Babajide Sanwo-Olu, Governor of Lagos State, has signed the state Value Added Tax (VAT) Bill into law
Gbenga Omotoso, the state Commissioner for Information and Strategy, disclosed this in a statement on Friday.
According to Omotoso, Governor Sanwo-Olu signed the bill after returning from an official trip.
“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,” the statement read.
The Lagos State House of Assembly had earlier this week had the bill scaled through first and second readings, as well as the public hearing stage.
The VAT rate, a consumption tax, was raised in Nigeria from five per cent to 7.5 per cent in 2020.