The first of Buhari’s annual Finance Acts — raised VAT to 7.5% and delivered the biggest tax overhaul in two decades.
The Finance Act 2019 introduced the practice of annual finance acts alongside the budget. It raised VAT from 5% to 7.5%, exempted small companies (turnover under ₦25m) from companies income tax, introduced a digital/e-commerce tax nexus and required a TIN to open or operate bank accounts. It was subsequently amended by the Finance Acts 2020, 2021 and 2023.