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Juliana Taiwo-Obalonye, Abuja
The Federal Executive Council (FEC), presided over by President Muhammadu Buhari has approved a 2.2 per cent increase in Value Added Tax (VAT) up from five to 7.2 percent.
Minister of Finance, Budget and National Planning, Zainab Ahmed, made this disclosure while briefing State House correspondents at the end of the meeting which started at 11am and ended at 6:12pm.
Ahmed, however, said the implementation would not start until the approval by the National Assembly after the VAT Act was amended.
The council directed immediate consultations with states, local governments and other relevant stakeholders before the new regime would take effect in 2020.
