The House of Representatives, on Thursday, approved a new Value Added Tax sharing formula, allocating 55% to states and 35% to local government councils.
This decision followed the adoption of a report by the House Committee on Finance on four tax bills transmitted to the National Assembly by President Bola Tinubu in October 2024.
Presenting the report on Thursday, the chairman of the committee, Abiodun Faleke, summarised the extensive review process, which followed a public hearing held from February 26 to February 28, 2025.