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FEC raises VAT to 7 per cent

The Federal Executive Council (FEC), presided over by President Muhammadu Buhari has approved a two per cent increase in Value Added Tax (VAT) to move it from five to seven percent.

Minister of Finance, Budget and National Planning, Zainab Ahmed, said this while briefing State House Correspondents at the end of the meeting which started at 11am and ended at 6:12pm.

She however, said implementation will not start until approved by the National Assembly after the VAT Act is amended.

The council directed immediate consultations with states, local governments and other relevant stakeholders before it will take effect in 2020.

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