FEC Approves N10.07tn 2020 Budget Proposal, Increases VAT to 7.2%

Omololu Ogunmade in Abuja

The Minister of Finance, Mrs. Zainab Ahmed, Wednesday said the Federal Executive Council (FEC) has approved N10.07 trillion as the budget for 2020.

The minister also said the council approved the increase of value added tax (VAT) from the current 5 percent to 7.2 per cent. However, she was quick to add that implementation of the new VAT rate would be subject to…

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