Governors Battle Proposed VAT Rise: A Move That Could Break Nigerians

Governors Battle Proposed VAT Rise: A Move That Could Break Nigerians

The Nigeria Governors’ Forum (NGF) has strongly opposed the proposed hike in Value Added Tax (VAT) from 7.5% to 10%, calling the increase ill-timed amid Nigeria’s current economic challenges. This decision was made during a crucial..Governors Battle Proposed VAT Rise: A Move That Could Break Nigerians

meeting held in Abuja on Thursday.

After the meeting, governors voiced concerns that raising VAT would add further strain on Nigerians already struggling with rising living costs.

Despite rejecting the VAT increase, the governors reaffirmed their support for the ongoing Tax Reform Bills currently before the National Assembly. They praised the efforts of the Presidential Fiscal Policy and Tax Reforms Committee in tackling systemic issues within the nation’s tax framework.

Speaking at the meeting, a representative of the committee highlighted the nation’s fiscal crisis and the urgent need for revenue transformation. The representative emphasized that even dedicating the nation’s entire revenue to infrastructure development, such as fixing roads, would still fall short of meeting the country’s needs.

In line with the proposed tax reforms, the committee outlined the gradual increase in VAT, with a potential rise from 7.5% to 10% starting in 2025. However, there are concerns about the timing of these changes and whether they will pass through the National Assembly soon.

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