Zainab Ahmed
Business

Nigeria will raise VAT to 7.5% in 2020, Ex-finance minister

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Nigeria is raising the rate of value-added tax to 7.5% from current 5% in 2020, the former Finance Minister, Zainab Ahmed told Bloomberg in a TV interview.

“We have developed a strategic revenue growth initiative, which we have started to implement. Our target is to increase revenue to 65% minimum in 2019 so that in the next three years we are able to attain 80-85% of our revenue target,” she said.

She also said in the intervie that Nigeria has not closed the door against selling new Eurobonds to raise more capital and is also considering taking loans on concessionary terms from multilateral institutions such as the World Bank.

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