The Federal Government of Nigeria has swiftly dismissed rumors regarding a possible increase in the Value-Added Tax (VAT) rate from 7.5% to 10%.
The Ministry of Finance clarified that no such proposal is under consideration, aiming to quell public concerns and misinformation.
In a statement on Monday, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, reassured Nigerians that the VAT rate remains at 7.5%.
He emphasized that the government is focused on ensuring fiscal stability without adding further financial burdens on citizens.
The rumors had circulated following reports that suggested the government might hike VAT as part of its economic recovery measures.
Edun, however, clarified that there are no plans to change the current VAT structure, noting that any future tax reforms would be communicated through proper channels.
Edun further outlined the government’s dedication to economic policies that promote growth while protecting businesses and individuals from excessive financial strain.
The administration, under President Bola Ahmed Tinubu, has also introduced measures such as the suspension of import duties on essential food items like rice, wheat, and beans to mitigate the impact of inflation and rising food prices.
The Minister urged the public to disregard baseless reports and trust in the government’s commitment to transparent communication on fiscal matters.
He reiterated that any policy changes related to taxes or economic management would be officially announced to avoid unnecessary panic or misinformation.
In conclusion, Edun underscored the administration’s broader goal of maintaining a balanced tax system, which plays a crucial role in ensuring the country’s fiscal health and fostering a conducive environment for business growth.
