Why VAT Increment Is Really Important – Buhari’s Government

Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, has insisted that Value Added Tax (VAT) has to increase if the nation is to reach 80 percent revenue performance for 2019.

This Ahmed said while making a public presentation of 2020 budget proposals.

She stated that in the middle of the year, the 2019 actual aggregate revenue was N2.04 trillion, which amounted 58% of the prorate target.

Ahmed read of the figures for each revenue, she listed oil revenue as accounting for N900 billion, Customs Collections N184.10 billion, Company Income Tax (CIT) N349.11 billion, and Value Added Tax (VAT) N81.36 billion

She said it is very unlikely to reach N8.33 trillion at the year, which is why the ministry is trying special efforts to boost revenue performance.

Ahmed stated that clearly the country cannot reach 80%. that’s why we need to up our game.

She said “Releases did not start until late July and as at last week we had scheduled and releases are now up to N650 billion.”