Finance minister Wale Edun says claims by Atiku and other critics on VAT are false and unwarranted.
INVESTIGATION: Beyond the Facade: Unveiling the Violence in Nigeria’s ‘Peaceful’ Presidential ElectionsSPECIAL REPORT: Antimicrobial resistance crisis heightens in Nigeria, other countriesINVESTIGATION: Beyond the Facade: Unveiling the Violence in Nigeria’s ‘Peaceful’ Presidential ElectionsThe Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Monday, debunked reports that the rate for Value-Added Tax has been adjusted to 10 percent from 7.5 percent.
“The tax system stands on a tripod, namely tax policy, tax laws and tax administration. All the three must combine well to give us a sound system that gives vitality to the fiscal position of government. “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.Support journalism driven by facts, created by Nigerians for Nigerians. Our thorough, researched reporting relies on the support of readers like you.“For emphasis, as of today, VAT remains 7.
The former vice president further claimed that the “move unveils a new era of regressive and punitive policies, and its impact is destined to deepen the domestic cost-of-living crisis and exacerbate Nigeria’s already fragile economic growth.”
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