The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has dismissed reports suggesting a hike in Nigeria’s Value-Added Tax (VAT) from 7.5% to 10%. In a statement on Monday, Edun clarified that the VAT rate remains at 7.5%, as stipulated in the country’s tax laws.
“The current VAT rate is 7.5%, and this is what the government is charging on goods and services where applicable,” Edun said, emphasizing that the government will not act against the law.
He also highlighted Nigeria’s tax framework, built on tax policy, laws, and administration, which together ensure fiscal stability. Addressing concerns about economic burdens, Edun reassured that fiscal policies aim to promote growth and reduce poverty.
Responding to media reports suggesting that the government’s policies are intended to impose hardships on citizens, Edun called them inaccurate. He pointed to recent government actions, including the suspension of import duties on essential food items like rice, wheat, and beans, to ease the financial burden on citizens.
“For emphasis, VAT remains 7.5%, and that will continue to be charged on VAT-eligible goods and services,” Edun reiterated, ending speculation of any imminent increase.
