Buhari, ministers approve increase in Nigeria’s VAT
PRESIDENT BUHARI PRESIDES OVER MEDIAN FEC MEETING 1A&B. President Muhammadu Buhari during the Federal Executive Council Meeting held at the Council Chambers, State House Abuja. PHOTO; SUNDAY AGHAEZE. SEPT 11 20192The Federal Executive Council on Wednesday approved an increase in the Value Added Tax payable in Nigeria.
Mrs Ahmed gave an increase in revenue accruable to state governments as one of the reasons for the increase. “Following these assumptions, the total revenue estimate in the sum of N7.5 trillion for the year 2020 and N2.09 trillion that will be accruing to the federation account and the VAT respectively.
“The expenditure for the year 2020 is in the total sum of N10.07 trillion. This is three per cent less than the approved expenditure in the 2019 budget that has been passed into law. The total expenditure includes statutory transfers, non-debt recurrent expenditure such as salaries and pensions and also the Social Intervention Programme.
“Let me state that these projections include drawdowns on project tied loans and these represent 1.51 per cent of estimated gross domestic product . This is well below what is allowed by the Fiscal Responsibility Act of 2007 which is still put at 3 per cent.
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