The Federal Government has categorically refuted reports circulating in the media suggesting that President Bola Ahmed Tinubu’s administration is considering an increase in Nigeria’s Value-Added Tax (VAT) from the current rate of 7.5% to 10%.
In an official statement released earlier today, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, dispelled the speculation, reaffirming that there are no plans underway to raise the VAT. He emphasized President Tinubu’s administration’s focus on maintaining fiscal stability and promoting economic growth without imposing additional financial burdens on Nigerians.
“The VAT rate remains unchanged at 7.5%,” Minister Edun stated, adding that the administration is more concerned with implementing sustainable economic policies aimed at reducing inflationary pressures and fostering long-term growth. He pointed out that the government’s primary goal is to create a balanced economic environment that stimulates growth without causing undue hardship for citizens.
Highlighting recent government measures to mitigate economic challenges, Mr. Edun referenced the suspension of import duties on essential goods as part of a broader strategy to cushion the effects of rising costs and ease economic hardships for the populace.
The Federal Ministry of Finance reiterated its commitment to ensuring transparency in all tax-related matters, assuring citizens that any potential tax reforms would be communicated through official government channels. Mr. Edun urged the public to disregard misleading information and to trust only verified announcements from credible sources.
The Ministry’s Director of Information and Public Relations, Mohammed Manga, signed off on the statement, stressing that the Federal Government remains dedicated to open communication to prevent the spread of misinformation.
