Cloned Nigerian Anchor

Author: Doris Israel Ijeoma

  • More Woes For Nigerians As Presidency Moves To Increase VAT Rate

    More Woes For Nigerians As Presidency Moves To Increase VAT Rate

    The current financial woes of the Nigerian is set to get worse as the Presidential Committee on Fiscal Policy and Tax Reforms has put forth a proposal to increase the current Value Added Tax (VAT) rate. 

    Mr. Taiwo Oyedele the chairman of the committee, has highlighted the need for this change during a policy exposure session. 

    Currently set at 7.5 per cent, the proposed adjustment aims to restructure the revenue-sharing formula, with states and local governments set to receive a larger portion. 

    Oyedele stressed the importance of ensuring transparency and neutrality in VAT collection, emphasizing that the burden should fall on the ultimate consumer. 

    To mitigate the impact on small businesses and the underprivileged, certain essential goods and services would remain exempt from VAT. 

    He said, “We are proposing that the federal government’s portion should be reduced from 15 per cent to 10 per cent. States’ portion will be increased, but they would share 90 per cent with local governments.

    “In 1986, we had sales tax collected by states. The military came up with VAT in 1993 and stopped sales tax, so they said it would collect VAT and return 15 per cent as cost of collection, and that is the 15 per cent charged today came about. But we think it is too much.

    So we must make it transparent and neutral, and this is what over 100 countries where they have VAT are doing.

    “Nigeria’s economy is more than 50 percent in services and if I just stop at this, many states will be broke because VAT collection will go down by more than 50 percent and it won’t even fly.

    “So we, therefore, need to adjust the VAT rate upward. We would ensure that it doesn’t affect businesses. The only thing is to look at basic consumption from food, education, medical services, and accommodation will carry zero per cent VAT. So, for the poor and small businesses, no VAT.”

  • ALGON support call for Fubara’s impeachment

    ALGON support call for Fubara’s impeachment

    The crises in Rivers state is beginning to take a new dimension after the state chapter of the All Progressives Congress, APC, called for the impeachment of Governor Siminalayi Fubara yesterday.

    In support of the call, the Rivers State chapter of the Association of Local Government Areas of Nigeria, ALGON, has accused Governor Fubara of withholding funds allocated for the 23 LGAs in the state.

    According to the state chapter of ALGON, the Governor’s action has hindered their ability to carry out their duties, saying it amounts to abolishing local government councils in the state.

    The LG Chairmen also indicated that they are in support of the call for impeachment of the Governor by the Caretaker Committee Chairman of the All Progressives Congress, APC, Tony Okocha, who had asked the Martins Amaewhule-led State House of Assembly to initiate impeachment proceedings against the Governor.

    Addressing journalists on Wednesday, Allwell Ihunda, the State ALGON Chairman and Chairman of Port Harcourt City Local Government Area said, “It has come to the notice of the Association of Local Governments of Nigeria, Rivers State chapter, that the Rivers State Government, under the leadership of His Excellency, Sir Siminalayi Fubara, has neglected, failed, and deliberately refused to hold the statutory Joint Account Allocation Committee Meeting which is the prerequisite for the release and disbursement of funds due to the local government in the State Joint Local Government Accounts.

    “And has continued to withhold the statutory allocations due to the 23 local government councils of Rivers State since April 2024.

    “And in the case of Emuoha LGA since March 2024 till date for no just course, thereby starving the third tier of the government of the funds required to discharge its statutory functions in the administration of the local government areas.”

  • TUC Threaten Nationwide Strike Over Cybersecurity Levy 

    TUC Threaten Nationwide Strike Over Cybersecurity Levy 

    The Trade Union Congress (TUC) has threatened a massive protest that will shut down the Nigerian economy should the Federal Government fail to cancel the controversial cybersecurity levy recently introduced by the Central Bank of Nigeria.

    The TUC in a statement signed by its President, Festus Osifo, on Wednesday, slammed the directive by the CBN to banks imposing a 0.5 per cent cybersecurity levy on almost all electronic transactions.

    This is after the Nigeria Labour Congress (NLC) had heavily criticised the levy which it described as another burden on Nigerians.

    Adding to the deluge of condemnations that have greeted the introduction of the levy which the CBN said will take effect in two weeks from May 6, the TUC said it is illogical that this is coming at a time that Nigerians are grappling with the high cost of living that is imposed by the devaluation of Naira, hyper hike in the cost of Petrol, supersonic increment in the cost of electricity tariff, etc.

    The union said it is disturbed that since the inception of the President Bola Tinubu-led administration, government policies have brought pain, anguish and sorrow to Nigerians.

    It lamented that account holders in Nigeria are already dealing with multiple taxation from both the Federal Government and the banks.

    The TUC berated the National Assembly for “colluding” with “elements in the executive” to “exploit” the citizens they ought to be protecting.

    Saying that all Nigerians are interested in right now is the urgent conclusion of discussions around the minimum wage and not a “vexatious policy”, the TUC urged the Federal Government to immediately direct the CBN to withdraw the circular to banks and cancel the levy forthwith.

    It said that it will be left with no option but to mobilize all its members, stakeholders and indeed the entire masses “to embark on the immediate protest that would culminate into the total shutdown of the Nigerian economy as this is one exploitation too many.”

  • Since when did the office of the NSA become a revenue collecting centre?” – Peter Obi knocks Tinubu over Cybersecurity Levy” 

    Since when did the office of the NSA become a revenue collecting centre?” – Peter Obi knocks Tinubu over Cybersecurity Levy” 

    Former Anambra State governor Mr. Peter Obi has challenged the Tinubu-led government over the introduction of cyber security levy.

    He wrote:

    “The introduction of yet another tax, in the form of Cybersecurity Levy, on Nigerians who are already suffering severe economic distress is further proof that the government is more interested in milking a dying economy instead of nurturing it to recovery and growth.

    “This does not only amount to multiple taxation on banking transactions, which are already subject to various other taxes including stamp duties but negates the Government’s avowed commitment to reduce the number of taxes and streamline the tax system.

    “The imposition of a Cybersecurity Levy on bank transactions is particularly sad, given that the tax is on the trading capital of businesses and not on their profit, hence it will further erode whatever is left of their remaining capital, after the impact of the Naira devaluation and high inflation rate.

    “It is inconceivable to expect the suffering citizens of Nigeria to separately fund all activities of the government. Policies such as this not only impoverish the citizens but also make the country’s economic environment less competitive.

    “At a time when the government should be reducing taxes to curb inflation, the government is instead introducing new taxes. And when did the office of the NSA become a revenue collecting centre?

    “And why should that purely national security office receive returns on a specific tax as stated in the new cybersecurity law? -PO”

  • DSS arrests former Oyo PMS chairman, Auxiliary

    DSS arrests former Oyo PMS chairman, Auxiliary

    The Department of State Services has reportedly arrested Mukaila Lamidi, the embattled chairman of the Oyo State Park Management System, popularly known as Auxiliary.

    According to The Punch, Auxiliary was arrested at about 4:00 pm on Tuesday at his residence in the Olodo area of Ibadan, the state capital.

    Although the reasons for his arrest are still sketchy, a source who spoke to our correspondent on the condition of anonymity because of the weight of the matter said it was because of an interview he granted on Saturday, May 4, in which he called out Seye Famojuro, a trusted ally of Oyo State Governor, Seyi Makinde, for being behind his woes.

    In the interview he granted to Media personnel, Ajibola Akinyefa, in the Yoruba Language, the former PMS chairman said, “If he (Famojuro) is the governor or Seyi Makinde is, we will know. It is just a matter of time. Everybody will face the consequences of their actions. The people he chose to manage the park are cheating themselves.

    When asked if it was his hooliganism that led to his removal, Auxiliary queried how many people reported that he beat them to the police.

    He further said that Seye would still return to Ijesha because Ibadan is not his homeland.

    “Seye will still go back to Ijesha because Ibadan is not his town. Only Governor Seyi Makinde and I will remain here because we won’t run away. And I see that the bird is not working, but God feeds it. Seye will reap the seeds of his actions,” he added.

  • CBN Suspends Charges On Cash Deposits 

    CBN Suspends Charges On Cash Deposits 

    The Central Bank of Nigeria has decided to stop charging fees on cash deposits until September 30, 2024.

    The central bank shared this information in a memo dated May 6, 2024, signed by Adetona Adedeji, who is the director of banking supervision at CBN.

    CBN said,“Please refer to our letter dated December 11, 2023, referenced BSD/DIR/PUB/LAB/016/023 on the above subject, suspending processing charges imposed on cash deposits above N500,000 for Individuals and N3,000,000 for Corporates as contained in the “Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions” issued on December 20, 2019,”

    “The Central Bank of Nigeria (CBN) hereby extends the suspension of the processing fees of 2% and 3% previously charged on all cash deposits above these thresholds until September 30, 2024.”

  • Foreigners earning more from mining than Nigerians, says Akpabio

    Foreigners earning more from mining than Nigerians, says Akpabio

    Senate President Godswill Akpabio on Tuesday, May 7, lamented that foreigners are earning more from mining the nation’s solid minerals than Nigerians.

    Akpabio made this assertion in his speech before declaring open a three day investigative hearing on: “The need to comprehensively review the input and output values of the Nigeria mining industry in the light of its general role to economic diversification, foreign exchange earnings and social inclusion” in Abuja.

    The public hearing was organised by the Senate Committee on Solid Minerals Development chaired by Senator Sampson Ekong (PDP – Akwa Ibom South.

    Akpabio further said that the foreigners after exploitating the solid minerals and benefiting from them maximally, often leave behind a tale of woes including insecurity.

    He said time has come for the country to benefit from the mining sector while challenging stakeholders at the event to discuss the challenges that have hindered the growth of the mining sector and come up with a way forward.

  • Comedian Seyi Law knocks Tinubu government over Cybersecurity Levy

    Comedian Seyi Law knocks Tinubu government over Cybersecurity Levy

    Comedian Seyi Law has taken to social media to knock the Tinubu administration over the new cyber security levy.

    The Central Bank of Nigeria (CBN) had issued a directive to all banks and financial institutions to implement a cybersecurity levy on banking transactions.

    This new levy, set at 0.5% of the value of all electronic transactions, was in response to the escalating concerns over cyber threats and follows the guidelines of the recently enacted Cybercrime (Prohibition, Prevention, etc.) (Amendment) Act 2024.

    Reacting to the development, Seyi Law wrote:

    “I hate when government agencies don’t speak up to the understanding of the citizens and allow wrong narratives to fester before tackling it. Cybersecurity level, according to the act, is 0.005%, and different figures from 0.5% to 3% are being thrown around.

    “A 0.5% charge in the Nigeria of today is in itself too much punishment on Nigerians. Are we trying to discourage banking transactions again and encourage cash keeping? @cenbank should revisit this abeg.

    “Stamp duty is something, and now this. It is unacceptable. @NGRPresident @officialABAT, let the poor breathe. When will the new minimum wage be announced and implemented? Some of your ministers need to look for another job. One year is here and we are counting”.

  • France Speaks On Plan To Set Up Military Bases In Nigeria

    France Speaks On Plan To Set Up Military Bases In Nigeria

    The French Government has said there are no discussions between France and Nigeria to establish military bases in the country.

    Recall that some eminent Northern leaders and Civil Society Organisations cautioned President Bola Tinubu against allowing the United States and the French governments to relocate their military bases from the Sahel to Nigeria.

    In a letter to Tinubu and the leadership of the National Assembly, the leaders urged the government to resist pressures from the US and France.

    They questioned the benefits of foreign military bases, particularly noting the lack of effectiveness in curbing terrorism in the Sahel region despite the presence of American troops and intelligence personnel in Niger.

    However, in an interview with The Punch, the Head of Communication at the French Embassy in Nigeria, Onyinye Madu, said there was no such plan to establish any military base in the country.

    Madu added that no discussions have taken place or are planned between France and Nigeria regarding the relocalisation of military bases.

    She said, “The French Embassy in Nigeria would like to point out that contrary to the claims made in the open letter quoted in the article, no discussions have taken place or are planned between France and Nigeria regarding the relocalisation of military bases.”

    Also, the Federal Government, on Monday, clarified that there were no discussions with foreign countries regarding the establishment of foreign military bases in Nigeria.

    The Minister of Information and National Orientation, Mohammed Idris, made the clarification in a statement he signed on Monday.

  • Three Edo assembly lawmakers suspended over impeachment plot

    Three Edo assembly lawmakers suspended over impeachment plot

    The Edo House of Assembly on Monday suspended three lawmakers over alleged plot to impeach the speaker and other principal officers.

    The speaker, Blessing Agbebaku, announced the suspension at resumption of plenary in Benin.

    Mr Agbebaku alleged that Donald Okogbe (PDP Akoko-Edo II), Bright Iyamu (PDP-Orhionmwon South) and Adeh Isibor (PDP-Esan North East I) were being used by some external forces to cause chaos and remove the leadership of the parliament.

    The pronouncement led to a rowdy situation at the parliament as the lawmakers tried to challenge their suspension.

    “Mr speaker, you don’t have the right to unilaterally suspend any member of the house. You must call for votes,” the opposing legislators said. “Allow members to vote on the matter.”

    The speaker thereafter adjourned plenary abruptly.