By Divine Sam
The Nigeria Governors’ Forum (NGF) has rejected the Federal Government’s proposal to increase the Value Added Tax (VAT), calling it untimely.
In a communique issued following a meeting on January 16, 2025, the governors emphasized the importance of modernizing Nigeria’s tax system but opposed any increase in VAT rates or reductions in Corporate Income Tax (CIT) at this time to maintain economic stability.
They also endorsed a revised VAT sharing formula to ensure equitable resource distribution and advocated for exemptions for essential goods and agricultural produce.
Additionally, the governors recommended the continuation of the legislative process for the Tax Reform Bills.
Leave a Reply