BREAKING: Senate approves Buhari’s request to increase VAT.
The Nigerian Senate approved an increase in the value-added tax rate to 7.5% from 5% in a move that aims to help the government pay for a swelling wage bill.
IgbereTV reports that the senate approved the request after Solomon Olamilekan, chairman of the finance committee, presented a report on a bill entitled “Nigeria tax and fiscal law”.
Nigeria has one of the lowest tax rates in the world and the government has struggled for years to raise revenues in Africa’s top oil producer. The bill still requires approval from the House of Representatives and President Muhammadu Buhari to be enacted.
