FEC okays N182.68 billion roads projects, moves VAT from 5% to 7.5%

By AdvocateNews on 11/09/2019

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The Federal Executive Council (FEC) meeting on Wednesday approved a total of N182. 68 billion for various road projects across the country.

This was disclosed by the Minister of State for Works and Housing, Abubakar Aliyu, at the end of FEC meeting chaired by President Muhammadu Buhari at the Presidential Villa, Abuja.

According to him, the states the roads projects covered included Lagos, Niger, Kano, Katsina, Edo, Kwara, Taraba, Jigawa, Imo, Abia, Yobe, FCT, and Anambra.

The Minister of Finance, Budget and National Planning, Zainab Ahmed, disclosed that the FEC approved the Medium Term Expenditure Framework 2020 to 2022, which will guide the 2020 Budget.

According to her, the next step is to present the document to the National Assembly for consideration.

She also disclosed that the FEC approved the increase of Value Added Tax (VAT) from 5% to 7.2%.

But she said that the VAT Act will have to be amended first before the increase come into effect.

Posted 11/09/2019 10:31:57 PM

 

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