The Federal Executive Council (FEC), presided over by President Muhammadu Buhari has approved a two per cent increase in Value Added Tax (VAT) to move it from five to seven percent.
Minister of Finance, Budget and National Planning, Zainab Ahmed, made this disclosure while briefing State House Correspondents at the end of the meeting which started at 11am and ended at 6:12pm.
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Ahmed, however said the implementation will not start until the approval by the National Assembly after the VAT Act is amended.
The council directed immediate consultations with states, local governments and other relevant stakeholders before it will takes effect in 2020.
