FG Says No Plan To Increase VAT In 2021

The federal government of Nigeria has denied nursing plans to increase the Value Added Tax (VAT) and other taxes in 2021. The Minister of Finance, Zainab Ahmed made this known on Thursday while speaking during the budget defence of her ministry before the Senate Committee on Finance in Abuja. There had been rumours that the […]

The federal government of Nigeria has denied nursing plans to increase the Value Added Tax (VAT) and other taxes in 2021.

The Minister of Finance, Zainab Ahmed made this known on Thursday while speaking during the budget defence of her ministry before the Senate Committee on Finance in Abuja.

There had been rumours that the federal government is planning to increase VAT again in 2021 to make more money available to the government but the Minister said no such plans exist.

She said 2021 is seen by the administration as a time for businesses to recover from the impact of COVID-19.

“There will be no increase in VAT or any form of taxes because we see 2021 as a year of recovery – not only for government but businesses as well,” Ahmed declared.

Naija News recalls the President Muhammadu Buhari-led administration had in January 2020, increased VAT from 5% to 7.5% after the President signed the Finance Bill, 2019 into law.

Meanwhile, the federal government of Nigeria has approached the National Assembly to seek approval for another $1.2 billion agricultural loan from Brazil.

The Minister of Finance, Budget, and National Planning, Zainab Ahmed made this known on Tuesday when she appeared before the House of Representatives to defend her ministry’s 2021 budget figures.

The Minister told members of the lawmakers that government plans to use the loan to further improve the nation’s agricultural sector.