Fec approves 7.2 as new vat

It seems like you're referring to a recent development in the world of finance!

FEC (Federal Executive Council) has approved a new Value-Added Tax (VAT) rate of 7.2% in Nigeria. This is a significant change from the previous rate of 5%, which was introduced in 2015.

The new VAT rate is expected to take effect from February 1, 2020, and it's expected to generate additional revenue for the government. The increased VAT rate is part of the government's efforts to diversify its revenue streams and reduce its reliance on oil exports.

It's worth noting that the new VAT rate will apply to all goods and services, except for basic food items, which will remain exempt. This means that businesses and individuals will need to adjust their pricing and accounting systems to reflect the new rate.

What do you think about this development? Do you have any questions or concerns about how it might affect your business or personal finances?