The Bola Tinubu administration is considering another increase in the value-added tax rate in Nigeria but maintains it has a secret sauce to keep prices of goods at the same rate across the country.

The chairman of the presidential committee on fiscal policy and tax reforms, Taiwo Oyedele, disclosed this on Monday at a policy exposure and impact assessment seminar organised by the committee, where he announced that the VAT revenue-sharing formula would be reviewed.

Mr Oyedele’s statement comes nearly a year after he warned Nigerians that the administration would make life impossible for people not captured in the country’s draconian tax brackets.