President Muhammadu Buhari on Tuesday presented the 2020 budget to the National Assembly.
The budget which contained the 2020 appropriation bill of N10.33 trillion exempted Yam Fish and many other items from VAT.
The 2020 appropriation bill had been proposed in view of the turn over from the planned increase of the VAT rate from 5% to 7.5%.
According to him, other than the pharmaceuticals, basic commodities and educational items which have already been exempted from VAT, Buhari highlighted a number of items which shall also be exempted from VAT.
They include fruits, vegetables, roots (Yam, Potatoes e.t.c), milk, meat, water, bread, cereals, fish, flour and starch foods.
The president further stated that the 2020 budget will focus mainly on the completion of “as many ongoing projects as possible”, rather than commencing new ones.
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He said;
“MDAs have not been allowed to admit new projects into their capital budget for 2020, unless adequate provision has been made for the completion of ALL ongoing projects.”
“Accordingly, we have rolled over capital projects that are not likely to be fully funded by the end of 2019 into the 2020 Budget. We are aware that the National Assembly shares our view that these projects should be prioritised and given adequate funding in the 2020 Appropriation Act.”