EIU Report: FG May Raise VAT to 15% Before 2025 Govt's tax take among world's lowest, undermined by widespread evasion, large informal sector Dike Onwuamaeze A report by the Economist Intelligence Unit (EIU), London, has predicted that the federal government might
effect a 100 per cent rate increase in the Value Added Tax (VAT) from the current rate of 7.5 per cent to 15 per cent before 2025 in order to raise government’s revenue. The report titled, “Country
Report Nigeria,” stated that the anticipated increase in VAT was inevitable given the rising public debt burden and the likelihood that the Petroleum Industry Bill (PIB) might not be able to deliver considerable
increase in government’s revenue. It also stated that the predicted VAT increase would be implemented instalmentally in 2022, 2024 and 2025. The report from the research
arm of The Economist magazine explained: “We expect three equal VAT rate increases, taking the rate to 15 per cent by 2025. The first is expected in 2022, prior to the next elections but seemingly
inevitable given a rising debt burden, with further rises in 2024 and 2025. Even then we expect fiscal revenue to peak at just five per cent of the GDP Continued on page 10
Protests Rock Cotonou Court over Igboho's Extradition Hearing ...Page 6 Thursday 22 July, 2021 Vol 26. No 9600. Price: N250
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NNPC Records 63% FAAC Remittance Shortfall in Five Months Corporation pays N225.5bn into joint account Deficit may hit N820.6bn by year end Emmanuel Addeh in Abuja The statutory payments made by the Nigerian National Petroleum Corporation (NNPC) to the Federation Account, a joint pool operated by the local, state and federal governments, declined by over 63 per cent in the first five months of 2021, documents obtained by THISDAY have
Brent rises to $71pb
indicated. An analysis of the data presented by the national oil company to the Federation Account Allocation Committee (FAAC), in the first five months of this year showed that of the calendarised total sum of N613.834 billion, the corporation was only Continued on page 10
Air Force Chief: Threats by Bandits Require Robust Security Architecture Hints personnel energised by survived pilot's heroism Kingsley Nwezeh in Abuja The Chief of Air Staff, Air Marshal Oladayo Amao, yesterday, said the present security challenges in the country required robust security architecture and a versatile air force capable of rapid air power deployment across the theatres of war. Speaking against the backdrop of concerns that bandits and terrorists had acquired the capacity to bring
down fighter planes, Amao, who was addressing troops in Maiduguri, Borno State, during the Sallah celebration said, the security threat confronting the nation required robust security architecture capable of rapid deployment of air power. He allayed fears over the vulnerability of the fighter planes, insisting that the air force pilots were equipped for such encounters with Continued on page 10
AKEREDOLU MARKS 65TH BIRTHDAY... L-R: Oladipo Okpeseyi, SAN; Bishop of Owo Diocese, Anglican Communion, Rt. Revd. Dr. Stephen Ayodeji Fagbemi; Ondo State Governor, Oluwarotimi Akeredolu, SAN, and the Olowo of Owo, Oba Ajibade Ogunoye, at the Holy Communion Service marking the 65th birthday of Governor Akeredolu held at the Chapel of the Epiphany, GRA, Owo, Ondo State... yesterday.
Senate Directs AGF to Sanction Officials Involved in Alleged Mismanagement of $274.2M... Page 5