Nigerian President Muhammadu Buhari delivered the 2020 Budget Speech at the joint session of the National Assembly on 8 October 2019. Specific tax measures of the budget provided in the speech concern VAT amendments, including:
- An increase in the VAT rate from 5% to 7.5%;
- An expansion of VAT exempt items to include:
- Brown and white bread;
- Cereals including maize, rice, wheat, millet, barley, and sorghum;
- Fish of all kinds;
- Flour and starch meals;
- Fruits, nuts, pulses (beans) and vegeta…