The Nigerian VAT Increase – Next Level of Pains
During the past week, there was an unexpected news from the Nigeria’s Federal Executive Council (FEC) of the increase in the Value Added Tax (VAT) rate from 5% to 7.5%. During some of my presentations in the preceding months, I already shared my expectation that the Buhari Administration will increase VAT after the elections, as they will be desperate for revenue generation. So, this is not surprising. The spokespersons to the government and their social media “warlords” have been constantly throwing around different rates being charged…