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VAT Rate Increase in Nigeria: Powers of the Finance Minister and Other Statutory Landmines

While the proposed increase of the Value Added Tax (VAT) rate in Nigeria is much decried on the basis of economic considerations, the greater danger lurking around the Nigerian VAT regime is the enormous powers of the Finance Minister to determine the rate at will. If this and other identified shortcomings of the VAT Act survive the proposed amendment that would usher in a new rate, Nigerians may yet be exposed to more unwelcome executive policies on VAT that would find bases in a hostile VAT Act. Moreover, operation of the VAT rate remains an intricate subject to many within and beyond the country who are affected by the tax. This article sets out with clarification of some complexities of VAT rate operation in Nigeria, and proceeds into analyses of the Finance Minister’s powers and other statutory landmines around the VAT rate.