Nigeria VAT increase

Nigeria – VAT Increase

The Nigerian government has proposed a potential increase in their VAT rate to 10%, double the current VAT rate of 5%. Due to the recent oil price crashes Nigeria, one of the biggest exporters of crude oil, has face significant financial losses, if the price of oil continues to fall the government will introduce the VAT rate change in order to help cover the losses. However no decision is to be made until the oil price stabilises and Nigeria can further assess its position.