The Minister of Finance, Mr. Wale Edun, has denied reports of a Value-Added Tax (VAT) rate increase from 7.5% to 10%. In a statement, Edun clarified that the VAT rate remains unchanged at 7.5%, as stipulated in the nation’s tax laws.
Edun emphasized the importance of maintaining a balanced tax system, built on three key pillars: tax policy, tax laws, and tax administration. He reassured Nigerians that fiscal policies aim to promote sustainable economic growth, alleviate poverty, and enhance business growth.
The minister addressed concerns over government actions perceived as burdensome, calling media reports “inaccurate” and highlighting recent initiatives to ease the financial burden on citizens, such as the stoppage of import duties, tariffs, and taxes on food items.
Edun reiterated that VAT remains at 7.5% and will continue to be applied to all VAT-eligible goods and services, emphasizing the government’s commitment to creating a conducive environment for businesses to thrive.
