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PRESS RELEASE 𝐌𝐈𝐍𝐈𝐒𝐓𝐄𝐑 𝐎𝐅 𝐅𝐈𝐍𝐀𝐍𝐂𝐄 𝐈𝐍𝐀𝐔𝐆𝐔𝐑𝐀𝐓𝐄𝐒 𝐈𝐍𝐓𝐄𝐑-𝐌𝐈𝐍𝐈𝐒𝐓𝐄𝐑𝐈𝐀𝐋 𝐂𝐎𝐌𝐌𝐈𝐓𝐓𝐄𝐄 𝐎𝐍 𝐕𝐀𝐓 𝐌𝐎𝐃𝐈𝐅𝐈𝐂𝐀𝐓𝐈𝐎𝐍 𝐎𝐑𝐃𝐄𝐑 2026 Abuja, 24 July 2026 – The Honourable Minister of Finance and Coordinating Minister of the Economy today inaugurated the Inter-Ministerial Committee on the VAT Modification Order 2026 at the Federal Ministry of Finance headquarters in Abuja. The Committee has been tasked with developing a new Value Added Tax (VAT) Modification Order to support the implementation of Nigeria's Tax Reform Acts, which came into effect on 1 January 2026. "The Tax Reform Acts represent the most comprehensive reform of Nigeria's tax system in decades," the Minister said at the inauguration ceremony. "They simplify our tax laws, improve certainty, enhance competitiveness, protect vulnerable Nigerians, and position our economy for sustainable growth." While the previous VAT Modification Order has been superseded by the new legislation, the Minister emphasised that the Committee's assignment is not to recreate the old framework. Instead, it must develop a "modern, coherent, and forward-looking VAT Modification Order that complements the new law and supports Nigeria's economic transformation." The Committee has been mandated to: • Review Nigeria's existing VAT administration framework and identify areas requiring clarification • Engage public and private sector stakeholders to validate classifications and ensure alignment with economic and social objectives • Develop comprehensive lists of VAT-exempt and zero-rated supplies, considering revenue implications and international obligations • Draft a clear, implementable VAT Modification Order • Recommend legislative amendments where necessary. The Minister outlined five key principles to guide the Committee's work: fidelity to the law, growth-oriented design, clarity and certainty, broad stakeholder engagement, and international benchmarking. "This Order should promote industrialisation, investment, exports, innovation, food security, and energy transition, without undermining the integrity of the VAT system," the Minister stated. The Committee has a maximum of six weeks to complete its assignment and submit deliverables including the Draft VAT Modification Order 2026, schedules of exempt and zero-rated supplies with corresponding HS Codes, implementation notes, and a stakeholder consultation report. The Committee comprises representatives from the Federal Ministry of Finance, Nigeria Revenue Service, Nigeria Customs Service, Federal Ministry of Industry, Trade and Investment, Joint Revenue Board, Manufacturers Association of Nigeria, Tax Advisory Committee, and Tax Justice and Governance Platform. "The membership of this Committee brings together deep knowledge, expertise, and experience from across government and the private sector," the Minister noted. 𝐀𝐛𝐨𝐮𝐭 𝐭𝐡𝐞 𝐓𝐚𝐱 𝐑𝐞𝐟𝐨𝐫𝐦 𝐀𝐜𝐭𝐬 The Tax Reform Acts, which came into effect on 1 January 2026, represent Nigeria's most significant tax system overhaul in decades, designed to improve the ease of doing business, enhance investor confidence, and support sustainable economic growth. 𝑭𝒆𝒅𝒆𝒓𝒂𝒍 𝑴𝒊𝒏𝒊𝒔𝒕𝒓𝒚 𝒐𝒇 𝑭𝒊𝒏𝒂𝒏𝒄𝒆