Last week, the Minister of Finance announced the Federal Executive Council had approved an increase in VAT from 5% to 7.5%. Minister Zainab Shamsuna Ahmed also went further to explain that the government will be engaging with various stakeholders in a bid to get the increased passed into law by the National Assembly.
As expected, there have been several commentaries around this announcement with some for or against the policy. However, a twitter user and Senior Manager Tax and Transfer Pricing at KPMG Victor Adegite, weighed in on the discourse providing a useful insight into other areas of Nigeria’s VAT system that is perhaps flawed. He tweeted this in a series of thread which we have put together as an article for our readers who may not be on twitter.