Senate raises VAT to 7.5 %

Senate raises VAT to 7.5 %

The Senate on Thursday passed the Finance Bill which seeks to amend seven Acts of the National Assembly relating to taxes payable in the country.


The bill specifically seeks an increment of the value-added tax from five per cent to 7.5 per cent.

It also seeks an increment in the Companies Income tax,  Customs and excise, Petroleum Profit Tax, Stamp duties,  personal income tax and Capital Income tax.

The Minority Leader, Enyinnaya Abaribe, and Senators Ifeanyi Ubah, Gabriel Suswan and Abba Moro, however, raised objections to the bill.

They said the increment in taxes would further compound the sufferings and pains of Nigerians.

Details later…


Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to SPHERE WATCH, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.