Business
Buhari okays suspension of 5% tax on telecom services
President Muhammadu Buhari has approved the suspension of the controversial five per cent excise duty on telecommunication services just announced by the Ministry of Finance.
Minister of Communications and Digital Economy, Isa Pantami, disclosed this at the inaugural meeting of the Presidential Committee on Excise Duty for the Digital Economy Sector in Abuja.
He said the sector was already overtaxed on multiple fronts.
Pantami said got President Buhari’s approval to suspend the tax based on his petition to him on the long-term effects of the tax.
He was also allowed to constitute a committee which will look at the tax critically and advise the president appropriately.
The committee members were given as Pantami Chairman, while the Minister of Finance and National Planning, Chairman Federal Inland Revenue Services (FIRS), Executive Vice Chairman (EVC) of the Nigerian Communications Commission (NCC) and Representatives of all the telecom companies in Nigeria are members.
The Ministry of Finance and the Nigeria Customs Service had recently announced plans to start implementation of proposed five per cent exercise duties on telecommunication services and beverages in 2023.
Pantami however kicked against the move, saying it will increase the cost of telecommunication services, impoverish Nigerians the more and widen the gap in telecom access in the country.
Telecom operators under the aegis of Association of Licensed Telecom Operators in Nigeria, ALTON also kicked at the proposed tax, lamenting that it will whittle the growth of telecom penetration and put unnecessary pressure on subscribers ability to use telecom services.
Announcing the suspension of the tax yesterday, Pantami said, “It is because of my intervention that the President granted my prayers. He not only granted immediate suspension of the excise duty in the digital economy sector, but also approved that a committee be constituted to look into the matter carefully and advise accordingly.
“The President has appointed me to be his eyes and ears in the sector and it is my responsibility to ensure we are just and fair to the operators, government and most importantly our people that are the consumers,” the minister added.
Pantami said he petitioned the President and reminded him that excise duty is usually fixed on luxury products.
He also revealed that he reminded the President that currently, the ICT sector is over burdened by so many categories of taxes numbering up to 41. Some of these taxes, according to him, are duplicated and collected by the federal, state and local governments.
For him, the current economic situation doesn’t allow for continued burden on the poor citizens.
Receiving the news of the suspension, Chairman ALTON, Gbenga Adebayo, said it was a victory for the subscribers who would have borne the brunt of the tax. He said: “The news of the suspension is well received. It shows that the government is listening to the complaints of the people and is always ready to do everything to increase penetration.
“If the tax remained, the burden will be passed on to the subscribers and that would have put untold hardship on them. It is actually a victory for them. I want the government to listen more and take decisions that will improve our quest to be a digital economy. More of these types of decisions will show Nigeria is ready to use ICT to build the economy.”
Aviation
Aviation workers threaten nationwide airports shutdown over Customs officer assault
Aviation workers threaten nationwide airports shutdown over Customs officer assault
Aviation unions have announced plans to shut down airports across Nigeria starting March 31 in protest against the failure to remove a customs officer who allegedly assaulted the Director of Aviation Security at the Federal Airports Authority of Nigeria (FAAN).
In a joint statement signed by Ocheme Aba (NUATE), Frances Akinjole (ATSSSAN), and Abdul Rasaq Saidu (ANAP), the unions condemned the repeated physical assaults on FAAN staff, vowing not to tolerate such incidents any longer.
The unions also called on the government to urgently reduce the number of customs officers operating within the aviation sector, aligning with global best practices. They warned that if their demands are not met, they will proceed with the nationwide shutdown, potentially disrupting air travel and operations.
The statement reads: “Considering the enormity and frequency of physical and psychological assault on the staff and management personnel of FAAN, of which there is no end in sight, we are compelled to inform the management of the unwavering determination of our unions to cause the establishment of a clear framework of mutual respect among FAAN staff and the security agencies operating at the airports.
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“Consequential sanctions are in place which guarantee the safety and human rights of FAAN staff. We shall direct all the workers to withdraw from the airports with effect from March 31, 2025, pending when such protocols are established.
“The recent assault on no less a personality than the Director of Aviation Security of FAAN is one too many, which leaves a taste too bitter to swallow. It is our sincere hope that our demand in the above respect is well met to avoid the industrial conflagration that will ensue in the absence of acceptable remedial actions.”
In response, Abdullahi Maiwada, the spokesperson for Customs, stated in a recent release that the disagreement between FAAN officials and officers of the Nigeria Customs Service (NCS) stemmed from a miscommunication over equipment movement and seating arrangements.
Aviation workers threaten nationwide airports shutdown over Customs officer assault
Business
SEC announces stricter measures to protect investors
SEC announces stricter measures to protect investors
The Securities and Exchange Commission (SEC) has reaffirmed its commitment to protecting investors in Nigeria’s capital market by cracking down on fraudulent activities.
According to the Director-General of SEC, Dr. Emomotimi Agama, operators engaging in unscrupulous practices will face strict penalties as the Commission prioritizes safeguarding investor interests.
“So, clearly for us, it is getting people to understand that there is no hiding place anymore for anybody that has the intention to defraud Nigerians and to defraud anybody that is investing in this market,” Dr. Agama stated, emphasizing the Commission’s zero-tolerance policy.
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Dr. Agama highlighted that the Investments and Securities Act (ISA) 2007 serves as the framework for securities regulation in Nigeria, ensuring that market operators adhere to high ethical standards.
He emphasized the importance of the “fit and proper person’s test,” which requires operators to meet specific regulatory criteria to maintain their licenses.
“This is because the very ethics of regulating or registering a securities market operator is in the principle of the fit and proper person’s test,” he explained.
“What you have been seeing most recently by the revocation of licenses, the suspension of operators and our follow-up to operators that are not registered with the SEC is only a tip of the iceberg as to what we intend to do this year.”
Dr. Agama assured stakeholders that the SEC will leverage its regulatory powers under Nigerian law to deter fraudulent activities, noting, “We believe strongly that a protected investor is a powerful investor.”
SEC announces stricter measures to protect investors
Business
Bitcoin rises above $86,000 as crypto market gains momentum
Bitcoin rises above $86,000 as crypto market gains momentum
Bitcoin and other leading cryptocurrencies extended their gains on Monday, buoyed by positive investor sentiment despite concerns over upcoming U.S. tariffs and key economic data releases later this week.
As of 7am WAT, Bitcoin rose 3.2% to $86,590, while Ethereum gained 2.3%, trading at $2,047.
The global cryptocurrency market capitalization increased by 2.94% in the past 24 hours, reaching $2.84 trillion.
Other notable performers included XRP, Cardano, and Dogecoin, which posted gains of 3%, 2%, and 3.8%, respectively. Chainlink, Avalanche, Hedera, and Stellar recorded growth ranging from 3% to 10%.
“Bitcoin is holding above $86,000, registering a 3% gain today. The key resistance level to watch is $86,700; a breakout could pave the way for $90,000,” said Vikram Subburaj, CEO of Giottus.
Bitcoin’s market capitalization surged to $1.727 trillion, with dominance rising to 60.73%. Its 24-hour trading volume soared by 93% to $18.2 billion, while stablecoin transactions accounted for 94.74% of total crypto trading, reaching $57.58 billion, according to CoinMarketCap.
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Solana Outperforms Peers Amid Positive Market Sentiment
Solana (SOL) emerged as a standout performer, surging over 7% in the past 24 hours to trade above $139.
The rally was fueled by reports suggesting that President Trump’s April 2 tariffs may be more targeted than initially feared, easing market concerns.
Weekend rumors indicated that the tariffs might include country exemptions and non-cumulative charges on metals, contributing to improved sentiment across global markets.
The Federal Reserve’s projections for two rate cuts this year further supported risk assets, with the central bank describing potential tariff-induced inflation as “transitory.”
BitMEX co-founder Arthur Hayes expressed optimism about Bitcoin’s trajectory, stating, “The Fed’s policy orientation could help Bitcoin achieve $110k before it retests $76.5k.”
Solana’s momentum aligns with unprecedented acceptance rates. DeFiLlama reported that Solana’s total value locked (TVL) reached 54.87 million SOL, its highest level since June 2022. Ali Charts revealed that a record 11.09 million addresses now hold SOL, underscoring growing adoption.
Bitcoin rises above $86,000 as crypto market gains momentum
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