Through the Presidential Committee on Fiscal Policy and Tax Reforms, the Nigerian government has declared its intention to impose a zero-rated tax on food items. This was revealed by Committee Chairman Taiwo Oyedele in a Channels Television broadcast monitored by Igbere TV.
He claims that the nation intends to lessen the Value Added Tax’s impact on the most vulnerable citizens.
According to him: “Even the VAT system was placing too much burden on the poorest people.
“For example, you had food items, some of them were exempted.
Adding, he said: “So we’ve decided that food should not just be exempted, it should be zero-rated.”
Oyedele, in the meantime, disclosed that preparations are on to put out a bill raising the VAT from 7.5 percent to 10 percent.
BrandSpur national news stories report that he made this comment on Tuesday when the Nigerian National Petroleum Company Limited raised the pump price of Premium Motor Spirit (Petrol) from N617 per liter to N897 and N855.
