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Taiwo Oyedele confirms that the FG will remain committed to tax reforms.
In a recent interview, Mr. Taiwo Oyedele, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, affirmed the Nigerian federal government’s commitment to advancing significant changes in the country’s tax legislation, despite ongoing opposition. He emphasized that these reforms are crucial for enhancing the nation’s revenue, projecting that such changes would result in a doubling of revenue in relation to the gross domestic product (GDP) within the next two to three years.
The proposed reforms, initiated by President Bola Tinubu on October 3, include four critical tax reform bills currently under consideration by the National Assembly. These bills encompass the Nigeria Tax Bill, the Tax Administration Bill, and the establishment of a Joint Revenue Board. Notably, the proposed measures aim to increase the value-added tax (VAT) from 7.5 percent to 10 percent by 2025 and to reduce the company income tax (CIT) from an average of 30 percent to 27.5 percent over the same timeframe. Additionally, high earners may see a rise in their personal income tax (PIT) to 25 percent from approximately 20 percent starting next year.
Another significant element of the proposed reforms involves the dissolution of the Federal Inland Revenue Service (FIRS) in favor of creating a new entity, the Nigeria Revenue Service. This shift aims to streamline tax administration and enhance efficiency within the tax collection framework.
As Nigeria navigates these crucial tax reforms, the government’s resolve to implement them underscores a strategic move towards fiscal sustainability and economic resilience, designed to bolster the nation’s financial health in the coming years.
Governor Bassey Otu of Cross River State, Chairman of the All Progressives Congress (APC) Anambra State Governorship Primary Election Committee, has voiced confidence in the party’s potential to secure victory in the upcoming gubernatorial election. Addressing APC delegates in Awka, Governor Otu emphasized the possibility of wresting control of Anambra State from the incumbent All Progressives Grand Alliance (APGA), currently led by Governor Charles Soludo.
Governor Otu highlighted the strategic importance of aligning Anambra with the ruling party at the center, suggesting that such alignment would benefit the state’s populace. He further stressed the need for unity amongst party members, urging them to support the eventual primary election winner and work cohesively towards achieving success in the general election. The governor underscored the APC’s growing presence in the Southeast, emphasizing the potential impact of adding Anambra to its regional portfolio. His remarks signal a renewed and determined effort by the APC to expand its influence in the region.
Nigeria’s public debt has experienced a substantial surge, reaching N144.67 trillion by December 2024, a 48.58% increase from the N97.34 trillion recorded at the close of 2023. This data, released by the Debt Management Office, indicates a year-on-year increase of N47.32 trillion and a quarter-on-quarter rise of 1.65%.
This escalation is primarily attributable to increased external and domestic borrowing. External debt rose by 83.89% to N70.29 trillion, while domestic debt increased by 25.77% to N74.38 trillion. The Federal Government accounts for the majority of both external (N62.92 trillion) and domestic (N70.41 trillion) debt.
This significant increase in Nigeria’s debt profile has prompted concern among financial experts, particularly regarding the country’s capacity to manage this growing burden amidst existing infrastructural deficits. The implications of this rising debt for Nigeria’s economic stability and future development remain a critical area of analysis.
Nigerian media personality Omotunde Adebowale-David, widely known as Lolo 1, recently shared a deeply personal and traumatic experience: she was sexually assaulted by a male colleague in the broadcasting industry.
Speaking on the ‘Say My Piece’ podcast, which she co-hosts, Lolo 1 detailed the lasting impact of the assault, noting the recurring trauma she experiences upon encountering her assailant. She expressed hesitancy in naming the individual, citing concerns about potential scrutiny for not reporting the incident sooner.
Lolo 1’s courageous disclosure sheds light on the pervasive issue of sexual assault within professional spaces and underscores the complex emotional and societal barriers that prevent survivors from coming forward. Her words highlight the denial and self-blame that often accompany such experiences, prompting an urgent need for continued dialogue and support systems for victims of sexual violence. This revelation serves as a potent reminder of the work that remains in creating a safe and equitable environment for all individuals within the Nigerian media landscape and beyond.
APC Aims for Anambra: Governor Otu Expresses Optimism.
Nigeria’s Public Debt Burden Significantly Increases.
Nollywood Casting Practices Under Scrutiny: Actress Jemima Osunde Voices Concerns.
Queen Phinadon Honored at the Cultural Exhibition and Award Ceremony 202
Ambassador Phinadon Invited to Cultural Exhibition and Award Ceremony 2024 in Stockholm Sweden
