THE MINISTER OF FINANCE REQUESTS THAT THE INCOMING ADMINISTRATION RAISE THE VAT FROM 7.5% TO 10%.

The country’s economic growth would be boosted, according to the Minister of Finance, Budget, and National Planning, Mrs. Zainab Ahmed, if the Value Added Tax (VAT) were raised from the present 7.5% to 10%.

On a polite visit to the VON headquarters in Abuja, the minister made the call. “VAT was one of the ways to enhance revenue, and we still need to raise VAT,” said Ahmed. At 7.5%, Nigeria has the lowest VAT rate in the entire globe, not just in Africa.

When you raise your VAT in Sub-Saharan Africa, where the average VAT rate is 18%, your GDP will increase.

She pointed out that the government had utilized the finance legislation to stop leaks, improve the Nigeria Customs Service and the Federal Inland Revenue Service (FIRS), and she added that the government had also automated the two organizations through the process.