Nation
95% Of Small Businesses Should Be Off Tax – Oyedele
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The Federal Government is working on a system that will provide tax relief to 95 per cent of the informal sector of the economy in the country.
Mr Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, said this at the closing session of the committee on Sunday in Abuja.
He said this would be achieved through the exemption of businesses earning N25 million a year or less from the various taxes hindering their progress over time.
‘’So, we think that 95 per cent of the informal sector should be legally exempted from all taxes; withholding tax, company income tax, even payee on their staff.
‘’We’re using data to inform our decisions. Currently, if you earn N25 million a year or less, you don’t have to pay company income tax, you don’t have to worry about VAT.
‘’We think that the informal sector are people who are trying to earn legitimate living, we should allow them be and support them to grow to a point where they can then have the ability to pay taxes,” he said.
Oyedele said the new reforms being proposed would focus on the top 5 per cent of that sector, the middle class and the elite for taxes.
He said the committee was drafting the laws to effect the necessary changes in the fiscal policy and tax reform ecosystem of the country.
According to the chairman, the new laws will ensure that reviews become sustained by all governments coming in, adding that: “we don’t want this whole effort to go down the drain, after one or two years.”
On compliance, he urged all stakeholders to fully cooperate with the government in implementing a new fiscal and tax policy that would be used for the general good of the citizens.
‘’We think that the days of being above the law in paying taxes are over. The same thing we’re saying to our leaders, whether they are elected or appointed.
‘’We think they have to lead by example by showing that they have paid the taxes, not only on time, but correctly to the lawful authorities as contained in the various laws,” he said.
He said explained that some of the taxes complained about by Nigerians were those already in the constitution, which the committee had looked at and called for their review.
Oyedele said the committee report would be made to pass through the normal process of legislation in order to give it the full legal backing.
‘’So, our expectation is, as we progress now from ideation, proposal to implementation, you’ll see less and less of those issues and then you’ll see harmony in the direction of the fiscal system.
‘’Not only in the number of taxes we collect, you will also see an improvement in how those monies are being spent.
‘’In terms of priority of spending, in terms of the efficiency of spending and in terms of focusing on what impacts on the lives of majority of our population that live in multi-dimensional poverty,” he said.
Oyedele added that the committee had been working with the sub-nationals and the local government councils in its task of harmonising the taxes into a single digit in the country.
‘’So, we’re convinced, and that’s what the data tells us, that the right path we need to follow, is the path where we repeal many of these taxes, harmonise whatever is left.
‘’We think we can keep that within single digit across local government, state and federal government combined, and then improve the efficiency of collecting those taxes.
‘’We are also very convinced that we need to increase the threshold of exemption for small businesses, for low income earners because if you can’t make ends meet, the last thing you want is someone asking you to pay tax.
‘’We think in fact, when our nation gets to the level we need to be, we should be able to even add money to those who have very little or nothing,” said Oyedele.
At the ceremony, Vice-President Kashim Shettima restated President Bola Tinubu’s commitment to revitalise revenue generation in the country.
“Our aim remains the revitalisation of revenue generation in Nigeria, while sustaining an investment-friendly and globally competitive business environment.
“Contrary to speculations in some quarters, we are not here to frustrate any sector of our economy but to create an administrative system that ensures the benefits of a thriving tax system for all our citizens,” he said.
He said the dynamics of the nation’s fiscal landscape prompted the Tinubu administration to pause and reconsider the direction it was going.
“I am confident that both the Federal and State Governments stand ready to ensure the effective implementation of your reform proposals.
“We shall provide the institutional framework to guarantee the adoption of the consensus of this committee, aligning them with our economic agenda,”said Shettima.
Nation
MAN Begs FG To Slash Interest Rates On Loans
The Manufacturers Association of Nigeria (MAN) has appealed to the Federal Government to urgently direct the Central Bank of Nigeria to drastically reduce interest rates on industrial loans.
Speaking at the 10th Annual General Meeting of Kwara/Kogi axis of the Association held in Ilorin, Kwara State, yesterday, the outgone chairman, Ramon Bioku, lamented the present interest rate on business loans given to its members by banks
He stated the rate should be further reduced to one per cent.
The theme of the meeting was “Tackling the Challenges of Manufacturing Sector: A Win-Win for Government and Local Manufacturers.
“The CBN should also direct DMBs (Commercial Banks) to reduce interest rates on industrial loans. The Interest rates charged on Industrial Loans and other loans released as COVID-19 palliatives should be significantly reduced further to one per cent,” Bioku said.
He also urged the Bank of industry to approve and urgently roll out further reductions in its lending rates to industries, asking the CBN to wave many conditions for its foreign exchange policies to local manufacturers.
“CBN should widen the window of Foreign Exchange to Local Industries”, he said.
In his speech, read by the state commissioner for Business, Innovation and Technology, Damilola Yusuf Adelodun, Kwara State Governor declared the state’s continual support for MAN to boost the economy of the state.
The governor promised that the state government would continue to create a conducive environment for the manufacturers in the state.
Nation
Angry Youths Attack Rep In Bauchi Accuse Lawmaker Of Poor Representation
The member representing Ningi/Warji Federal Constituency of Bauchi State in the House of Representatives, Adamu Hashimu Ranga, narrowly escaped being mobbed by angry youths who allegedly attacked his convoy in Ningi.
The Tide’s source reports that Ranga, who was elected in 2023 under the Peoples Democratic Party, PDP, had attended the burial of the late Emir of Ningi, Muhammadu Yunusa Danyaya, last Sunday along with other prominent figures from the Ningi Emirate Council.
However, during the event, some youths of his constituency expressed their displeasure with his representation, accusing him of neglecting them since his election and relocation to Abuja.
The youths began chanting “Ba mu yi, ba mu yi” in Hausa, which translates to ‘We don’t want you’, while throwing sand and stones at the lawmaker as he was leaving the late Emir’s palace around 5:42 pm.
The Tide’s source gathered that all efforts to calm the youths proved futile as the attack continued. The attack escalated as the lawmaker approached his vehicle, resulting in severe damage to the car, with the windows, windscreen and rear mirrors shattered.
An eyewitness, in a phone interview with newsmen, described the incident as unfortunate.
He said, “I came out of the palace deeply saddened by the Emir’s demise, only to see youths throwing sand and stones at a car. When I moved closer, I realised it was our representative being attacked.”
He added that the youths had mobilised upon seeing the lawmaker, positioning themselves near his car and starting the attack as soon as he was leaving the palace.
It was further gathered that it took the intervention of security operatives for the lawmaker to be driven away from the scene.
Efforts to reach the Rep, Adamu Hashim Ranga, for comments were unsuccessful as at the time of writing this report.
Recall that the lawmaker’s constituents had also attempted to recall him from the National Assembly. It took the intervention of the late Emir of Ningi and others for them to stop collecting signatures to that effect.
Nation
Philanthropist Bags UN Peace Award
An Omuma-based philanthropist in Rivers State, Chief Obed Ndukwu has been bestowed with an award of Eminent Peace Ambassador by the International Association of World Peace Advocates.
Chief Ndukwu is the Och. Ala Umunwaka and Girigiri Bu Ugwu Eze 1 of Omuma.
Speaking during the presentation of the award, Amb. George Ojade explained that the Award of Eminent Peace Ambassador presented to a traditional ruler, is an appointment for him to continue his humanitarian services to his people and foster peace in the global community and among the traditional council in the society.
Also speaking, Dr. Emeka Okanu, who represented the world peace spokesperson of the association, Emmanuel Nkweke, said the prestigious title was bestowed upon Chief Ndukwu in recognition of his unwavering commitment to promoting peace and harmony both locally and internationally. “As a well-respected figure in his community and beyond, he has dedicated his life to fostering understanding and cooperation among diverse groups,” he said.
During the ceremony, Chief Ndukwu seized the opportunity to address the youths, emphasising the importance of peaceful protests and dialogue in addressing global issues.
He encouraged the younger generation to come together under one umbrella to work towards positive change, rather than resorting to violence or divisiveness.
Dr Okanu also commended Chief Ndukwu for his good works and recognition of the global system.
“His Eminence Chief Ndukwu’s words of wisdom and call for unity have resonated with many, inspiring hope and optimism for a brighter future. As a global diplomat and peace ambassador, he continues to lead by example, demonstrating the power of compassion, empathy, and cooperation in building a more harmonious world,” he said.
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