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Recovery Triumph

Recovery Triumph: Nigerian Soldiers Find Healing at Prince Harry’s Invictus Games

by Maliha Hussein

Recovery Triumph: In the chilly evening of November 2020, a pivotal moment altered Peacemaker Azuegbulam's life trajectory. A dedicated soldier ...

Nigeria Suspends Cybersecurity

Nigeria Suspends Cybersecurity Levy

Nigeria Suspends Cybersecurity Levy: Information Minister Mohammed Idris announced a significant development, stating that Nigeria has decided to halt the ...

The presidential committee on fiscal policy and tax reforms has proposed an increase in the value-added tax (VAT) rate in Nigeria, along with a revision of the VAT revenue-sharing formula. Committee Chairman Taiwo Oyedele made these remarks during a policy exposure and impact assessment session organized by the committee. Under the proposed changes, the committee suggests reviewing the share of VAT revenue allocated to state and local governments. Currently, states receive 50 percent of the revenue, while local governments receive 35 percent, leaving the federal government with 15 percent. The committee proposes increasing the share allocated to states and local governments to 90 percent, with states then sharing 90 percent of their portion with local governments. This would reduce the federal government's share from 15 percent to 10 percent. Oyedele explained that VAT is primarily generated at the state level and therefore the proposed sharing formula favors the lower tiers of government. He highlighted the historical context of VAT implementation in Nigeria and emphasized the need for a more equitable sharing structure. The committee also aims to ensure that the burden of VAT falls on the ultimate consumer. Oyedele stated that basic consumption items such as food, education, medical services, and accommodation would be exempt from VAT, benefiting the poor and small businesses. For other consumers, there may be a slight increase in VAT, but the committee aims to prevent businesses from passing on the additional costs to consumers. Regarding the administration of VAT collections, Oyedele emphasized the importance of a unified approach rather than granting exclusive custodianship to individual states to avoid potential chaos. The committee aims to collaborate with the private sector to ensure that VAT reforms are implemented smoothly and do not lead to price increases for consumers.

FG Plans for Additional VAT Raise and Adjusted Revenue Distribution Mechanism

FG Plans for Additional VAT Raise and Adjusted Revenue Distribution Mechanism The presidential committee on fiscal policy and tax reforms ...

Nigeria Denies Binance CEO's Bribery Claim, Labels It a 'Diversion

Nigeria Denies Binance CEO’s Bribery Claim, Labels It a ‘Diversionary Tactic

Nigeria Denies Binance CEO's Bribery Claim, Labels It a 'Diversionary Tactic Nigerian authorities have refuted Binance's CEO's allegations regarding soliciting ...

Ogun Police Rescue Three Indians, Neutralize Two Suspected

Ogun Police Rescue Three Indians, Neutralize Two Suspected Kidnappers

Ogun Police Rescue Three Indians, Neutralize Two Suspected Kidnappers The Ogun State Police Command announced that it successfully neutralized two ...

Tinubu's Homecoming: Presidency Confirms Arrival Today

Tinubu’s Homecoming: Presidency Confirms Arrival Today

Tinubu's Homecoming: Presidency Confirms Arrival Today The Presidency has officially confirmed that President Bola Tinubu and his entourage will return ...

Tinubu Extends Sympathies to Nuhu Ribadu, NSA

Tinubu Extends Sympathies to Nuhu Ribadu, NSA, Following Brother’s Passing

Tinubu Extends Sympathies to Nuhu Ribadu, NSA, Following Brother's Passing President Bola Tinubu has extended his condolences to the National ...

Peter Obi Slams Alleged 'Deportation' of Osun Indigenes

Peter Obi Slams Alleged ‘Deportation’ of Osun Indigenes from Lagos as Rights Infringement

Peter Obi Slams Alleged 'Deportation' of Osun Indigenes from Lagos as Rights Infringement Peter Obi, the presidential candidate of the ...

Dangote, BUA, Lafarge, and Others Called Before House

Dangote, BUA, Lafarge, and Others Called Before House Representatives on Cement Price Increase

by Chinedu Shen

Dangote, BUA, Lafarge, and Others Called Before House Representatives on Cement Price Increase The House of Representatives in Nigeria has ...

Nigeria's detainment of Binance

Nigeria’s detainment of Binance Executives sets alarming precedent, CEO warns

Nigeria's detainment of Binance: One of the world's leading cryptocurrency exchanges, Binance, has had its CEO severely chastise Nigeria for ...

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