Nigeria's Presidential Fiscal Policy and Tax Reforms Committee has reportedly proposed an increase in the standard VAT rate from 7.5% to 10% with effect from 1 January 2025. The standard rate was last increased from 5.0% to 7.5% on 1 February 2020. In addition to the standard rate increase, the Committee has also proposed the elimination or reduction of VAT on essential items like food, housing, and public transportation.