Nigeria generated N1.56 trillion from VAT, a 99.82% year-on-year increase, with significant contributions from various sectors, particularly agriculture and health.

September 09, 2024
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