Federal Government has projected its plans to increase revenue accumulating from Value Added Tax (VAT) of an average of 35 trillion naira in 2024 to 40 trillion naira in 2025 and 45 trillion naira in 2026 fiscal years, respectively.
The breakdown of the 3-year projected revenue is contained in the 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
According to the document transmitted by President Bola Tinubu to the National Assembly last week, the VAT has been projected using estimated aggregate nominal consumption.
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