UPDATED: Finance Minister reacts to Atiku’s claims on VAT

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 ElectionsSports FeaturesThe 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 per cent from 7.5 per cent.

“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 increase in VAT is set to become the blazing inferno that will consume the very essence of our people.” Earlier in the week, Mr Oyedele had also in a tweet clarified that some media outlets misrepresented his positions. “Our data shows that these are the areas where the average person spend almost all their income, meaning their VAT burden will reduce. The upward rate adjustment is on other items to partly offset the reduction in rate and exemption for basic consumptions ensuring that the masses are protected.”

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