Business

Buhari okays suspension of 5% tax on telecom services

Published

2 years ago

September 6, 2022

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

Disaster averted as bird strike hits Abuja-Lagos Air Peace flight

Published

8 hours ago

November 14, 2024

Trends Admin

Disaster averted as bird strike hits Abuja-Lagos Air Peace flight

An Abuja-Lagos flight was on Thursday aborted following a bird strike on the airplane belonging to Air Peace, forcing the authorities to ground the aircraft.

The bird strike experienced in the early hours reportedly prompted a ramp return to ensure the safety of passengers onboard.

All the passengers quickly disembarked and were calmed down before they were moved into another plane for the one-hour journey.

A bird strike is a collision between a bird and an aircraft, or other airborne animal, while the aircraft is in flight, taking off, or landing. And it can be a significant threat to aircraft safety.

Air Peace in a statement by its Head of Corporate Communications, Ejike Ndiulo, said the bird strike occurred at 6:30am, and all passengers disembarked normally.

The statement read, “We wish to inform our esteemed passengers that our Abuja- Lagos 06:30 flight experienced a bird strike before take-off, prompting a ramp return as a safety measure. All passengers disembarked normally.

“We have deployed a replacement aircraft for the affected flight in order to minimize disruptions, thus ensuring that passengers continue their journeys promptly.

“We appeal for the understanding of our valued passengers impacted by this development, as well as those on other flights that may experience delays.

“At Air Peace, we are committed to providing safe, comfortable, and reliable air travel for all our passengers.”

Business

NNPC achieves 1.8mbpd crude oil production

Published

9 hours ago

November 14, 2024

Trends Admin

NNPC achieves 1.8mbpd crude oil production

The Nigerian National Petroleum Company Limited (NNPC Ltd) and its partners have revved up crude oil and gas production to 1.8million barrels per day (mbpd) and 7.4standard cubic feet per day (scfd).

The company which announced this at a press briefing said the feat was achieved in compliance with the mandate of President Bola Ahmed Tinubu.

Speaking on the development, the Group Chief Executive Officer, Mr. Mele Kyari, congratulated the Production War Room Team that anchored the production recovery process.

“The team has done a great job in driving this project of not just production recovery but also escalating production to expected levels that are in the short and long terms acceptable to our shareholders based on the mandates that we
have from the President, the Honourable Minister, and the Board,” Kyari explained.

Giving details of the efforts of the Production War Room, the Chief War Room Coordinator and Senior Business Adviser to the Group Chief Executive Officer, Mr. Lawal Musa, disclosed that the feat was achieved through the collaborative efforts of Joint Venture and Production Sharing Contract partners, the Office of the National Security Adviser, as well as government and private security agencies.

NNPC achieves 1.8mbpd crude oil production

Business

FG gets fresh $134m loan from AfDB for agric projects

Published

9 hours ago

November 14, 2024

Trends Admin

FG gets fresh $134m loan from AfDB for agric projects

The Federal Government has secured a loan facility of $134million from the African Development Bank (AfDB) to help farmers boost seeds and grain production in the country.

This is contained in a statement issued by Anthonia Eremah, Chief Information Officer, Ministry of Agriculture and Food Security, on Thursday, in Abuja.

Minister of Agriculture and Food Security, Sen. Abubakar Kyari, made his know at the unveiling of the 2024/2025 National Dry Season Farming in Calabar, Cross River State capital.

Kyari explained that with the re-introduction of the national dry season farming to boost year-round agricultural production, the loan would be handy and guarantee national food security in the country.

The minister said the initiative is under the National Agricultural Growth Support Scheme-Agro Pocket (NAGS-AP) Project.

He said the federal government had declared an emergency on food production to enable all Nigerians to get easy access to quality and nutritional food at affordable rates.

Kyari also said government wants to use the agricultural sector for national economic revival through increase in production of some staple food crops such as wheat, rice, maize, sorghum, soybean, and cassava during both dry and wet season farming.

He added that 107,429 wheat farmers were supported under phase 1 of the 2023/2024 dry season, and 43,997 rice farmers under the second phase of the 2023/2024 dry season.