Skip to content

Live On Air

🎧 Listen Live 🔴

  • Home
  • Classic TV
  • Shows
  • The Crew
  • News
  • Events
  • Competitions

Governors Back Tax Reforms, Propose New VAT Formula

Uncategorized

Governors Back Tax Reforms, Propose New VAT Formula

The Nigeria Governors’ Forum (NGF) has rejected any immediate increase in the Value Added Tax (VAT), citing potential economic pressure on businesses and households already dealing with inflation.

In a communique issued after a meeting with the Presidential Tax Reform Committee in Abuja yesterday, the governors expressed support for the ongoing legislative process to modernise Nigeria’s tax laws but opposed a hike in VAT from the current 7.5%. 

They endorsed a revised VAT sharing formula that allocates 50% of revenue based on equality, 30% on derivation, and 20% on population.

The governors also advocated for the continued exemption of essential goods and agricultural produce from VAT to protect citizens and promote food security.

They rejected terminal clauses for development levies in the Tax Reform Bills, emphasising the need for sustained funding for agencies like TETFUND, NASENI, and NITDA to support national development.

READ ANOTHER STORY HERE: https://classic94.fm/home-eagles-to-face-senegal-congo-sudan-in-chan-2024-group-d/

More Posts

Delta State Wins 22nd National Sports Festival

Delta State Wins 22nd National Sports Festival

Read More »
France to Ban Smoking on Beaches, Parks, and near Schools

France to Ban Smoking on Beaches, Parks, and near Schools

Read More »
Reps summon WAEC over SSCE irregularities, late sittings

Reps summon WAEC over SSCE irregularities, late sittings

Read More »
ECOWAS at 50: President Tinubu Calls for Tangible Integration

ECOWAS at 50: President Tinubu Calls for Tangible Integration

Read More »
  • 2025 Copyright © Megalectrics Limited
  • Privacy Policy
  • Terms
Facebook-f Instagram Twitter Youtube
Facebook-f Instagram Twitter Youtube
  • Copyright © 2021 Megalectrics Limited
  • Listen Live

Live On Air

  • About Us
  • Shows
  • The Crew
  • News
  • Contact Us

Classic 94.3 FM

Abuja

  • Port-Harcourt
  • Lagos
  • Privacy Policy
  • Terms
  • 2025 Copyright © Megalectrics Limited
Facebook-f Instagram Twitter Youtube
  • Listen Live

Live On Air

  • Home
  • Classic TV
  • Shows
  • The Crew
  • News
  • About Us
  • Contact Us
Facebook-f Instagram Twitter Youtube
  • Privacy Policy
  • Terms
  • Copyright © 2022 Megalectrics Limited