The Senate has on Thursday approved the increment of Value Added Tax (VAT) from 5% to 7.5%.
Recall that President Muhammadu Buhari sent a request to the Senate to approve the increment .
The senate approved the request after Solomon Olamilekan, chairman of the finance committee, presented a report on a bill entitled ‘Nigeria tax and fiscal law’.
In September, the federal executive council (FEC) approved an increase in VAT and sent a bill to the national assembly for consent.
![OduNews on Google News](https://odunews.com/wp-content/uploads/2022/02/Follow-us-on-google-news-e1645622317193.png)
Submit press release, news tips to us: tips@odunews.com | Follow us @ODUNewsNG