Dismiss Reports, VAT Remains 7.5% – Edun Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, on Monday dismissed circulating reports that the Value-Added Tax (VAT) rate has been increased from 7.5% to 10%. In a statement signed by him, the Minister confirmed...

Nigeria Recorded N1.43tr VAT in Q1 The National Bureau of Statistics (NBS) said the aggregate Value Added Tax (VAT) stood at N1.43 trillion in Q1 2024. This is according to the VAT Q1 2024 Report released in Abuja on Tuesday. The report shows a growth rate of...

FAAC: FG, States, LGs share N1.1trn for May The Federation Accounts Allocation Committee has shared the sum of N1.143 trillion to the three tiers of government. A communique issued at the end of the committee’s meeting in Abuja, this evening,  indicated that the funds were from...

Nigeria’s Foreign Tax Earnings Springs Up Over Weak Naira Nigeria has witnessed a significant surge in tax earnings from foreign firms, with figures nearly doubling in the span of one year. This significant fiscal boost is likely due to the weakening of the naira, which has...

FG to Raise VAT to 15% By 2027 to Fund Fiscal Deficit – EIU The federal government is expected to raise the Value Added Tax (VAT) to 15 per cent from the current 7.5 per cent by 2027 to enable it fund its fiscal deficit...

FG to Raise VAT to 15% By 2027 to Fund Fiscal Deficit – EIU The federal government is expected to raise the Value Added Tax (VAT) to 15 per cent from the current 7.5 per cent by 2027 to enable it fund its fiscal deficit...