Why 7.5 percent VAT is necessary, by FG - The Nation Newspaper

Why 7.5 percent VAT is necessary, by FG

The federal government has defended its decision to increase Value Added Tax from 5 to 7.5percent.

But a statement from the Federal Ministry of Finance signed by Yunusa Tanko Abdullahi SA Media and Communication to the Finance Minister maintained the increase was justified. The benefit of an increase in VAT, it added is that it will be “more beneficial to state governments and Local Government Areas in the country, many of which are already facing difficult conditions. The proposed increase in VAT is therefore expected to create additional fiscal space.

Yunusa Tanko Abdullahi noted that “the VAT increase, if correctly implemented, could bring in huge revenues, which would actually reduce the fiscal deficit burden.”

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