Thursday, October 9, 2025
  • About
  • Advertise
  • Careers
  • Contact
Newsroom Nigeria
  • Home
  • News
    • Across the Nation
    • Crime Watch
    • Metro
    • Political Arena
  • Politics
  • Opinions
  • Crime and Court
    • Judiciary
  • Business
    • Banking
    • Business and Economy
    • Business Life
No Result
View All Result
Newsroom Nigeria
ADVERTISEMENT
Home News

VAT Remains 7.5% as Finance Minister Debunks Increase

According to the Edun, “the current VAT rate is 7.5% and this is what the government is charging on a spectrum of goods and services to which the tax is applicable.  Therefore, neither the Federal Government nor any of its agencies will act contrary to what our laws stipulate.

Newsroom Nigeria by Newsroom Nigeria
September 9, 2024
in News
Reading Time: 2 mins read
0
SHARES
Share on FacebookShare on Twitter

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Monday, debunked reports doing the rounds that the rate for Value-Added Tax (VAT) has been upwardly adjusted to 10 per cent from 7.5 per cent.

The Minister, in a statement signed by him, affirmed that the VAT rate as contained in relevant tax laws and chargeable on goods and services remains at 7.5 per cent.

Related posts

Union Bank Strengthens Media Ties at Informal Mixer Event

Union Bank Strengthens Media Ties at Informal Mixer Event

October 9, 2025
TINUBU ACCEPTS INEC CHAIRMAN’S DEPARTURE, BESTOWS NATIONAL HONOUR ON HIM

TINUBU ACCEPTS INEC CHAIRMAN’S DEPARTURE, BESTOWS NATIONAL HONOUR ON HIM

October 7, 2025

According to the Edun, “the current VAT rate is 7.5% and this is what the government is charging on a spectrum of goods and services to which the tax is applicable.  Therefore, neither the Federal Government nor any of its agencies will act contrary to what our laws stipulate.

“The tax system stands on a tripod, namely tax policy, tax laws and tax administration. All three must combine well to give us a sound system that gives vitality to the fiscal position of the government.

He added that “our focus as a government is to use fiscal policy in a manner that promotes and enhances strong and sustainable economic growth reduces poverty as well as makes businesses flourish.

“The imputation in some media reports on the issue of VAT and the opinion articles that have sprouted from them seem to wrongly convey the impression that the government is out to make life difficult for Nigerians. That is not correct. If anything, the Federal Government has, through its policies, demonstrated that it is committed to creating a congenial environment for businesses to thrive.”

“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.

“For emphasis, as of today, VAT remains 7.5% and that is what will be charged on all the goods and services that are VAT-able,” Edun said.

ShareTweetSendShareShare
Previous Post

DSS Arrests NLC President Joe Ajaero On His Way to UK

Next Post

FIRST LADY OLUREMI TINUBU PAYS CONDOLENCE VISIT TO THE YAR’ADUA

Related Posts

Union Bank Strengthens Media Ties at Informal Mixer Event
BANKING

Union Bank Strengthens Media Ties at Informal Mixer Event

October 9, 2025
TINUBU ACCEPTS INEC CHAIRMAN’S DEPARTURE, BESTOWS NATIONAL HONOUR ON HIM
News

TINUBU ACCEPTS INEC CHAIRMAN’S DEPARTURE, BESTOWS NATIONAL HONOUR ON HIM

October 7, 2025
Yakubu Concludes Tenure, Hands Over to Agbamuche-Mbu as INEC’s Acting Chairman
News

Yakubu Concludes Tenure, Hands Over to Agbamuche-Mbu as INEC’s Acting Chairman

October 7, 2025
NDLEA Smashes Cocaine Cartels Behind 6 UK-bound Shipments, Arrests Arrowhead
News

NDLEA Smashes Cocaine Cartels Behind 6 UK-bound Shipments, Arrests Arrowhead

October 5, 2025
No More Account Maintenance Fees, Says Sterling Bank to Nigerians on Independence Day
BANKING

No More Account Maintenance Fees, Says Sterling Bank to Nigerians on Independence Day

October 1, 2025
At UNGA80: Reform Or Risk Irrelevance, President Tinubu Tells UN, World Leaders
News

At UNGA80: Reform Or Risk Irrelevance, President Tinubu Tells UN, World Leaders

September 25, 2025
Next Post

FIRST LADY OLUREMI TINUBU PAYS CONDOLENCE VISIT TO THE YAR’ADUA

RECOMMENDED NEWS

LAGOS SPEAKER TUSSLE: WHY 39 LAWMAKERS-ELECT ENDORSED OBASA

2 years ago

Beyond Salary Reduction, HEDA Urges Politicians to Adopt Measures to Alleviate Economic Hardship

1 year ago

Obasa Congratulates, Tasks Muslims On Lessons of Ramadan

2 years ago

OBASA SALUTES REMI TINUBU AT 62, RECALLS HER ROLE IN NADECO

3 years ago

FOLLOW US

ADVERTISEMENT
ADVERTISEMENT

POPULAR NEWS

  • LAGOS, OSUN STAKEHOLDERS REJECT PDP ZONING, RALLY FOR GBENGA HASHIM

    South Rejected Tinubu in 2023, North and South Will Reject Him in 2027 — Gbenga Hashim’s Group

    0 shares
    Share 0 Tweet 0
  • HEDA Drags Ozekhome, Son to ICPC Over Alleged Fraud, Forged IDs and London Property Grab

    0 shares
    Share 0 Tweet 0
  • TINUBU ACCEPTS INEC CHAIRMAN’S DEPARTURE, BESTOWS NATIONAL HONOUR ON HIM

    0 shares
    Share 0 Tweet 0
  • NDLEA Smashes Cocaine Cartels Behind 6 UK-bound Shipments, Arrests Arrowhead

    0 shares
    Share 0 Tweet 0
  • IN JOS, TINUBU ASSURES NORTHERN CHRiSTIANS OF FAIRNESS, AS HE PAYS TRIBUTE TO LYDIA YILWATDA, MOTHER OF THE APC CHAIRMAN

    0 shares
    Share 0 Tweet 0
ADVERTISEMENT
Newsroom Nigeria

The NEWSROOM NIGERIA is an independent, liberal on – line news platform committed to the right of the individual to pursue his economic happiness, without undue interference of the state. It shall promote the rights of the individual; right to freedom of worship and conscience, and to hold opinions and impact same without hindrance, subject to such laws are as consistent with the constitution and necessary for the protection of the rights of others.

  • About
  • Advertise
  • Careers
  • Contact

© 2025 Newsroom Nigeria - Designed by Semasir Connect.

No Result
View All Result
  • Home
  • News
    • Across the Nation
    • Crime Watch
    • Metro
    • Political Arena
  • Politics
  • Opinions
  • Crime and Court
    • Judiciary
  • Business
    • Banking
    • Business and Economy
    • Business Life

© 2025 Newsroom Nigeria - Designed by Semasir Connect.