ADVERTISEMENT
  • Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Friday, September 19, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Tinubu’s Tax C’ttee Proposes VAT Increase By 2.5%

Plans to streamline taxes to lessen burden on Nigerians  

by Mark Itsibor and Leadership News
1 year ago
in Business
Taiwo Oyedele.

Chairman, Presidential Committee on Fiscal Policy, Taiwo Oyedele.

Share on WhatsAppShare on FacebookShare on XTelegram

The Presidential Fiscal Policy and Tax Reforms Committee, chaired by Taiwo Oyedele, has announced plans to propose a law to the National Assembly that would increase the Value Added Tax (VAT) rate from the current 7.5 per cent to 10 per cent.

Advertisement

Oyedele revealed that the committee was also working on consolidating the multiple taxes in Nigeria to streamline the tax system and ultimately reduce the tax burden on citizens and businesses.

Presidential C’ttee Proposes Tax Removal On Food, Housing, Transport

According to Oyedele, the draft of the proposed tax law will be submitted to the National Assembly soon. He explained, “The law we are proposing to the National Assembly includes an increase in the VAT rate from 7.5 percent to 10 percent, starting from 2025. However, we are uncertain about how quickly the law will be passed. The proposal also outlines subsequent increases and the specific years they will take effect.”

Speaking on Channels TV’s Politics Today on Monday night monitored by our correspondent, Oyedele highlighted the significant challenges facing Nigeria’s tax revenue system. “We are facing major issues in our revenue system, both tax and non-tax. The entire fiscal system is in a state of crisis,” he said.

He further explained the broad mandates given to the committee upon its establishment: “The first mandate is to examine governance, including the country’s finances, borrowing practices, and coordination within the federal government and across sub-national entities. The second mandate focuses on revenue transformation. The country’s revenue profile is abysmally low; even if we dedicated our entire revenue to infrastructure, such as road construction, it would still be insufficient. The third mandate involves the management of government assets.”

Related News

Akwa Ibom Looks Beyond Oil, Targets Agric Products For Export

2 hours ago

Equities Extend Gains, Up By N144bn

2 hours ago

Oyedele also mentioned that the proposed tax reforms include a corresponding reduction in the personal income tax rate. He noted that if the law is passed, individuals earning N1.5 million per month or less would see a reduction in their personal income tax. Additionally, corporate income tax rates are expected to decrease from 30 per cent to 25 per cent over the next two years. “This represents a significant reduction,” he added.

Nigeria currently has multiple types of taxes, including an IT levy and an education tax. Oyedele stated, “We are consolidating all these into a single tax. Initially, the consolidated tax will be set at 4 percent, and it will decrease to 2 percent over the next few years.”

The committee’s proposals, if implemented, could bring significant changes to Nigeria’s tax landscape, with implications for both individuals and businesses across the country.

Join Our WhatsApp Channel

Tags: Bola Ahmed TinubuTaxVAT
SendShare10189Tweet6368Share

Other News Updates

Business

Akwa Ibom Looks Beyond Oil, Targets Agric Products For Export

2025/09/19
Business

Equities Extend Gains, Up By N144bn

2025/09/19
Business

Global Aircraft Manufacturer Bombardier Endorses Dangote Refinery

2025/09/19
Business

Nigerian Aviation Regulator Fines Kenya Airways For Consumer Rights Violation

2025/09/19
Business

28m Housing Deficit: Operator Advocates Building 700,000 Homes Annually

2025/09/19
Business

Cornerstone Insurance Wins Double Awards Over Drive For Customer Value

2025/09/19
Leadership Conference advertisement

LATEST

Anglican Church Elects 15 New Bishops

‘South Africa Well Prepared For Davis Cup Clash Against Morocco’

Isak Leads Parade Of New Signings As Premier League Resumes

Caudery Aims For British Record, Medal in Tokyo

Real Madrid Set To Snub Ballon d’Or Awards Again

Ronaldo Named ‘Best Of All Time’

Man City Face Injury Setback Ahead of Manchester Derby

2026 WCQ: FIFA Makes U-turn, Opens Case Against South Africa Over Mokoena’s Eligibility

Tinubu Commits To Host Africa’s First Commonwealth Games In 2030

FIFA U20 World Cup: Flying Eagles Begin Training In Santiago

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.