Oyedele Refutes VAT Hike Claim, Says Full Removal Was The Proposal

Oyedele Refutes VAT Hike Claim, Says Full Removal Was The Proposal

Taiwo Oyedele, Chairman of the Presidential Committee on Tax Reforms, has clarified that his committee proposed a complete removal of Value Added Tax (VAT) rather than a 10% increase. Oyedele issued this statement on Tuesday in response to reports suggesting his committee recommended a 10% VAT hike to the federal government…….CONTINUE READING 

In an interview reported by Naija News on Monday, Oyedele explained that his committee proposed eliminating VAT on housing rents, food items, and public transportation. He also noted that the federal government should consider tax cuts for employers who provide transportation for their staff and for those who hire more employees than required.

However, some Tuesday reports inaccurately claimed Oyedele supported a VAT increase to 10%. In his statement on Tuesday via his X handle, Oyedele expressed regret over the misleading reports, stating that they did not accurately reflect his interview. He emphasized, “The same interview yielded very different reports and headlines. Some journalists distort news to attract attention. Many quotes attributed to me are incorrect.”

Oyedele clarified that his committee’s VAT proposal includes reducing the rate to zero percent for essential items such as food, healthcare, and education, and exempting rent, transportation, and small businesses. He added, “Our data shows that these are the areas where people spend the majority of their income, meaning their VAT burden will decrease. The proposed rate adjustments on other items are intended to partially offset the reductions and ensure protection for the general population.”