The president of the federation, Bola Ahmed Tinubu has released a new directive, as he exempts basic goods and services from the Value Added Taxes, VAT.
Speaking during a recent speech delivered to commemorate his 2nd year anniversary expressed his empathy to Nigerians, stating that the new directive is to ease the burned on households and the average Nigerian.
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List of goods and services exempted from the VAT are food, education and healthcare.
He said;
‘’One of our administration’s most impactful achievements is our bold tax reform agenda, which is already yielding results. By the end of 2024, our tax-to-GDP ratio rose from 10% to over 13.5%, a remarkable leap in just one year. This was not by accident. It results from deliberate improvement in our tax administration and policies designed to make our tax system fairer, more efficient, and more growth-oriented.
We are eliminating the burden of multiple taxation, making it easier for small businesses to grow and join the formal economy. The tax reforms will protect low-income households and support workers by expanding their disposable income. Essential goods and services such as food, education, and healthcare will now attract 0% VAT. Rent, public transportation, and renewable energy will be fully exempted from VAT to reduce household costs further.
We are ending the era of wasteful and opaque tax waivers. Instead, we have introduced targeted and transparent incentives supporting high-impact manufacturing, technology, and agriculture sectors. These reforms are not just about revenue but about stimulating inclusive economic growth.
There is a deliberate focus on our youth, who a friendlier tax environment for digital jobs and remote work will empower. Through export incentives, Nigerian businesses will be able to compete globally. Our National Single Window project streamlines international trade, reduces delays, and enhances Nigeria’s competitiveness.
To promote fairness and accountability, we are establishing a Tax Ombudsman, an independent institution that will protect vulnerable taxpayers and ensure the system works for everyone, especially small businesses.
Most importantly, we are laying the foundation for a more sustainable future by introducing a new national fiscal policy. This strategic framework will guide our approach to fair taxation, responsible borrowing, and disciplined spending.
These reforms are designed to reduce the cost of living, promote economic justice, and build a business-friendly economy that attracts investment and supports every Nigerian. Together, we are creating a system where prosperity is shared, and no one is left behind.”
Imam Sentenced to Death by Hanging for Killing Client
Osun state high court has sentenced an Islamic cleric identified as Kabiru Ibrahim to death by hanging for killing his client, Lukman Adeleke.
Ibrahim was sentenced to death after he was charged with conspiracy, murder, and theft, contrary to Sections 324, 319(1), and 390 of the Criminal Code, Cap. 34, Laws of Osun State.
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