Nigerian Lawmakers Reject Changes to VAT, Company Taxes (1)

Nigerian lawmakers rejected changes to consumption and company taxes that President Bola Tinubu proposed, dealing a blow to his efforts to bolster government revenue.

Tinubu sought to double the value-added tax rate to 15% over six years to help fund the national budget and change how the revenue is distributed among Nigeria’s 36 states. Powerful state governors opposed his plan and the House of Representatives declined to back it.

Legislators also shot down a proposal to lower the company tax rate to 25% by next year, from 30% currently, a measure that would have partially offset the VAT increase. The ...