FG Clears Air on Another Tax Hike After Instructing Fintechs to Deduct N50 From Customers Account [Video]

• Rumors that the Value-Added Tax (VAT) rate was increased from 7.5% to 10% on Monday were denied by FG
• The Minister reaffirmed that, as per the relevant tax regulations, goods and services are subject to a 7.5% VAT rate
• He further stated that none of the Federal Government’s agencies will behave in a way that is inconsistent with its legal requirements

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, refuted rumors circulating on Monday indicating that the Value-Added Tax (VAT) rate had been raised to 10% from 7.5%.

In a statement he signed, the minister confirmed that the 7.5% VAT rate that is applicable to goods and services under …