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Federal Government Introduces Installment-Based Tax Payment

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The Federal Government has proposed a new tax payment option that allows individuals to pay their taxes in installments. This provision is included in the Nigeria Tax Bill 2024, which was recently submitted to the National Assembly for review and approval.

With this new option, taxpayers have the flexibility to meet their tax obligations either through a one-time lump sum payment or by spreading the payments over a period of time, provided that all dues are settled before the official filing deadline.

Additionally, the government has suggested setting up a special account for tax refunds, to be managed by the Accountant-General of the Federation. This move is part of a broader initiative that includes a comprehensive set of new tax reforms aimed at significantly increasing revenue collection.

The government recently submitted four bills to the National Assembly, aiming to establish legislative support for the recommendations made by the Presidential Fiscal Policy and Tax Reforms Committee, led by Taiwo Oyedele. These reforms seek to streamline the process of collecting direct taxes and other levies, as well as to improve overall tax efficiency.

As part of these changes, the Nigerian Customs Service, Nigerian Ports Authority, and over 60 other revenue-collecting agencies will no longer be involved in direct revenue collection. Instead, a new body, the Nigeria Revenue Service, will be created to handle these duties.

The proposal also includes the establishment of a tax tribunal and a tax ombudsman to oversee fair practices in the system.

House of Representatives Proposes Free Internet Access in Public Schools

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The House of Representatives has initiated efforts to introduce free internet access across selected public locations in Nigeria. This development follows the first reading of a bill last week titled, “An Act to provide the legal framework for the free internet access programme in selected public places in Nigeria and for other related matters,” which was sponsored by Mr. Abubakar Kusada, the representative of the Kankia/Ingawa/Kusada Federal Constituency in Katsina State.

While advocating for the bill, Kusada emphasized Nigeria’s commitment to leveraging information and communications technology for national development. He highlighted the importance of creating an environment that fosters the development of infrastructure to ensure reliable and secure internet access for all.

According to the bill, the proposed law covers various public locations, including federal, state, and local government offices, secondary and tertiary institutions, public hospitals, rural health centers, military and paramilitary barracks, public parks, plazas, libraries, airports, seaports, and public transport terminals.

Section 1 of the bill specifies that no fee will be charged to users connecting to these public internet access points. It also mandates that the free internet service be separate from the internet used for internal government operations, ensuring that shared infrastructure does not compromise service availability.

The bill further outlines that technical restrictions on access should only be applied in cases of significant technical risks or breaches that cannot be resolved through standard solutions. Priority will be given to measures that promote ease of access wherever possible.

The Nigerian Communications Commission (NCC) and the National Information Technology Development Agency (NITDA) are designated as the lead agencies responsible for setting standards, qualifying public locations, and overseeing the effective rollout of the program. They are tasked with developing a comprehensive plan within a year to ensure seamless implementation, in collaboration with federal, state, and local governments, private sector partners, and relevant stakeholders.

Section 6(1) of the bill also encourages partnerships with private sector entities to optimize the delivery of free internet access, with provisions for excess capacity to be used for supplementary paid services where necessary.

The proposed law aims to make internet access more affordable and widely available by promoting data exchange through designated domestic internet protocol exchanges. This would ultimately reduce costs and expand connectivity in public spaces across Nigeria.

National Assembly Proposes VAT Increase to 10% by 2025

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The National Assembly is considering a bill to raise the Value-Added Tax (VAT) from the current 7.5% to 10% by 2025.

The executive proposal also outlines plans for further increases, with VAT expected to reach 12.5% between 2026 and 2029, and potentially 15% by 2030.

Mr. Taiwo Oyedele, chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, emphasized the necessity of increasing the VAT rate in a statement on May 8, 2024.

In addition to the VAT changes, the bill suggests a reduction in the corporate income tax (CIT) from 30% to 27.5% by 2025, with a further decrease to 25% by 2026.

Notably, companies with an annual turnover below N20 million will be exempt from CIT.

The proposed tax rates are as follows:

  • For the 2025 assessment year: VAT at 10%
  • For the 2026 to 2029 assessment years: VAT at 12.5%
  • For the 2030 assessment year and beyond: VAT at 15%

Regarding corporate tax, the bill stipulates:

  • Small companies will be taxed at 0%.
  • Other companies will face a 27.5% rate in 2025 and 25% starting in 2026.

Furthermore, if any company’s effective tax rate falls below 15% in a given assessment year, it will be required to pay an additional tax to ensure its rate meets the minimum threshold.

This reform aims to address tax equity, particularly for multinational enterprises and companies with annual revenues exceeding N20 billion, in accordance with guidelines set by the tax authorities.

Legendary Green Eagles Goalkeeper, Peter Fregene, dies at 77

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Peter Fregene, the former Green Eagles goalkeeper, has passed away at the age of 77. His death was confirmed by his friend and fellow ex-international, Segun Odegbami, on Sunday.

Odegbami shared that Fregene, who had been battling a prolonged illness, died peacefully with his wife, Tina, and two of his children by his side.

“Peter ‘Apo’ Fregene, OLY, former goalkeeper for Nigeria’s Green Eagles, passed away a few minutes ago after being on life support for the past week,” Odegbami wrote. “He died quietly in the presence of two of his children and his devoted wife, Tina.”

Fregene, who was a standout for Nigeria’s national team in the 1960s and 70s and represented the country at the 1968 Olympics in Mexico, was renowned for his quick reflexes and agility, earning him the nickname ‘Apo.’

Odegbami also expressed his gratitude to everyone who supported Fregene during his illness. “On behalf of all generations of Nigerian footballers, Olympians, sports enthusiasts, his family, friends, fans, and the incredible Nigerians who rallied around him with their prayers and support, I say a heartfelt ‘thank you’,” Odegbami said.

NiMet Forecasts Three-Day Thunderstorm and Rain Across Nigeria

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The Nigerian Meteorological Agency (NiMet) has issued a weather forecast predicting thunderstorms and rainfall across the nation from Sunday through Tuesday.

According to NiMet’s report, released on Saturday in Abuja, northern regions can expect morning thunderstorms on Sunday, with moderate rainfall expected in areas such as Gombe, Bauchi, Adamawa, and Taraba.

Later on Sunday, thunderstorms and moderate rains are expected to spread to parts of Adamawa, Kaduna, Sokoto, Bauchi, Gombe, Taraba, Kebbi, Southern Katsina, Kano, Zamfara, Borno, and Yobe.

In the North Central region, morning thunderstorms with moderate rains are forecast over the Federal Capital Territory (FCT), Niger, Nasarawa, Kwara, and Benue. Thunderstorms with moderate rains are also anticipated during the afternoon and evening hours in these areas.

For southern Nigeria, NiMet predicts morning thunderstorms with light rains in Oyo, Imo, Enugu, Ogun, Osun, Ondo, Edo, Delta, Rivers, Akwa Ibom, Cross River, and Lagos. The region is expected to experience thunderstorms with moderate rainfall later in the day.

On Monday, morning thunderstorms with moderate rains are forecast in parts of Taraba, Gombe, Kaduna, Southern Borno, and Adamawa. During the afternoon and evening, similar weather conditions are expected over Taraba, Borno, Kebbi, Zamfara, and Yobe.

In the North Central region, light morning rains are expected in Benue, Kogi, Nasarawa, and Niger, while thunderstorms with moderate rains are likely to affect the FCT, Nasarawa, Kwara, Benue, and Plateau later in the day.

The southern region is expected to see morning rain showers in Enugu, Ebonyi, Anambra, Imo, Delta, Akwa Ibom, Cross River, Bayelsa, and Rivers, followed by thunderstorms with moderate rainfall later in the day.

NiMet predicts partly cloudy skies in the northern region on Tuesday morning, followed by afternoon thunderstorms and moderate rains over Adamawa, Taraba, Kaduna, Bauchi, and Gombe.

In the North Central zone, morning thunderstorms with moderate rains are expected in Kogi, Kwara, and Niger, with additional rainfall predicted in the FCT, Nasarawa, Benue, Plateau, and Kogi during the afternoon and evening.

For the southern part of the country, light rain showers are forecast in the morning over Edo, Ondo, Oyo, Ogun, Cross River, Rivers, Bayelsa, Delta, and Akwa Ibom. Thunderstorms with moderate rains are anticipated in Imo, Enugu, Ogun, Osun, Ondo, Edo, Lagos, Delta, Rivers, Bayelsa, and Cross River later in the day.

NiMet warns of a high likelihood of urban flooding in major cities due to heavy downpours and advises residents to steer clear of flood-prone areas. The agency also cautions that strong winds may precede the thunderstorms, urging the public to take necessary precautions and follow safety guidelines issued by relevant authorities.

Airline operators and the public are encouraged to stay updated with the latest weather reports and forecasts from NiMet for effective planning and safety.

Reps Pushes for Establishment of Bola Tinubu University

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The House of Representatives has initiated a bill proposing the establishment of the Bola Ahmed Tinubu Federal University of Nigerian Languages, which recently passed its first reading. This new institution aims to expand Nigeria’s educational landscape by focusing on the study and promotion of indigenous languages.

The bill, sponsored by Deputy Speaker Benjamin Kalu and eight other representatives, seeks to enhance language learning across the country. It emphasizes inclusivity, offering higher education opportunities to individuals of all backgrounds, irrespective of race, religion, gender, or political views.

According to the bill’s provisions, the university will focus on developing academic and professional programs leading to diplomas, degrees, and advanced research. These programs will prioritize practical skills in Nigerian languages and cultures, contributing to national development.

Once operational, the university aims to drive the efficient use of Nigeria’s natural, economic, and human resources through specialized training, research, and innovation. It will also work closely with other institutions to strengthen the teaching and development of Nigerian languages and foster comprehensive training and research initiatives, including outreach and lifelong learning.

The mandate outlined in the bill includes training highly skilled professionals in Nigerian languages, offering consultancy services, and conducting in-depth research to advance knowledge in this field. The bill also outlines the responsibilities of the university’s President, who will serve as its visitor, required to conduct visitations at least every five years to assess progress and oversee governance.

Provisions in the bill grant the President the power to remove council members, except the pro-chancellor and vice-chancellor, based on recommendations regarding misconduct or underperformance. The council can also advise on member removals, with recommendations passed to the Minister and subsequently to the President.

The bill is set to advance to a second reading in the coming weeks, where a public hearing will gather feedback from relevant stakeholders.

Why We Accepted N70,000 Minimum Wage – Ajaero

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President of the Nigeria Labour Congress (NLC), Mr. Joe Ajaero, recently disclosed details of the discussions between organized labour and President Bola Tinubu that led to the acceptance of a N70,000 minimum wage during the national wage negotiations at the Presidential Villa in Abuja.

Speaking during an interview, Ajaero explained that the organized labour initially resisted any fuel price increase but ultimately agreed to the N70,000 minimum wage.

He further revealed that the NLC and its allies had previously reached an agreement with the government on the adoption of Compressed Natural Gas (CNG) as an alternative fuel.

They negotiated with a team of experts who agreed to convert vehicles to CNG at a cost of N300,000. However, when the proposal was presented to the government, officials dismissed the deal and instead set the conversion cost at N800,000.

During the negotiations, the organized labour had initially demanded N250,000 as the new minimum wage but eventually settled for N70,000. Addressing claims that President Tinubu breached their agreement by raising the petrol pump price, Ajaero shared that the President had urged the labour leaders to support the fuel price increase in exchange for a N250,000 minimum wage, a proposition they declined.

Ajaero emphasized that the basis for accepting the N70,000 minimum wage was to avoid any immediate hike in fuel prices. He stressed that the President’s action of increasing the petrol price has significantly affected the cost of living, particularly in terms of transportation, which now has risen by over 70%. He called for a reversal of the decision, highlighting the need for proper consultation with social partners before implementing such policies.

He concluded by stating that the current situation has increased the hardships faced by Nigerians, urging the government to focus on alleviating the suffering of its citizens rather than imposing further economic burdens through increased taxes, fuel prices, and other levies.

Nigerian Actors Can Better Portray ‘Things Fall Apart’ Than Idris Elba – Bob-Manuel Udokwu

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Nollywood veteran Bob-Manuel Udokwu has expressed his belief that a Nigerian actor would be better suited to play the role of Okonkwo in the upcoming TV adaptation of Chinua Achebe’s iconic novel “Things Fall Apart”, currently assigned to British actor Idris Elba.

In a recent interview, Udokwu emphasized that Nigerian actors possess a deeper cultural understanding and connection to the character, which would enable them to interpret the role more authentically.

“There’s been talk about Idris Elba being cast as Okonkwo in Hollywood’s adaptation of ‘Things Fall Apart.’ While I respect Elba’s talents as an actor, I firmly believe that we have top-notch Nigerian actors who could bring even more depth to the role, given their familiarity with the story’s origins,” Udokwu stated.

He also stressed the importance of collaboration between Nollywood and international film industries to enhance the global reach of Nigerian cinema.

“Nollywood has evolved significantly over the years. We have already proven to the world that we have world-class talent,” he said. “What we need now is more partnerships with our counterparts in Europe and North America. This collaborative approach is crucial for our growth, and we are beginning to see it happen gradually.”

Idris Elba is set to portray the character of Okonkwo, a role that was famously played by Nigerian legend Pete Edochie in the 1971 and 1987 adaptations of “Things Fall Apart.”

How Africa’s Minerals Can Shape the Future: Addressing Mining Challenges and Energy Needs

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Africa is a continent blessed with an abundance of mineral resources, from gold and diamonds to rare earth elements and oil. These resources have the potential to transform not just the economies of individual countries but also to contribute significantly to global energy transitions and technological advancements. However, realizing this potential requires addressing challenges like illegal mining, embracing alternative energy sources, and fostering sustainable development in the mining sector.

Illegal Mining Operations and Exploitation

Illegal mining has long plagued Africa’s resource-rich countries, with unregulated operations causing severe economic, environmental, and social impacts.

  • Economic Losses: Illegal mining often means that nations lose billions in potential revenue due to uncollected taxes and royalties. This limits the financial benefits that these resources could bring to local communities and national economies.
  • Environmental Impact: Uncontrolled mining practices lead to soil erosion, water pollution, and deforestation, damaging ecosystems and threatening biodiversity.
  • Exploitation of Labor: Many illegal mining operations exploit workers, subjecting them to unsafe conditions with little to no pay. Child labor and forced labor remain significant issues in these unregulated sectors.
    Addressing these challenges requires stronger governance, stricter law enforcement, and international cooperation to curb illegal activities and promote ethical practices in the mining industry.

The Call for Alternative Energy Sources

Africa’s role in the global energy transition becomes increasingly vital as the world shifts toward more sustainable energy solutions.

  • The Need for Diversification: Although Africa’s mineral wealth includes fossil fuels like oil and natural gas, the global demand is gradually shifting toward clean energy sources like solar, wind, and hydropower. This transition offers Africa a unique opportunity to diversify its energy mix.
  • Battery Minerals and Renewable Energy Technologies: Africa is abundant in minerals like lithium, cobalt, and nickel, essential for battery technologies in electric vehicles and renewable energy storage. By developing these resources responsibly, Africa can become a leader in the global shift toward green energy.
  • Challenges and Opportunities: While alternative energy sources provide immense potential, there are challenges like infrastructure development, policy implementation, and funding. African nations must create favorable conditions to attract investment and build the necessary infrastructure to support this transition.

Prospects: Mining Sector Development

The future of Africa’s mining sector holds promising opportunities for growth and development if managed strategically.

  • Sustainable Mining Practices: Emphasizing sustainable mining practices that minimize environmental impact and promote social responsibility can unlock long-term benefits for African economies.
  • Investment in Technology and Innovation: Leveraging technological advancements in mining can improve efficiency, reduce operational costs, and address environmental concerns. Automation, data analytics, and artificial intelligence are transforming the industry into a more modern and competitive sector.
  • Value Addition and Industrialization: Moving beyond raw material extraction to focus on value addition—such as refining minerals locally—can enhance Africa’s competitive edge in the global market. Industrialization in the mining sector will create jobs, boost local economies, and reduce dependency on foreign exports.
  • Regional Cooperation and Policy Reforms: Collaborative efforts among African countries and harmonized mining regulations can create a more robust and unified market. Regional partnerships will be key to unlocking the continent’s mineral potential, ensuring fair trade practices, and maximizing economic gains.

Africa’s mineral resources have the potential to fuel a brighter future, not only for the continent but for the world at large. However, to harness this potential, African nations must tackle illegal mining, embrace alternative energy sources, and invest in the sustainable development of the mining sector. With the right policies, investments, and strategic partnerships, Africa can position itself as a leader in the global economy and a key player in the transition to a more sustainable, resource-efficient future.

IPMAN Protests Rising Petrol Prices, Threatens To Stop Operations

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The Independent Petroleum Marketers Association of Nigeria (IPMAN) has issued a warning to halt operations across the country in response to escalating petrol prices imposed by the Nigerian National Petroleum Company Limited (NNPCL).

On Thursday, IPMAN disclosed that while Dangote Petroleum Refinery sells petrol to NNPCL at approximately N898 per litre, independent marketers are being charged N1,010 per litre in Lagos. This pricing disparity has sparked outrage, as IPMAN, which oversees over 70% of Nigeria’s filling stations, demands a refund from NNPC for previous petrol purchases.

The situation is likely to exacerbate petrol shortages and long queues nationwide. Meanwhile, it has been reported that members of the Major Energies Marketers Association of Nigeria (MEMAN) continue to access subsidised petrol from Dangote refinery based on prior agreements with NNPC.

IPMAN’s National Publicity Secretary, Chinedu Ukadike, emphasized that if the conflict with NNPC isn’t resolved soon, they may have to cease operations. The association’s president, Abubakar Maigandi, noted that the prices independent marketers are being asked to pay far exceed NNPC’s purchase price.

Maigandi indicated that NNPC has withheld N15 billion of IPMAN members’ funds for approximately three months. As a result, marketers are eager to procure petrol directly from Dangote Refinery instead of relying on NNPC, which has imposed burdensome pricing.

Recent increases in retail petrol prices have already stirred public discontent, marking the second hike within a month and pushing prices up by about 14.8%. The Nigeria Labour Congress and the Organized Private Sector are calling for an immediate reversal of these hikes.

With the latest adjustments, petrol prices have surged over 430% since the current administration took office. Despite attempts to reach NNPC for comment, no response was forthcoming as of the report’s publication.

In contrast, MEMAN claims to remain unaffected by NNPC’s pricing changes due to its established relationship and integrated supply systems, allowing them to manage stock more effectively.

As the fuel price hike takes a toll on the economy, experts warn of potential repercussions for small businesses and consumers alike, with rising costs likely leading to increased poverty levels and economic instability.