Abuja – The Federal Executive Council meeting presided by President Muhammadu Buhari on Wednesday approved the 2020 budget of N10.07trillion and the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
Minister of Finance, Budget and National Planning, Zainab Ahmed, who disclosed this while briefing the State House Correspondents, where she disclosed that the Federal government will begin consultations on the Value Added Tax, VAT with the view to increasing it from the current 5% to 7.2%.
The government, she said has started working on the amendment of the VAT Act to enable the new VAT to take effect from the year 2020, while consultations will commence as soon as possible.
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