As Nigeria’s government seeks alternative revenue sources away from oil, the Federal Executive Council on Wednesday approved a revised national tax policy to address low taxation in the country.
Under the new policy consumers of luxury goods will have to pay a higher Value Added Tax. The percentage is still subject to the approval of the National Assembly.
This was disclosed by the Minister of Finance Kemi Adeosoun while briefing journalists after the weekly council meeting chaired by Acting President Yemi Osinbajo.
More details on the policy shortly…
By Elizabeth Archibong
