Nigerians have reacted with outrage to the approval of an increase in Value Added Tax (VAT) rate in the country from 5 per cent to 7.2 per cent by the Federal Executive Council (FEC), Igbere TV reports.
Igbere TV reports that the Minister of Finance, Budget and National Planning, Zainab Ahmed, announced the approval after the FEC meeting in Abuja on Wednesday.
She said stakeholders, including the National Assembly and the states, would have to agree on the date expected to be in 2020.
“We also reported to council and council has agreed that we start the process toward the increase of the VAT rate. We are proposing and council has agreed, increase in the VAT rate from 5 per cent to 7.2 per cent,” she said.
Nigerians have expressed disappointment with the government over the increase.