The Minister of Finance, Zainab Ahmed has disclosed that by 2020, Value Added Tax VAT will increase from its current rate of 5% to 7.5%.
She disclosed the information to newsmen at the Bloomberg Emerging and Frontier Forum in London. According to her, this will help the federal governement improve revenue generation.
VAT is usually paid by customers on goods bought as a form of consumption tax, the Finance Minister explained that this was part of a strategic revenue growth initiative to ncrease revenue to 65% minimum in 2019 so that within the next three years, the nation will be able to attain 80 – 85 percent of revenue targets.
On whether she would like to continue as Finance Minister in the new regime, Zainab Ahmed expressed her willingness to return to continue the work she had started.
