Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun has said the federal government plans to raise Value Added Tax (VAT) to 15%, primarily on luxury goods and services.

The Minister while speaking at the Global Investors forum on the sidelines of the World Bank/IMF annual meetings in Washington DC, US, explained that a bill currently before the National Assembly aims to gradually raise VAT on luxury goods, while essential items consumed by vulnerable Nigerians would be exempted from VAT.

Our Correspondent, Raliat Adenekan in Washington DC, reports that the Finance Minister also said that the present administration is keen on its plans to de-dollarise the Nigerian economy in order to strengthen the local currency and to address the forex crisis.

He said this is a determination by the fiscal authorities to complement the efforts of the monetary policy authorities to revamp the economy while it leverages on the gains from the fuel and forex subsidy removal.

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