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The Federal Government, in an official statement today, has refuted reports suggesting that it plans to raise Value-Added Tax (VAT) from 7.5% to 10%.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, clarified that there is no proposal under consideration for VAT increase in the country. He emphasised that President Bola Tinubu is committed to fiscal stability.

According to Edun, the current VAT rate remains unchanged. He also said that the Federal Government is focused on strengthening the economy through sustainable policies aimed at reducing inflationary pressures without burdening citizens. He stressed that recent fiscal measures, such as suspensions on import duties for key goods, are part of President Tinubu’s efforts to alleviate economic hardship.

The statement, signed by Mohammed Manga, Director, Information and Public Relations,
Federal Ministry of Finance, said the government remains committed to transparent communication on all tax and economic policy matters, ensuring that citizens are well-informed and not misled by unfounded reports.

The minister assured the public that any future tax reforms would be announced through official government channels to avoid misinformation.