Oyedele revealed that the committee was also working on consolidating the multiple taxes in Nigeria to streamline the tax system and ultimately reduce the tax burden on citizens and businesses.
He explained, “The law we are proposing to the National Assembly includes an increase in the VAT rate from 7.5 percent to 10 percent, starting from 2025. However, we are uncertain about how quickly the law will be passed. The proposal also outlines subsequent increases and the specific years they will take effect.”
