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LequteMan
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The federal government of Nigeria will double its value-added tax (VAT) and cancel government projects if oil prices continue to slide, Coordinating Minister for the Economy/Minister of Finance, Dr. Ngozi Okonjo-Iweala said in an interview with The Wall Street Journal.
She said Nigeria is reviewing some 6,000 ongoing projects to see which will be kept, delayed, or scrapped.
“It will be a huge exercise,” she said. If oil prices continue to sink, it will also raise its value-added tax, which at five per cent to 10 per cent she said.
Continued fall in oil prices has hampered earnings of the Nigerian government. President Goodluck Jonathan through the Finance Minister, Dr. Ngozi Okonjo-Iweala, had to review the oil benchmark for the nation's 2015 budget following perceived reduced earnings due to the fall.
The Central Bank of Nigeria has also devalued the Naira due to the continued slum of oil prices.
#NIgeria #VAT
She said Nigeria is reviewing some 6,000 ongoing projects to see which will be kept, delayed, or scrapped.
“It will be a huge exercise,” she said. If oil prices continue to sink, it will also raise its value-added tax, which at five per cent to 10 per cent she said.
Continued fall in oil prices has hampered earnings of the Nigerian government. President Goodluck Jonathan through the Finance Minister, Dr. Ngozi Okonjo-Iweala, had to review the oil benchmark for the nation's 2015 budget following perceived reduced earnings due to the fall.
The Central Bank of Nigeria has also devalued the Naira due to the continued slum of oil prices.
#NIgeria #VAT
