The Federal Government has debunked reports suggesting that the Tinubu Administration plans to raise the Value-Added Tax (VAT) from 7.5% to 10%.
In a statement issued on Monday, morning, the Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun, clarified that there is no such proposal under consideration, emphasising President Tinubu’s commitment to fiscal stability.
In the statement signed by Mohammed Manga, the Director of Information and Public Relations in the ministry, quoted Edun saying the current VAT rate remains unchanged, and that the government is “focused on strengthening the economy through sustainable policies aimed at reducing inflationary pressures without burdening citizens.”
The minister also stressed that recent fiscal measures, such as suspensions on import duties for key goods, are part of President Tinubu’s efforts to alleviate economic hardship.
“The Federal Ministry of Finance remains committed to transparent communication on all tax and economic policy matters, ensuring that citizens are well-informed and not misled by unfounded report,” he said.
The minister assured the public that any future tax reforms would be announced through official government channels to avoid misinformation.