FG Raises VAT to 7.2 per cent

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The Federal Government Wednesday raised the Value Added Tax (VAT) to 7.2 percent from five percent.
The Minister of Finance Zainab Ahmed disclosed this in Abuja while speaking to newsmen after the maiden Federal Executive Council .
She said, “we will begin consultations and consultations will be at various levels in the country. So it includes consultations with the states, with the local governments, with the parliament as well as with the Nigerian public. For the VAT increase to take effect, there has to be an amendment to the VAT Act.”
She also said that the bail out to states will be deducted.
According to her “it was not a grant to states by the Federal Government. The Central Bank has a responsibility to ensure that loans given act are paid”.

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