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The National Economic Council NEC is expected to receive reports on the new federal government proposal for increase in the Value Added Tax today, as Vice President Yemi Osinbajo is currently presiding over the Council meeting at the Presidential Villa, Abuja.
BusinessDay Villa sources said the meeting will also debate the ongoing Minimum Wage imbroglio.
The Council is composed of governors of the 36 states of the federation and key ministers in charge of finances and the economy as well as the Governor of Central Bank of Nigeria, CBN.
The Federal Government last week proposed a new plan to increase the VAT from the current 5% to 7.2% .The policy had attracted several reactions from the organized private sector and other major stakeholders in the economy.
The Minister of Finance, Zainab Ahmed had expressed optimism that the new increase will receive the blessings of the Governors as they are the major beneficiaries with over 80% of the total VAT collected at the regular Federation Accounts Allocation Committed FAAC meetings
