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Today, I officially signed the Lagos Electricity Bill 2024 into law. This new legislation tackles the ongoing challenges in our energy sector, aiming to promote economic growth, enhance quality of life, and ensure energy equity for all Lagosians. The law establishes a…
Nahh Land use act reform next. Let him pass that before they learn how read.
After this Tax Reform Bill goes through, the President should champion a ‘Reading, Critical thinking and Comprehension’ Bill. It’s as important as Electoral Reform act and Petroleum Industry Act.
Only beneficial to people in the lower income segment. I believe people should not pay taxes on rent (VAT or PAYE) since states have property tax.
If the proposed tax bills become law, you can claim up to 20% of your annual rent as a deduction, with a cap at N200k. It's a good deal for renters to reduce their tax bill, but here's the twist: it's also a clever move to bring landlords into the tax net. With the cap, your…
I don't know what the security agencies are doing to improve security incidents, but they should continue to do more. Data shows that Northwest has 29%, NE 29%, SW 12%, NC 14%, SE 8% and SS 8%. A significant improvement in security in NW, SW and NC.
Thank you Professor Pantami,you’re very correct about the mistrust among citizens & it’s the major cause for suspicion however,I don’t agree legislative action should be suspended on the bills. A public hearing is part of the legislative process & it must be utilized in this case
TAX REFORM BILLS! I have been preoccupied for the past week, having attended the World Halal Summit 2024 as a speaker at the invitation of the Presidency of the Republic of Turkiye. Consequently, I couldn't find time to read and review all the 4 bills, including the Nigeria Tax…
Let me burst your head; If you currently earn minimum wage of 840k, you’re exempted from taxes but if you mistakenly earn 1naira more,you’ll pay an annual tax of 39,920. With the proposed law,if you earn 840k minimum wage,you’ll pay an annual tax of 6k if you don’t pay any rent
The 800k income tax threshold is funny. Even minimum wage earners will pay taxes contrary to what is being banded around. Why are they lying?
No! This is false. If you earn 100k a month, that’s 1.2m a year. Of the 1.2m, 800k won’t be taxed; only 400k will be taxed at 15%. That’s effectively 5% tax rate. And the tax doesn’t go to Tinubu; It goes to your state governor.
If your income is up to 100k a month, just know that Tinubu plans to take atleast 15% of it as income tax. Oya tell me how this proposed tax bill will benefit you as a poor man earning 100k since they said the bill will favour the poor.
Don't sha start a national strike...
The President of the Nigeria Labour Congress, Joe Ajaero, on Tuesday, described the threat made by Ebonyi State Governor Francis Nwifuru towards workers protesting the non-implementation of the N70,000 minimum wage as irresponsible. punchng.com/nlc-condemns-e…
In case you need to read up on the Tax Reform Bill, see the links below: 1. fiscalreforms.ng/wp-content/upl… 2. fiscalreforms.ng/wp-content/upl…
Not sure these people read the bill? What are you talking about allowing the status quo to remain? What wider consultation is he talking about? How many years consultation does he want? 10yrs?
Why is it hard to understand that the VAT would be at the point of consumption and not manufacturing??? If the cornflakes is sold back to saminaka, the state government where saminaka is gets the VAT and not where it was manufactured!
Because they know VAT paid at the ports is not attributed to any state, it is attributed to the Federal Government.. Also since the importers are based in the east, if anyone goes to the east to buy from them, the VAT would be attributed to the eastern state they’re based.
The South East are of the highest importers in Nigeria. Almost all their goods come through the Lagos Port and VAT is paid in Lagos but the end Users have to come to the South East and buy. Why is the SE quite abt #TaxReformBill? Are they thinking it's only a Northern Palava?
This is what it looks like. This is State Govt only view. This was done in light of financial autonomy to the LG. S/O to Oga Waziri again.
So I have been advised not to combine State and LG share of VAT together. I will do a summary of State Govt only share. Current vs proposed change.
This feedback would have made sense if these bills would increase the tax burden on low class or lower middle class. The bills will increase monies to state govts, eliminate VAT on a number of basic goods, and ensure the middle & upper class + rich pay more.
"Enacting a law is a long process which allows all concerned parties to contribute to its development, and the lawmakers have to deliberate on it; make consultation, debate, and public hearings have to take place before approval, but this particular law, they are using force to…
The Tax Bills still require a lot of changes beyond what’s popularly known. During my visit to NASS to solicit support for #Budgetisamess campaign, HOR Speaker office reminded me that they asked for our inputs on the bills. We have done our reviews as requested by the HoR.…
Unequivocally behind the New Tax reforms! Let state governments start pulling their weight. All that laziness and relying on the strength of other states to contribute to your monthly allocation. Lmao! 😜
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