2020 Budget: Buhari Removes VAT from Yam, Bread, Meat, Milk, Water

Buhari said some of the items which will be exempted from the VAT, in addition to the pharmaceuticals, educational items, and basic commodities already excluded by the VAT act, include brown and white bread, cereals, fish of all kinds, flour and starch meals.

Others are fruits, vegetables, roots (yams etc), herbs. salt, milk, meat and water.

The 2020 appropriation bill is proposed based on the planned increase of the VAT rate from 5% to 7.5%, while the overhead costs are projected at N426.6 billion.

Buhari said the additional revenues will be used to fund health, education and infrastructure programmes, with 85 percent going to states and local governments.

See also  ADDRESS BY THE IGP MOHAMMED A. ADAMU NPM mni, THE INSPECTOR GENERAL OF POLICE ON THE OCCASSION OF DEPLOYMENT OF THE K9 COMPONENT OF OPERATION PUFF ADDER TO NIGERIA RAILWAY STATIONS ACROSS THE COUNTRY ON 25TH JUNE, 2019 AT THE FORCE HEADQUARTERS, ABUJA

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