• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

VAT: Implementation won’t affect Nigerians’ purchasing power- Senate

Titobioluwa Okunade by Titobioluwa Okunade
January 28, 2020
in Business News, Politics
Senate president warns about dangers of youth unemployment, National Assembly to ensure youth empowerment schemes are realized - Lawan

Senate President, Ahmed Lawan

Share on FacebookShare on TwitterShare on Linkedin

The Nigerian Senate has guaranteed Nigerians that the implementation of the 7.5% increase in Value Added Tax (VAT) would not affect their purchasing power.

Ahmad Lawan, President of the Nigerian Senate, disclosed this yesterday while speaking on the measures being taken by the Federal Government to reduce the pressure of recent government policies on the purchasing power of Nigerians.

Finance, Ministaer, vow to recover AMCON debt through issuance of promissory notes, FG reiterates stance on IPPIS as ASUU threatens strike, Finance Minister, Zainab Ahmed identifies capital market as key driver for economic growth , Nigeria has paid $1.09 billion to service its debts in 2019  , Dividends on oil proceeds will be taxed - FG , State governments own most bad roads - Finance Minister says, Budget deficit increases by N351.98 billion, as FG misses revenue target, Economy: Funding MSMEs in Nigeria , Finance Bill: New tax regime to take effect from Jan 2 - FG , Again, Finance Minister argues that Nigeria is not in debt distress , ECOWAS: Single currency regime not kicking off in 2020  , FG: CBN holds N43 billion stamp duty charges collected by banks , FG may shift deadline to deactivate bank accounts without tax verification, Confusion as ministry and presidency disagree over Finance Act start date, 7.5% VAT: Implementation to begin Feb 1 – FG  

RelatedStories

Sterling Bank CEO advocates for AI dev’t to maintain global competitiveness

Senate approves second extension of 2024 capital budget implementation to December 2025 

June 24, 2025
President Tinubu appoints Ibrahim Gaga as new Executive Director of NEXIM Bank  

Bill to establish national malaria eradication agency passes second reading in senate

May 15, 2025

The Senate stated that the purchasing powers of an average Nigerian would not be affected as the increment in VAT was targeted at luxury items.

“The 2. 5% increment in VAT does not include items that ordinary Nigerians normally use. Many of the items that would now have an additional 2.5% increment are luxury items that ordinary Nigerians don’t use,” Lawan said.

Meanwhile, Lawan explained that the country was in need of additional resources to provide basic social amenities that average Nigerians require. He said this brought about the various policies changes, some of which are already in full effect and others set to take effect on February 1.

[READ MORE: FG to implement new 7.5% VAT on Feb 1)

However, as earlier published on Nairametrics, that in a bid to keep the cost of living from rising for Nigerians due to the changes in VAT, the presidency through its spokesperson Garba Shehu disclosed that government was exempting 20 basic food items and some other transactions/items from the new 7.5% (VAT)

The list of exempted items includes additives (honey), bread, cereals, cooking oils, culinary herbs, fish, flour and starch, fruits (fresh or dried), live or raw meat and poultry, milk, nuts, pulses, and roots. Others are salt, vegetables, water (natural water and table water), locally manufactured sanitary towels, pads or tampons services rendered by microfinance banks, and tuition fees relating to nursery-university

In Nigeria, 85% of the collected VAT would go to states and local governments meaning that increased VAT revenues would mean that states and local governments would have more money be able to meet their obligations, Punch reported.


Follow us for Breaking News and Market Intelligence.
Tags: Ahmad LawanNigerian SenateOn the Money
Titobioluwa Okunade

Titobioluwa Okunade

Related Posts

Sterling Bank CEO advocates for AI dev’t to maintain global competitiveness
Budget

Senate approves second extension of 2024 capital budget implementation to December 2025 

June 24, 2025
President Tinubu appoints Ibrahim Gaga as new Executive Director of NEXIM Bank  
Health

Bill to establish national malaria eradication agency passes second reading in senate

May 15, 2025
Currencies

Tinubu seeks to tax FX gains by banks in proposed amendment to finance act

July 17, 2024
FG spent N3.6 trillion on fuel subsidy in 2023, projects N5.4 trillion in 2024 – Report
Breaking News

Tinubu proposes N6.2 trillion increase in 2024 budget, to fund with new tax on banks forex gains

July 17, 2024
LASG gives 4-day relocation deadline to squatters in Lagos coastal road, Lekki 
Currencies

Senate rejects bill seeking to monitor, supervise transactions in the FX market 

July 12, 2024
These Ideas Are What The Senate Thinks Will Lift Nigeria From Recession
Business News

No request of presidential jet sent to us from presidency – Senate

June 27, 2024
Next Post
Disruptive Opportunities: Can developing AI and robotics stabilise the Naira?

Disruptive Opportunities: Can developing AI and robotics stabilise the Naira?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • Larry Ellison, Jensen Huang are $11.6 billion richer in 24 hours 
  • Appeal Court reverses N579bn Stamp Duty payment to Kasmal Services in CBN’s favor 
  • NDPC urges Court to dismiss Meta’s suit over $32.8 million data privacy sanction 

Follow us on social media:

Recent News

Billionaire and Oracle co-founder, Larry Ellison

Larry Ellison, Jensen Huang are $11.6 billion richer in 24 hours 

July 16, 2025
FCT High Court, Benjamin Joseph, zinox

Appeal Court reverses N579bn Stamp Duty payment to Kasmal Services in CBN’s favor 

July 16, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics