About the Nigeria's New VAT

Did you know that?

Nigeria’s new VAT rate of 7.5% (up from 5%, and taking effect from February 1, 2020) is the lowest VAT rate in Africa.

Most African countries have VAT rates between 15% and 20%.

Here's the current sharing formula of VAT income in Nigeria:

*State:* 50%
*LGA:* 35%
*FG:* 15%

As you should know, the new VAT regime means more money to states and LGAs.

Be reminded that it's your right to *#followthemoney* and demand to know what your state, LGAs are doing with your revenues, as well as what your House of Reps and senators are doing with funds allocated for your constituency projects; just as the FG owes you explanations, too.