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The House of Representatives has adopted a 7.5% Value Added Tax (VAT) rate, rejecting a proposed increase to 15% by 2030.
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The decision was made as part of the Tax Reform Bills being debated at the National Assembly, which aim to overhaul Nigeria’s tax framework.
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The Nigerian Chamber of Commerce Industry Mines and Agriculture (NACCIMA) has reserved comment until it sees the details of the approved bill.
The House of Representatives has adopted a 7.5% Value Added Tax (VAT) rate, rejecting a proposed increase to 15% by 2030.
This decision was made as part of the Tax Reform Bills being debated at the National Assembly, which aim to overhaul Nigeria’s tax framework.
According to the Chairman of the House Committee on Finance, Mr. James Faleke, the report “represents an extensive review of the Bills carried out by the committee, with careful consideration of public input.”
The bills include four distinct pieces of legislation aimed at overhauling Nigeria’s tax framework.
The Nigerian Chamber of Commerce Industry Mines and Agriculture (NACCIMA) has reserved comment until it sees the details of the approved bill.
President of NACCIMA, Dele Oye, said, “I need to see what was approved. I cannot comment without details as we had a lot of comments on the draft bill.”
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In contrast, the Movement for Socialist Alternative (MSA) has advised Nigerians not to celebrate yet.
The organization’s General Secretary, Dagga Tolar, stated, “We must not be in a hurry to applaud this House of Representatives’ rejection of the increase in VAT, Yes, the progressive VAT increases only add more burden to the working population, members of the billionaire club who have their hands in the pie and bread buttered by the National cake have nothing to fear about VAT.”
Tolar further emphasized the need for a new minimum wage to match the rate of inflation, mobilization of workers for a one-day warning strike, and a progressive tax system that makes billionaires pay more.
11 New Private Universities earn Tinubu’s Approval
The approval of 11 new universities by the President of Nigeria, Bola Ahmed Tinubu has sparked nationwide reactions.
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The event which happened during the Federal Executive Council meeting held in Abuja on Monday 3rd March, 2025 signed 11 new Universities which have passed the standard education test.
