VAT rate to be increase - FG

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The Federal Government is planning to raise the Value Added Tax (VAT) rate from 7.5% to 10%, primarily targeting luxury goods while exempting essential items for poorer Nigerians. 

Finance Minister Wale Edun announced this at an IMF/World Bank meeting, emphasizing the gradual implementation of the increase. 
He reassured that the proposed reforms aim to protect the vulnerable while generating much-needed revenue. 

The details of the exempt goods will be shared publicly soon, and the proposed changes are currently under consideration by the National Assembly.

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