The President Muhammadu Buhari-led Federal Government has proposed an increase of the Valued Added Tax (VAT) from five per cent to seven point two per cent.
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, disclosed this Wednesday while briefing State House Correspondents after the Federal Executive Council (FEC) meeting presided over by Buhari at the Council Chamber, Presidential Villa in Abuja.
The minister said the increase would only be commenced after the VAT Act is amended by the National Assembly and after consultations with the state and local government areas as well as the Nigerian populace.
According to her, “Our projection is to finish consultations early enough so that it takes effect in 2020.”
She added that the FEC approved the Medium Term Expenditure Framework and Fiscal Strategic Paper (MTEF/FSP) for 2020 to 2022, which would guide the 2020 Budget.
Ahmed said the next step was to present the document to the National Assembly for consideration.
FEC also approved a sum of N182. 68 billion for various road projects across the country.
The Minister of State for Works and Housing, Abubakar Aliyu, while briefing journalists stated that the road projects covered Lagos, Niger, Kano, Katsina, Edo, Kwara, Taraba, Jigawa, Imo, Abia, Yobe, FCT and Anambra.
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