President Muhammadu Buhari FILE PHOTO
President Buhari had formally announced the new development on his Twitter handle on Monday, after signing the 2020 Finance Bill into law.
The Value Added Tax in the country had been 5% but once the new law becomes effective, VAT in Nigeria will become 7.5%.
Nigeria’s Minister of Finance, Zainab Ahmed while explaining the new VAT stated that the move is necessary to make more money available for the government, most especially the state government to enable them to pay workers the newly approved minimum wage of #30,000.
Nigerians, however, took to Twitter to express their views on the new increase, see the reactions below:
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