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