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

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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.

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

OMOKOSHABAN
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