The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has dismissed rumors of an increase in the Value Added Tax (VAT) rate, stating that the current rate remains at 7.5%.
In a statement addressing the claims, Edun clarified, “The current VAT rate is 7.5%, and this is what the government charges on a spectrum of goods and services to which the tax applies. Therefore, neither the Federal Government nor its agencies will act contrary to what our laws stipulate.”
Edun’s remarks reaffirm the government’s adherence to the existing tax laws, putting to rest speculations about a possible VAT hike.
