Ignore the Propaganda, For now VAT Remains 7.5% – Presidency Clarifies

ABUJA – The Nigerian presidency has firmly refuted claims that the Value Added Tax (VAT) has been increased from 7.5% to 10%, urging the public to disregard the false reports. This clarification came from Dada Olusegun, Special Assistant to President Bola Tinubu on Social Media, who stressed that VAT remains unchanged at 7.5%.

Olusegun, citing the Minister of Finance and Coordinating Minister for the Economy, Wale Edun, emphasized that there has been no policy shift regarding VAT. “Disregard every propaganda indicating an increase in Value Added Tax rate. VAT rate remains 7.5%,” Olusegun wrote on the social media platform X (formerly Twitter).

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Earlier, reports had circulated suggesting a VAT hike, but Minister Edun swiftly denied the rumors, assuring that the government has no intention of raising taxes against the stipulated tax laws. The minister reiterated the government’s commitment to upholding the 7.5% VAT rate on goods and services, as enshrined in the current tax regulations.

Edun further explained that rather than imposing additional tax burdens, the federal government recently eased import duties, tariffs, and taxes on essential food items like rice, wheat, and beans to provide relief to Nigerians.

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“The current VAT rate is 7.5%, and this is what the government is charging on a spectrum of goods and services. Neither the Federal Government nor its agencies will act contrary to what our laws stipulate,” Edun affirmed in a statement.

The minister also outlined the government’s broader fiscal objectives, emphasizing the need for policies that support economic growth, reduce poverty, and foster a favorable business environment. He stated that recent media reports conveying the opposite have misrepresented the government’s intentions.

“As of today, VAT remains 7.5%, and that is what will be charged on all VAT-able goods and services,” Edun concluded.

The clarification aims to reassure Nigerians amid concerns over the economic impact of taxation policies, reinforcing the government’s commitment to easing burdens on businesses and consumers.