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Home News Economy
President Buhari Announces Increase Of VAT Registration Threshold To N25m

President Buhari Announces Increase Of VAT Registration Threshold To N25m

by Dare Baba
1 year ago
in Economy, News
Reading Time: 1min read
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President Buhari Announces Increase Of VAT Registration Threshold To N25m

While presenting the 2020 appropriation bill to lawmakers at the National Assembly, President Buhari, according to his media aide, Tolu Ogunlesi, said the VAT threshold increase is to bring relief to Small and Medium-sized Enterprise (SME) operators in the country.

Buhari announced that the 2020 budget is based on the new 7.5% VAT rate, and increased revenues will be used to fund education, health and infrastructure.

The president also made known that N8.155 trillion is the revenue generation estimated in the 2020 budget.

He explained that the revenue broken into three different parts include oil revenue, which was pegged at N2.64 trillion; non-oil revenue, pegged at N1.81 trillion; and others at N3.7 trillion.

– Goldmyne TV

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Tags: 2020 Appropriation BillNational AssemblyPresident BuhariTolu Ogunlesi
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Dare Baba

Dare Baba Gbadebo is a Nigerian born award winning media personality passionate about global media and entertainment ideas with special interest in content for Nigerians and by extension Africans back home and in diaspora.

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