Senate Introduces 9% Communications Tax

A bill for an Act to introduce tax on Communication Services and Cable television services was on Wednesday scaled through first reading in the Senate. The bill sponsored by Senator Ali Ndume titled, “A Bill for an Act to establish the Communication Service Tax” if passed and signed into law will provide for the charging…

CBN Explains New Cashless Policy

The Central Bank of Nigeria (CBN) has explained the new cashless policy that it introduced on September 17, 2019. The new policy was greeted by outrage by Nigerians who frowned at the introduction of processing charges for cash deposits and withdrawals above N500,000 and N3,000,000 for individual and corporate accounts respectively.  But the CBN on…

Minimum Wage : Labour Threatens Strike

The Joint National Public Service Negotiating Council (Trade Union Side) has called on religious and traditional leaders in the country to prevail on the federal government to implement the new N30,000 to avert looming industrial action. The acting chairman of JNPSNC (TUS), Simon Anchaver, and Secretary, Alade Lawal, in a statement on Tuesday accused the…

VAT: Senate Expresses Concerns, Summons Finance Minister, FIRS Boss

The Senate Committee on Finance has summoned the Minister of Finance, Budget and National Planning, Mrs. Zainab Shamsuna Ahmed to appear before it to explain the rationale for the proposed hike in the Value Added Tax, VAT by the Federal Government  from the present 5% to 7.2%. Also summoned is the Executive Chairman of Federal…

Nigeria Increases Value Added Tax

The federal government has approved a new Value Added Tax (VAT) of 7.2 percent. The Minister of Finance, Budget and Planning, Mrs. Zainab Ahmed disclosed this on Wednesday in Abuja at a press briefing after the Federal Executive Council Meeting (FEC). The announcement came on the day the Presidential Election Petition Tribunal upheld the election…

Fuel Subsidy Gulps N650b in 12 Months

Nigeria spent N650.2 billion on petroleum subsidy in 12 months between April 2018 and March 2019 according to the Nigerian National Petroleum Corporation (NNPC). In a report released by the state-owned petroleum company, the sum of N104.35 billion was spent on subsidy in January 2019 alone which is the highest in the period. This was…