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Folarin Kehinde

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JUST IN: Tax reform bills won’t harm north, no plan to scrap agencies – Presidency

by Folarin Kehinde
written by Folarin Kehinde

The Presidency has clarified that the proposed Tax Reform Bills do not recommend the scrapping of prominent agencies such as TETFUND, NASENI, or NITDA.

According to the State House, instead, the reforms aim to streamline Nigeria’s tax system, reducing the burden on businesses and promoting investment.

In a statement on Monday, December 2, 2024, Bayo Onanuga, Special Adviser to President Bola Tinubu, stressed that the bills consolidate multiple taxes into a single levy while ensuring agencies remain funded through budgetary provisions.

The changes, he noted, are designed to modernize outdated tax laws, fostering national growth without impoverishing any region.

Part of the statement read: “The tax reform bills will not make Lagos or Rivers more affluent and other parts of the country, as recklessly canvassed, poorer. The bills will not destroy the economy of any section of the country.

“Instead, they aim to enhance the quality of life for Nigerians, especially the disadvantaged, who are trying to make a living. Contrary to the lies being peddled, the bills do not suggest that NASENI, TETFUND, and NITDA will cease to exist in 2029 after the passage of the bills.

“Government agencies, such as NASENI, TETFUND, and NITDA, are funded through budgetary provisions with company income tax and other taxes paid by the same businesses that are being overburdened with the special taxes.

“One reason President Bola Tinubu embarked on the Tax and Fiscal Policy Reforms is the need to streamline tax administration in Nigeria and make the operating environment conducive for businesses.

“For decades, businesses, investors, and private sector players in Nigeria have complained of being overburdened by a myriad of taxes and levies, including those earmarked to fund various government agencies and initiatives.

“The multiple taxes complicate the economic environment, making Nigeria uncompetitive for investment and preventing many businesses from growing or continuing their operations.

“Some companies have had to make the rational decision to relocate to other countries. We can not continue on this path or wait for 20 years if this country is to deliver the prosperity we need for our people.

“The proposal, as contained in section 59(3) of the Nigeria Tax Bill, only seeks to consolidate some of the earmarked taxes imposed on companies and replace them with a single tax to be shared with the key agencies as beneficiaries in a phased manner until 2030.

“The time frame offers ample opportunity for the affected agencies to explore other funding sources in addition to budgetary allocations in line with the constitution and international best practices.

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Minimum wage: Labour ground activities in four states

by Folarin Kehinde
written by Folarin Kehinde

At least three states in Nigeria, including the Federal Capital Territory, experienced epileptic economic activities on Monday as members of the Nigeria Labour Congress and the Trade Union Congress declared industrial action in protest against the non-implementation of the N70,000 minimum wage.

Leading reporters gathered that Nigerian workers stalled economic activities in Nasarawa, Kaduna, and Ebonyi states and the FCT as they commenced a one-week warning strike.

The strike comes as some states have refused to implement the new minimum wage in October and November, 2024.

Teachers in the Federal Capital Territory (FCT), Abuja, are irked over non-compliance with the new minimum wage of N70,000 by the area councils in the nation’s capital.

In Kaduna, Nigerian workers paralysed activities in ministries and agencies in the state.

In reaction, the Kaduna State government claimed it had commenced the payment of minimum wage in October, except the consequential adjustment.

Similarly, in Ebonyi and Nasarawa states, members of organised labour also crippled activities.

However, in Ebonyi, the governor, Francis Nwifuru, gave the striking workers a 72-hour ultimatum to resume work or face dismissal.

Nwifuru said the government had approved N75,000 minimum wage and had started implementation.

However, workers in Ebonyi earlier described the N75,000 minimum wage announcement by the governor, Nwifuru, as a mere pronouncement not backed by action, hence the warning strike.

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BREAKING: Fire Razes Shops At Damaturu Market

by Folarin Kehinde
written by Folarin Kehinde

An early morning fire outbreak has razed the popular “Bayan Tasha” market in Damaturu, Yobe state capital.

The inferno, which broke out in the early hours of Tuesday, destroyed properties worth millions of naira, including several shops, kiosks, and other business establishments.

Following the intervention of fire service men, the fire was eventually brought under control, preventing it from spreading to nearby residential areas.

According to an official of the Yobe State Fire Service, the fire service was alerted through a distress call.

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Africa & World

Belgium approves maternity leave, pension for sex workers

by Folarin Kehinde
written by Folarin Kehinde

Belgium has enacted a law that grants sex workers the same rights and protections as other workers.

The legislation, signed into law on Sunday, ensures that sex workers are entitled to maternity leave, pensions, and legal safeguards against exploitation.

This decision followed widespread protests in 2022, during which sex workers demanded state support after being excluded from government assistance during the COVID-19 pandemic.

Under the new law, sex workers are granted the right to refuse clients, decline specific acts, or stop an act at any point.

Employers are also required to meet stringent standards, including maintaining hygienic premises, installing panic buttons, and ensuring the availability of clean linens and other necessities.

The Belgian Union of Sex Workers has praised the legislation, calling it a major step toward ending discrimination against their profession.

The union said the law is “a huge step forward, ending legal discrimination against sex workers”.

International organisations, such as Human Rights Watch, have commended Belgium’s progressive stance, urging other nations to adopt similar measures.

Erin Kilbride, a researcher at Human Rights Watch, said the law should be emulated by every country in the world.

“This is radical, and it’s the best step we have seen anywhere in the world so far. We need every country to be moving in that direction,” he said.

“This is an opportunity for us to exist as people,” said Sophie, a sex worker in Belgium, told BBC.

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Headlines

“Resume work within 72hrs or get sacked” Ebonyi Governor tells striking workers

by Folarin Kehinde
written by Folarin Kehinde

The Governor of Ebonyi State, Rt. Hon. Francis Nwifuru, has threatened to replace any worker involved in the ongoing industrial stike over the new minimum wage within 72 hours.

Governor Nwifuru stated this on Monday at his office in Abakiliki, the state capital, when reacting on the one week industrial action declared by the state Chairman of the Nigeria Labour Congress (NLC), Comrade Oguguo Egwu.

Oguguo had on Sunday said the strike was in line with the November 8, 2024 directive by the national leadership of the NLC to state councils in the states yet to implement the new wage.

Nwifuru, who frowned at the development, insisted that the National Assembly did not pass the bill for new salary increment but for minimum wage.

“The National Assembly didn’t pass a bill for increment in salary but minimum wage for workers, either did the bill state the maximum payable to workers.

“So I want to warn that the state would not fold its hands and allow personal interest to override public interest. And I will not allow that, so I was surprised to have read that labour went on strike after I started paying the new minimum wage in October.

“Again, let me make it known now that I am not owing any worker in the state any monthly salary, pension and gratuity.

“And if you did not go to work and choose to stay at home in the name of strike, I will replace you within 72 hours. So I’m giving you 72 hours to return to duty or I will sack you.

“I have directed that attendance register be open at every ministry and government offices and we are going to monitor attendance. We are also expecting every worker who came to work to sign and we are going to use it to pay those who came to work using that register. On the issue of negotiation, I don’t think I will because Comrade Egwu is not my worker,” he explained.

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JUST IN: Ohanaeze Ndigbo supports Tinubu’s tax reforms bill

by Folarin Kehinde
written by Folarin Kehinde

Ohanaeze Ndigbo, the apex socio-cultural organization representing the Igbo people, has expressed its unequivocal endorsement of President Bola Ahmed Tinubu’s proposed Tax reform bills.

The group lauded the reforms for their potential to revolutionize Nigeria’s economic framework, particularly benefiting Small and Medium Enterprises (SMEs) and workers, while addressing the long-standing issue of double taxation.

In a statement on Sunday, December 1, 2024, signed by its Secretary General, Mazi Okechukwu Isiguzoro, Ohanaeze described the reforms as a vital step toward equitable economic growth.

“These tax reforms represent a transformative opportunity for the rejuvenation of SMEs and the enhancement of Nigerian workers’ fortunes.

“By eliminating the scourge of double taxation imposed by unscrupulous state governors, these reforms will create an equitable business climate that significantly boosts both local and foreign investments,” the group stated.

The group stated that the Igbo community, known for its entrepreneurial spirit, stands to benefit immensely from the proposed measures, which are expected to bolster private sector growth and foster a fairer regulatory environment.

Ohanaeze urged Southern Federal lawmakers to put aside partisan differences and ensure the smooth passage of the reforms in the National Assembly.

“It is imperative that our Southern legislators close ranks, transcending partisan divides, to ensure that the Tax Reforms Bills navigate both chambers of the National Assembly successfully,” the statement emphasized.

The organization expressed disappointment at opposition to the reforms from some Northern governors and lawmakers, attributing it to an attempt to maintain the status quo in VAT derivation principles, which they argue favours select interests.

“If the Northern political elites succeed in thwarting President Tinubu’s initiatives, it could set a dangerous precedent, fostering resistance against meaningful reform,” Ohanaeze warned.

Ohanaeze reiterated its solidarity with the Tinubu administration, citing its previous decision to abstain from nationwide protests as a gesture of cooperation.

“The promise of a prosperous and just Nigeria is within our reach, but it demands our collective resolve to advocate for transparency, equity, and sustainable economic growth,” the group concluded.

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Headlines

Fire guts Trademore market in Abuja [VIDEO]

by Folarin Kehinde
written by Folarin Kehinde

A devastating fire swept through the only market in Trademore Estate, Lugbe, Abuja in the early hours of Monday, leaving traders and residents grappling with significant losses.

The blaze, which reportedly started around 3:30 a.m., broke out shortly after the Abuja Electricity Distribution Company restored power.

Eyewitnesses suggest the inferno may have been triggered by an electrical fault, though the exact cause has yet to be officially determined.

Joe, a resident of the estate, described the scene as “tense and chaotic,” noting that the fire had already spread widely by the time he was alerted at 4:00 a.m.

Efforts by residents to contact emergency services were initially met with delays.

Firefighters from Dunamis Church were the first to respond at around 5:00 a.m., followed by teams from the Economic and Financial Crimes Commission (EFCC) and Sauka Station.

It took two hours for emergency responders to bring the blaze under control, successfully preventing it from spreading further.

At the time of reporting, the extent of the damage and the value of goods lost remain unclear.

Authorities have not yet released an official statement on the incident.

Watch video below:

https://twitter.com/IamOgbeche/status/1863428506044002681?t=xmIlYYaDsMw8tIfZYAHEgA&s=08
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Business

BREAKING: FG begins N50 electronic levy deductions from Opay, Moniepoint, others’ users

by Folarin Kehinde
written by Folarin Kehinde

The federal government has commenced N50 electronic levy deductions from transactions of N10,000 and above made by users of financial technology (Fintech) companies, including Opay, Moniepoint, Kuda, and others.

The levy, called Electronic Money Transfer Levy (EMTL), introduced under the Finance Act 2020, places a singular and one-off levy of N50 on the recipient of any electronic receipt or transfer of N10,000 or above, and was earlier announced to take effect from September 9, Tribune Online reported.

The introduction of the EMTL was, however, met with opposition from Nigerians, with various groups including the National Association of Nigerian Students (NANS) calling on the federal government to reverse its position on the implementation of the levy.

Meanwhile, in a notice sent to customers earlier in September, Opay explained that the levy was imposed by the Federal Inland Revenue Service (FIRS), stating however that it did not benefit from it.

“Please be informed that starting September 9, 2024, a one-time of N50 will be applied to electronic transfers of N10,000 and above paid into your personal or business account in compliance with the Federal Inland Revenue Service (FIRS) regulations.

“It is important to note that Opay does not benefit from this charge in any way as it is directed entirely by the federal government,” Opay explained in its earlier notice.

In a recent development, the fintech companies have again notified their customers that the implementation of the N50 EMTL deduction has commenced from December 1, 2024.

Opay, in a message sent to its users on Saturday (also shared via its app), explained that the electronic levy deduction begins on December 1.

“Dear Customer, in line with the FIRS, the EMTL applies starting from December 1st, 2024,” the message reads.

Likewise, Moniepoint in a notice sent to its customers on Saturday, explained that it has commenced implementation of the EMTL charges, clarifying however that the levy will be remitted to the FIRS.

“Dear customer, you will be charged stamp duty of N%) on inflows of N10,000 and above. Moniepoint collects and remits this on behalf and to FIRS,” Moniepoint says.

Meanwhile, our correspondent also gathered that the EMTL implementation has officially taken effect with Fintechs already deducting N50 for the federal government on transactions of N10,000 and above.

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Business

After 65 years, Swiss multinational exits Nigeria, sells Lafarge Africa for $1 billion

by Folarin Kehinde
written by Folarin Kehinde

After more than six decades of operations in Nigeria, Swiss multinational Holcim has announced its decision to exit the country.

Holcim, a global leader in innovative and sustainable construction solutions, disclosed plans to sell its 83.8% stake in Lafarge Africa Plc to China’s Huaxin Cement in a transaction valued at $1 billion.

The deal, which is subject to regulatory approval, is expected to close by 2025.

This move aligns with Holcim’s global strategy to streamline its portfolio and focus on high-growth regions and sustainable initiatives.

The company has been divesting assets in less strategic markets, including Zambia, where it sold its majority stake to Huaxin Cement in 2021.

Lafarge Africa, formerly West African Portland Cement Company (WAPCO), began operations in 1959 and has been a cornerstone of Nigeria’s building materials industry.

Its facilities include plants in Ogun, Cross River, and Gombe states, with an installed production capacity of 10.5 million tons annually. The company is renowned for its flagship brands such as Elephant Cement and Supaset.

Huaxin Cement, the incoming investor, has a 116-year history in the global cement industry and is among China’s top manufacturers.

The acquisition positions Huaxin to strengthen its footprint in Africa, leveraging Lafarge’s established operations to expand in one of the continent’s largest markets.

Holcim, on the other hand, will focus on high-margin products and sustainable innovations, including low-carbon cement.

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Employment scam in MINT: Group petitions CBN, National Assembly, CCB, others: CBN Deputy Governor Emem Usoro; her aide Olakunle Abiola indicted Leading Reporters
Headlines

CBN Set To Retire 1,000 Staff Before End of 2024, Offers N50 Billion as Payoff

by Folarin Kehinde
written by Folarin Kehinde

The Central Bank of Nigeria is set to retire at least 1,000 of its workforce before the end of December 2024, Daily Trust reports.

Sources at the apex bank stated that the retirement plan by the CBN will gulp over N50 billion as payoff to those affected by the massive layoff.

According to the source, this process is in alignment with the re-organisation by the bank’s Board of Directors led by Olayemi Cardoso.

The BoDs had expressed their commitment to reducing the workforce of the Central Bank as it has disengaged several workers in the past 10 months.

This included 17 directors who had served under the immediate past governor, Godwin Emefiele who is facing charges before a Federal High Court.

While these directors are yet to be replaced, a circular released by the bank three weeks ago said the application for Early Exit Package (EPP) was open to all cadres of staff and will close by Saturday, December 7.

Those exempted from the EPP are staffers who are yet to be confirmed or who have served less than one year “as of the date of publication with the effective date of exit set at 31 December, 2024.”

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