HON. ADELOSOYE MAXWELL ADEMOLA (VICE CHAIRMAN, TRANSITION COMMITTEE, ONDO SOUTH WEST LCDA)
TOPIC: VAT REFORMS: RECENT AND PROPOSED CHANGES, IMPLICATIONS, AND BENEFITS
INTRODUCTION
NIGERIA IS CONSIDERING A SIGNIFICANT VAT INCREASE FROM 7.5% TO 10%, POSSIBLY REACHING 15% BY 2027 OR 2030, FOLLOWING THE RECOMMENDATIONS OF THE PRESIDENTIAL COMMITTEE ON FISCAL POLICY AND TAX REFORMS. THE MOVE IS AIMED AT ADDRESSING NIGERIA'S GROWING BUDGET DEFICIT, WHICH HAS EXCEEDED THE 3% LEGAL THRESHOLD.