The Presidential Fiscal Policy and Tax Reforms Committee, chaired by Taiwo Oyedele, has announced plans to propose a law to the National Assembly that would increase the Value Added Tax (VAT) rate from the current 7.5 per cent to 10 per cent.
Oyedele revealed that the committee was also working on consolidating the multiple taxes in Nigeria to streamline the tax system and ultimately reduce the tax burden on citizens and businesses.
Oyedele highlighted the significant challenges facing Nigeria’s tax revenue system. He further explained the broad mandates given to the committee upon its establishment: “The first mandate is to examine governance, including the country’s finances, borrowing practices, and coordination within the federal government and across sub-national entities. The second mandate focuses on revenue transformation.