Nigeria to Raise VAT to 7.5% From 5%, Ex-Minister Says
- Ahmed wants to return as finance minister in new cabinet
- Country not ruling out selling new Eurobonds to raise funds
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Nigeria will increase the rate of value-added tax to 7.5% from current 5% in 2020 as Africa’s biggest oil producer seeks to shore up falling revenue, the country’s most recent Finance Minister Zainab Ahmed said.
The former minister, whose tenure ended with President Muhammadu Buhari’s first term on May 29, said at the Bloomberg Emerging & Frontier Forum in London on Tuesday that her main preoccupation while in office was how to raise government revenue with only 55% of targets being met. Buhari, who was re-elected for a second four-year term, is yet to constitute a new cabinet.