- The Finance Bill 2019 forwarded to the National Assembly, will help raise Nigeria's VAT, President Buhari says
- According to Buhari, the additional revenues will be used to fund health, education and infrastructure programmes
- Meanwhile, brown and white bread; cereals including maize, rice, wheat, millet, barley and sorghum; fish of all kinds; flour and starch meals will be excluded from the VAT
President Muhammadu Buhari says the Finance Bill 2019 he forwarded to the National Assembly, when passed into law, will permit government to raise the country’s Value Added Tax (VAT) from 5 to 7.5 per cent.
Buhari disclosed this when he presented the 2020 Appropriation Bill to the joint session of the National Assembly in Abuja on Tuesday, October 8.
He said the draft Finance Bill proposes an increase of the VAT rate from 5 per cent to 7.5 per cent As such, the 2020 Appropriation Bill is based on this new VAT rate, The News Agency (NAN) of Nigeria reports.
”The additional revenues will be used to fund health, education and infrastructure programmes.
”As the states and local governments are allocated 85 per cent of all VAT revenues, we expect to see greater quality and efficiency in their spending in these areas as well,” he said.
Meanwhile, recall that Legit.ng had reported that Buhari briefly exchanged pleasantries with Senator Dino Melaye during his presentation of the 2020 budget before a joint session of the National Assembly on Tuesday, October 8.
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