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Workers in Lagos to pay more for income tax – LIRS

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Workers in Lagos will have to pay more for personal income tax as the state Internal Revenue Service says this will now cover income from all sources as provided under the Finance Act, 2020.
The LIRS Chairman, Ayodele Subair, in a circular, clarified the position of the FA 2020 on the Personal Income Tax Act (PITA), which applies to Lagos tax laws.
Section 29 (2) of FA 2020 amended Section 33 (2) of PITA provided a new definition of gross income for the purpose of personal income tax. It states that ‘Gross Income’ is the income from all sources, less all non-taxable incomes, income on which no further tax is payable, tax-exempt items listed in paragraph (2) of the Sixth Schedule and all allowable business expenses and capital allowances.
This implies that “all statutory contributions to National Housing Fund, National Health Insurance Scheme, national pension scheme, life assurance premium and gratuities as enjoyed or subscribed to, by the taxpayer, to arrive at the gross income of a taxpayer which serves as the basis for computation of consolidated relief allowance (CRA),” he stated.
According to the PwC, this means that employees will no longer benefit from the tax relief previously claimable on income that relates to the National Housing Fund, pension contribution, and other tax-exempt items usually contained in the consolidated relief allowance.
Consolidated relief allowance is a relief granted to taxpayers to reduce the tax burden and increase disposable income.
“The new definition means that tax exempt items should now be deducted from gross emolument before computing the CRA,” PwC said in a policy document.
“As a result, employees will no longer benefit from the additional 20 per cent relief previously claimable on the portion of their income that relates to the national housing fund, pension contribution and other tax-exempt items.
“The reduction in CRA would result in higher effective tax rate and lower disposable income. Employers need to update their payroll templates or applications to ensure compliance.”
The Senate passed the 2020 Finance Bill in December, amending capital gains act; companies income tax act; industrial development (income tax relief) act; personal income tax act; tertiary trust fund act, customs and excise duties tariff; value-added tax act; stamp duties act; and electronic transaction levy.
The finance act amended the definition of gross income for the purpose of personal income tax.
Also, in paragraph 33 of the Third Schedule of the PITA (and section 22 of the finance act 2020), which is a catalogue of tax-exempt items.
The LIRS boss explained, with this, “All taxable persons in employment earning the gross income of national minimum wage, (currently set at N30,000 monthly – N360,000 per annum) or less are expressly exempted from paying personal income tax on the employment.
“Additional income from other sources excluding salaried employment of taxable persons on national minimum wage or less shall be subject to tax at the applicable rate(s).”

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Hyundai Unveils Mufasa, Grand Creta SUVs to Strengthen Nigeria Line-up (Updated)

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Hyundai Unveils Mufasa, Grand Creta SUVs to Strengthen Nigeria Line-up (Updated)

 

Hyundai Motors Nigeria has expanded its sport utility vehicle (SUV) range with the introduction of the all-new Mufasa and Grand Creta, offering Nigerian motorists more choices in styling, performance, technology and passenger comfort.

The two models, unveiled in Lagos on Wednesday, are targeted at different customer segments, with the Mufasa designed for motorists seeking a stylish, five-seater SUV, while the Grand Creta offers a three-row, seven-seater configuration suited to larger families and customers requiring additional passenger space.

The launch underscores Hyundai’s efforts to strengthen its presence in Nigeria’s competitive automotive market, where demand for versatile vehicles that combine comfort, safety, performance and practicality continues to shape consumer preferences.

Speaking at the launch, Hyundai Motors Nigeria’s General Manager, Sales and Marketing, Mr Gaurav Vashisht, said the new models reflected the company’s commitment to providing vehicles that meet the changing needs of Nigerian customers.

“The SUV segment continues to attract strong interest in Nigeria, as customers increasingly prioritise comfort, safety, technology and versatility,” Vashisht said.

He also gave a rundown of the two new vehicles’ features even as he stated that the Mufasa and Grand Creta were designed to meet different lifestyle requirements while maintaining Hyundai’s global standards of quality and innovation.

 

Mufasa targets style-conscious motorists

The Hyundai Mufasa combines bold exterior styling with a spacious cabin and features designed for everyday driving. Its distinctive front grille, signature LED lighting and muscular bodywork give it a commanding road presence.

Power comes from a 2.0-litre Smartstream multipoint fuel injection (MPi) petrol engine paired with a six-speed automatic transmission. Depending on the market specification, the engine produces approximately 150–160 horsepower and 193Nm of torque.

The five-seater SUV measures about 4,475mm in length, with a 2,680mm wheelbase, providing room for passengers and luggage while retaining a practical footprint for urban driving and longer journeys.

Its cabin features a modern dashboard, digital displays and storage spaces, while available equipment, depending on the variant, includes touchscreen infotainment, smartphone connectivity, automatic climate control, wireless charging and selectable driving modes.

Safety and driver-support features include anti-lock braking, electronic stability control, airbags and parking assistance, subject to the vehicle specification.

The Mufasa is positioned as an option for professionals, younger motorists and families seeking a combination of contemporary design, technology and everyday usability.

 

Grand Creta offers seven-seat flexibility

The Grand Creta complements the Mufasa with a larger cabin and seating for up to seven occupants, making it suitable for families and motorists who prioritise passenger capacity and interior flexibility.

The SUV is powered by an available 2.0-litre Smartstream petrol engine producing approximately 159 horsepower and 191Nm of torque. A six-speed automatic transmission is offered on automatic variant.

Its 2,760mm wheelbase supports a spacious three-row layout, while the flexible seating arrangement allows occupants to adjust the cabin to accommodate passengers or luggage.

Depending on the trim, convenience features include an eight-inch touchscreen infotainment system with smartphone connectivity, rear air-conditioning vents, keyless entry, push-button start and a digital instrument cluster.

Higher-specification versions may also feature leather-appointed seats, ventilated front seats, automatic climate control, wireless charging and a panoramic sunroof.

Safety equipment offered across the range includes six airbags, anti-lock braking, electronic stability control, hill-start assist, rear parking sensors, a rear-view camera and ISOFIX child-seat mounting points.

The model is aimed particularly at larger families seeking additional space and comfort without sacrificing the styling and versatility associated with SUVs.

 

After-sales support in focus

Beyond the new models, Hyundai Motors Nigeria says it is focused on delivering a comprehensive ownership experience through its authorised dealership network, after-sales services and access to genuine spare parts.

Vashisht said the Mufasa would appeal to customers seeking bold styling, modern technology and dynamic performance, while the Grand Creta would cater to those requiring greater passenger capacity, comfort and versatility.

“Our objective is not simply to introduce new vehicles but to deliver a complete ownership experience,” he said, reaffirming the company’s commitment to building long-term customer confidence in the Hyundai brand.

The two additions expand Hyundai’s existing SUV portfolio, which includes the Creta, Tucson, Santa Fe and Palisade.

Their introduction comes as automakers compete to attract Nigerian buyers with vehicles offering a balance of comfort, safety, technology, performance and long-term ownership value.

With the Mufasa and Grand Creta, Hyundai is seeking to broaden its appeal across different customer categories while strengthening its position in Nigeria’s increasingly competitive SUV market.

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Happening now: Hyundai unveiling of Mufasa and Grand Creta

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Happening now: Hyundai unveiling of Mufasa and Grand Creta (photos)

Two latest models of Hyundai auto brands are currently being officially rolled out in Lagos. The new vehicles are Mufasa and Grand Creta.

The unveiling is taking place at the Hyundai showroom on Akin Adesola Street Victoria Island, Lagos.

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No 5% Petrol Tax Plan, Oyedele Says, Amid Public Concerns

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No 5% Petrol Tax Plan, Oyedele Says, Amid Public Concerns

 

The Federal Government has no plan to introduce a new tax on petrol, Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said, dismissing reports that the administration of President Bola Tinubu intends to impose a five per cent levy on petroleum products.

Oyedele clarified the issue in a statement posted on his X account on Tuesday, insisting that a fuel tax was not being considered by the government.

“In my interview with ARISE News, I was clear: a fuel tax is not on the table,” he said.

His statement follows reports linking him to the proposed five per cent tax, which sparked concerns about a possible increase in the cost of petrol amid Nigeria’s persistent cost-of-living crisis.

Petrol prices have remained a major driver of transportation and distribution costs since the removal of the fuel subsidy, contributing to higher prices of food and other essential goods and services.

The prospect of an additional levy had raised fears that households and businesses could face further financial pressure.

However, Oyedele’s clarification indicates that the Federal Government is not currently considering the proposed fuel tax, amid broader efforts to reform Nigeria’s tax system and strengthen public finances.

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