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VAT collection still at 0.2% – FG

08 October 2019
The Minister of Finance, Budget and National Planning, Mrs. Zainab S. Ahmed has said the collection of the value added tax (VAT) is still at a paltry 0.2 percent, well below the African average of 0.33 percent. The minister disclosed this yesterday at the ongoing economic summit NES #25 in Abuja. The minister said the poor collection rate, the need to meet capital expenditure spend and to raise funds to pay new wage requirement following the rising of the minimum wage are chiefly responsible for the recent proposal to raise VAT from 5 to 7.5 percent.
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