Oyogist has learned that the Governor of Lagos State, Babajide Sanwo-Olu, has signed the state Value Added Tax (VAT) Bill into law.
Gbenga Omotosho, State Commissioner for Information disclosed this in a statement on Friday.
According to him,
“The Governor signed the ‘bill for a law to impose and charge VAT on certain goods and services’ at about 11.45am today, after returning from an official trip to Abuja. By this act, the Bill has now become a Law,”
Recall Oyogist.com had earlier reported that the Lagos State House of Assembly had jointly passed the bill on Thursday.
What that means is Consumers will pay VAT when they purchase goods or obtain services.
All goods and services (produced within or imported into the country) are taxable except those specifically exempted by the VAT Act.
The VAT rate was raised in Nigeria from five percent to 7.5 percent in 2020.
