Nigeria Increases VAT To 7 Percent from 5 percent, Proposes 10.07trn 2020 Budget

Finance and Budget Minister, Zainab Ahmed.

The Minister of Finance, Mrs. Zainab Ahmed, disclosed Wednesday that the Federal Executive Council (FEC) has approved N10.07 trillion budget proposal for the 2020 fiscal year.

Ahmed also announced the increase of Value Added Tax (VAT) to 7 percent from 5 percent though its implementation will be subject to the amendment of the VAT law. 85 percent of the proceeds are delivered to states while the Federal government keeps 15 percent, she said.

Briefing reporters at the end of the inaugural FEC meeting of the new administration, the Minister said the Council also approved 2020-2022 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) with 10.07trillion budget proposal for 2020 fiscal year, revenue target of N7.5 trillion, $55 per barrel oil benchmark, N305/$ exchange rate and oil production of 2.1 million barrels per day.

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