The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has dismissed reports of a Value Added Tax (VAT) increase from 7.5% to 10%. In a statement, Edun confirmed that the current VAT rate remains 7.5% and is applicable to the specified goods and services as stipulated by relevant tax laws.

Edun emphasized that the government will not act contrary to the laws and regulations governing taxation in Nigeria. He explained that the tax system is based on a tripod of tax policy, tax laws, and tax administration, which must work together to create a sound fiscal system.

The minister reassured Nigerians that the government's focus is on promoting sustainable economic growth, reducing poverty, and creating an environment conducive to business growth. He noted that recent policies, such as the suspension of import duties, tariffs, and taxes on essential food items like rice, wheat, and beans, demonstrate the government's commitment to supporting Nigerians and businesses.

Edun clarified that the current VAT rate of 7.5% will continue to apply to all VAT-able goods and services, and there are no plans to increase it. He urged the public to disregard any reports suggesting otherwise, stating, "For emphasis, as of today, VAT remains 7.5%."