The Federal Government has dismissed rumors suggesting an impending increase in Nigeria’s Value-Added Tax (VAT) from 7.5% to 10%.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, clarified that no such proposal is being considered by the administration of President Bola Ahmed Tinubu.
Director of Information and Public Relations, Mohammed Manga in a statement quoted Edun to have reiterated that the government remains committed to fiscal stability and is focusing on economic policies aimed at reducing inflation without imposing additional burdens on Nigerians.
He highlighted recent government initiatives, such as suspending import duties on essential goods, as part of President Tinubu’s efforts to ease the country’s economic challenges.
The Minister assured the public that any future tax reforms would be communicated transparently through official channels, stressing the importance of avoiding misinformation. The statement was released to address growing concerns over a potential VAT hike amid Nigeria’s current economic pressures.
The Federal Ministry of Finance reaffirmed its commitment to keeping citizens informed on all tax and economic policies, ensuring clear and accurate communication.
