The Federal Executive Council approved the increase of the Value Added Tax (VAT) from five per cent to 7.2 per cent, as well as N10.07 trillion as proposal for Budget 2020 and the 2020 – 2022 Medium Term Expenditure Framework, MTEF that will guide next year’s appropriation.

The Minister of Finance, Budget & National Planning, ZAINAB AHMED, told reporters at the end of the meeting that the next step would be the presentation of the 2020 Appropriation Bill by the Executive to the National Assembly for consideration.

She however said the VAT Act would have to be amended by the National Assembly first before the increase comes into effect.