By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: Finance Minister Edun: No Plans to Increase VAT Rate from 7.5%
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
News

Finance Minister Edun: No Plans to Increase VAT Rate from 7.5%

Muhammad A. Aliyu
By Muhammad A. Aliyu
Published: September 9, 2024
Share
3 Min Read
Wale Edun
Wale Edun
SHARE

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has refuted claims that the Federal Government plans to increase the Value-Added Tax (VAT) rate from 7.5 percent to 10 percent.

In a statement released on Monday and signed by Edun, the minister clarified that the VAT rate remains unchanged at 7.5 percent, as outlined in Nigeria’s tax laws.

“The current VAT rate is 7.5%, and this is what the government is charging on a spectrum of goods and services to which the tax is applicable. Therefore, neither the Federal Government nor any of its agencies will act contrary to what our laws stipulate,” Edun stated.

Edun emphasized the need for a balanced tax system and highlighted that Nigeria’s tax framework operates on three key components: tax policy, tax laws, and tax administration.

- Advertisement -

“The tax system stands on a tripod, namely tax policy, tax laws, and tax administration. All three must combine well to give us a sound system that supports the fiscal position of the government,” he said.

The minister also addressed concerns over fiscal policies, reassuring Nigerians that government measures are aimed at promoting sustainable economic growth and reducing poverty, rather than creating burdens.

“Our focus as a government is to use fiscal policy in a manner that promotes and enhances strong and sustainable economic growth, reduces poverty, and supports business growth,” Edun said.

Responding to media reports suggesting the government is attempting to impose additional hardships on Nigerians, Edun called such claims inaccurate and misleading.

- Advertisement -

“The imputation in some media reports on the issue of VAT and the opinion articles that have sprouted from them seem to wrongly convey the impression that the government is out to make life difficult for Nigerians. That is not correct. If anything, the Federal Government has, through its policies, demonstrated that it is committed to creating a conducive environment for businesses to thrive,” he stated.

Edun also pointed to recent government initiatives aimed at easing financial pressure on citizens, particularly regarding food imports.

“In fact, it is on record that the Federal Government, as part of efforts to bring relief to Nigerians and businesses, recently ordered the stoppage of import duties, tariffs, and taxes on rice, wheat, beans, and other food items,” he noted.

For clarity, Edun reiterated that the VAT rate remains at 7.5 percent and will continue to be applied to all VAT-eligible goods and services.

“For emphasis, as of today, VAT remains 7.5%, and that is what will be charged on all the goods and services that are VAT-able,” Edun concluded.

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:7.5% VATWale Edun
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByMuhammad A. Aliyu
Follow:
Muhammad Ameer Aliyu, is a prolific journalist who joined Okay Nigeria in 2015 with the aim staying committed to bringing more positive growth to the digital news platform. He is the Senior Editor at Okay Nigeria.
Previous Article Time Farm Today’s Time Farm Daily Combo Answer: September 9, 2024
Next Article NAFDAC We Have Never Used NAFDAC to Mislead Nigerians – Prophet Fufeyin

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Exchange Rate

Okay.ng Logo
Buy Rate ₦1,605.00
Sell Rate ₦1,620.00

Last updated: 4 days ago (June 3, 2025 2:33 pm)

Displayed rates are for informational purposes only and are subject to change.

USD/NGN Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

Pastor Adeboye
Pastor Adeboye Shares Divine Directive: Leaving RCCG Could Lead to Tragic Loss
News
Anglican Bishop of Lafia Calls on President Tinubu to Address Root Causes of Nigeria’s Insecurity and Economic Woes
News
Egbe Bobakeye Okunrin Akile Ijebu Refutes False Claims About Queen Elizabeth II’s 1956 Visit
News
NRC Managing Director Warns Against Railway Vandalism: “We Don’t Have Scraps, We Have National Assets”
News
Tragic Head-On Collision in Jigawa Claims Nine Lives, Dozens Injured
News
- Advertisement -
Ad imageAd image

You May Also Like

Sport

Victor Osimhen Returns to Nigeria as Al Hilal Transfer Hangs in Balance Ahead of FIFA Club World Cup

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 7, 2025
News

Tinubu Urged by PDP to Cut Fuel and Electricity Costs Amid Eid-el-Kabir Festivities

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 7, 2025
Mike Ejeagha
News

Mike Ejeagha, Nigerian Highlife Maestro, Dies at 95

Muhammad A. Aliyu
Muhammad A. Aliyu
June 7, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?