The Federal Executive Council yesterday approved an increase in the nation’s Value Added Tax from five per cent to 7.2 per cent effective next year. Nigeria VAT MinimumWage
This comes as President Muhammadu Buhari directed all parties negotiating the consequential adjustments of salaries of workers arising from the new N30,000 national minimum wage to conclude work before December 31, 2019.
The minister hinted that government would raise a presidential committee on the workload of civil servants with a view to adjusting their allowances to commensurate with their tasks. But the Minister of Finance, Budget and National Planning, Zainab Ahmed, who disclosed the VAT increase after the FEC meeting presided over by the President yesterday in Abuja, said the decision was to enable government properly fund the new national minimum wage.Ahmed told State House correspondents that the gathering gave approval for her ministry to begin consultation with relevant stakeholders, including members of the National Assembly, for implementation of the revised VAT regime.
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