NGF endorses revised VAT sharing formula to promote equity

•Insists on maintaining current VAT rate

From Juliana Taiwo-Obalonye, Abuja

The Nigeria Governors’ Forum (NGF) has endorsed a revised Value Added Tax (VAT) sharing formula aimed at promoting equitable resource distribution among states.

The new formula allocates 50 percent based on equality, 30 percent based on derivation and 20 percent based on population.