The IMF warns that Nigeria’s 7.5 percent Value Added Tax rate could cost the country $300 million, or 0.5 percent of GDP, straining essential services. With one of Africa’s lowest VAT-to-GDP ratios, a hike to 10 percent is proposed, but experts caution it may fuel inflation, impacting households and businesses.
Wednesday, July 23, 2025
Video - IMF urges Nigeria to raise VAT from 7.5 percent to 10 percent
The IMF warns that Nigeria’s 7.5 percent Value Added Tax rate could cost the country $300 million, or 0.5 percent of GDP, straining essential services. With one of Africa’s lowest VAT-to-GDP ratios, a hike to 10 percent is proposed, but experts caution it may fuel inflation, impacting households and businesses.
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