Nigeria to Raise VAT to 15% on Luxury Goods, Exempt Essentials for Poor Citizens

• Nigeria plans to increase VAT to 15% on luxury goods
• Essential items for poorer citizens will remain exempt from VAT or subject to a zero rate
• President Bola Tinubu’s commitment is to protect the poorest and most vulnerable during reforms
• The wealthiest will contribute more while essential goods for average citizens remain affordable
• Improved security in oil-producing regions and new investments expected to increase oil production
• Fuel subsidy removal has begun, with savings expected to impact the economy soon
• Nigeria remains a member of the IMF but makes financial decisions autonomously

Source: saharareporters.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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