Nigeria Finance Minister launches committee to draft 2026 VAT Modification Order

Finance Minister and Coordinating Minister of the Economy Taiwo Oyedele inaugurated an inter‑ministerial committee in Abuja to prepare a new Value Added Tax (VAT) Modification Order for 2026. The committee, chaired by Permanent Secretary Raymond Omachi and drawing members from the Ministry of Finance, Nigeria Revenue Service, Customs Service and other agencies, has a six‑week deadline to produce a modern VAT framework that aligns with the Tax Reform Acts that took effect on 1 January 2026. Its mandate includes reviewing the existing VAT administration, identifying needed clarifications, and drafting comprehensive schedules of VAT‑exempt and zero‑rated supplies while considering revenue, social impact and Nigeria’s international obligations. The minister emphasized that the new order should simplify compliance, provide certainty for businesses and investors, and support industrialisation, investment, exports, innovation, food security and the energy transition.