The President Muhammadu Buhari led federal government, has approved a two per cent increase in Value Added Tax (VAT) to move it from the current five to seven per cent, Igbere TV reports.
Igbere TV reports that Minister of Finance, Budget and National Planning, Zainab Ahmed, made the disclosure while briefing newsmen at the end of Wednesday’s FEC meeting, in Abuja.
Ahmed, however, said the implementation will not take effect until the approval by the National Assembly after the VAT Act is amended.
The council directed immediate consultations with states, local governments and other relevant stakeholders before it will take effect in 2020.
