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How tax reform will boost workers’ welfare, by FG

Published

2 days ago

January 3, 2025

Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele

How tax reform will boost workers’ welfare, by FG

The proposed Tax Reform Bills will significantly improve the quality of life for workers, the Federal Government has reaffirmed.

In response to misgivings expressed by the Nigeria Labour Congress (NLC) Joe Ajaero, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele outlined key measures embedded in the bills.

He said lowly-paid workers earning around N1 million annually (approximately N83,000 monthly), would enjoy full exemption from the Pay As You Earn (PAYE) tax. This policy would cover nearly one-third of workers in both the public and private sectors.

For middle-income earners, the bills propose reduced PAYE tax rates for those earning up to N20 million annually (about N1.7 million per month), benefiting an additional 60 percent of Nigerian workers. Members of the armed forces actively engaged in combating insecurity will also receive PAYE tax exemptions alongside other ranks.

To mitigate the rising cost of living, the bills propose eliminating Value Added Tax (VAT) on essential goods and services, including food, healthcare, and education, which account for approximately 60 percent of all household consumption. Other items such as transportation, renewable energy, compressed natural gas (CNG), baby products, sanitary towels, and fuel products, representing over 20 percent of household consumption, are also exempted. Oyedele explained that these measures would address nearly 82 percent of household expenses and up to 100 percent for low-income earners.

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The tax reform bills include provisions to incentivize better compensation for workers. These include tax breaks for wage awards and transport subsidies targeting low-income earners. Furthermore, the bills aim to simplify processes by removing bureaucratic restrictions on wage awards and introducing caps on taxable benefits granted to workers.

Oyedele explained that the reforms propose VAT exemptions on rent and property acquisition to promote affordable housing. Stamp duties on rents below N10 million would also be waived to alleviate housing-related financial burdens.

The tax reforms also prioritize employment creation through various incentives. These include tax benefits for employers hiring more workers, tax-friendly rules to attract remote work opportunities for Nigerians, and tax exemptions for 97 percent of Small and Medium Enterprises (SMEs). The harmonization and reduction of tax rates for large businesses are expected to stimulate growth, creating more job opportunities.

Acknowledging that the tax bills could be refined further, Oyedele noted the importance of robust debates and stakeholder engagements during the legislative process. “The bills in their current form are the most pro-workers tax reforms in Nigerian history,” he stated, urging the NLC to collaborate in identifying areas for improvement.

“We believe the NLC will not intentionally work against the interest of its members. We look forward to discussing specific areas to better serve the interest of all Nigerians, including workers,” Oyedele added.

How tax reform will boost workers’ welfare, by FG

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25-year-old man arrested for allegedly kidnapping minor in Kano

Published

17 minutes ago

January 5, 2025

Trends Admin

25-year-old man arrested for allegedly kidnapping minor in Kano

Operatives of the Kano Police Command on Saturday said it has arrested a 25-year-old man, Abubakar Musa for allegedly kidnapping a 2-year-old boy, Al’amin Ahmad Garba.

It was gathered that the suspect kidnapped his victim, took him to an unknown destination and demanded for a ransom of N50 million for the victim’s release.

The spokesperson of the command, SP Abdullahi Haruna said the suspect was arrested after a sustained follow-up and intelligence-led operation led to the victim’s rescue after 3 days in captivity.

According to SP Haruna, “The Kano State Police Command has successfully arrested a 25-year-old suspected kidnapper, Abubakar Musa, from Rijiyar Lemo Quarters, Kano. The suspect was apprehended for kidnapping a two-year-old child, Al’amin Ahmad Garba, and demanding a ransom of fifty million naira (N50,000,000) for the victim’s release.

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“The suspect was arrested on December 25, 2024, following a sustained follow-up and intelligence-led operation. The victim was rescued from a house in Unguwar Liman, Dorayi Quarters, Kano, where he was hidden for three days.

“The rescued victim was rushed to Murtala Mohammed Specialists Hospital Kano, treated, and discharged. He has since been reunited with his family.

“The suspect was charged to Magistrate Court Number 25 Nomansland Kano on January 3, 2025, and is currently remanded.

“The Commissioner of Police, Kano State Command, CP Salman Dogo Garba, assures the public that the Command will continue to work tirelessly to ensure the safety and security of all residents in Kano State.

“The Kano State Police Command encourages members of the public to continue supporting the Police by providing useful information that can lead to the arrest of criminals. In case of emergencies or to report any suspicious activity, contact the Kano State Police Command on the phone numbers,” SP Haruna however stated.

25-year-old man arrested for allegedly kidnapping minor in Kano

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Protest in Ondo community over plans to impose monarch

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22 minutes ago

January 5, 2025

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Ondo State Governor, Lucky Orimisan Aiyedatiwa

Protest in Ondo community over plans to impose monarch

There was a peaceful protest in Okeigbo, Ile-Oluji/Okeigbo Locàl Government area to push for a stop to an alleged plot by the Ondo state government to install a traditional ruler from the Aare Kugbayigbe ruling house.

The protesters said it was the turn of the Kuole Oloje Ruling House to produce the next Oluoke of Okeigbo.

Okeigbo has been without a king since 2023 when Oba Lawrence Oluwole Babajide died.

The protest was in support of the Oluoke Chiefs-In-Council and kingmakers appealed to Governor Lucky Aiyedatiwa to allow the rule of law to prevail in Okeigbo to avoid anything that could lead to a breakdown of law and order in the kingdom.

Speaking on behalf of the kingmakers at a press briefing in Okeigbo, Chief Dele Odunwole, the Ojomu Okeigbo, said a stay of execution has been filed against the lower court judgment which sacked late Oba Babajide.

The Oluoke Chiefs-In-Council appealed to Governor Aiyedatiwa to allow the case in the Appeal Court to be determined before embarking on any other action about the vacant stool.

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They said the Kuole Oloje Ruling House was the next to produce the next candidate for the vacant stool in line with the Oluoke chieftaincy declaration as contained in the Adeloye Chieftaincy Commission’s report.

“We, the Chiefs-In-Council, especially the kingmakers, are people of integrity and law-abiding citizens who would not do anything that could let the community and Ondo State at large down.

“We plead with all our sons and daughters of Okeigbo, within and outside, to please maintain peace at this trial time. All the problems of today will soon be over.”

Speaking on behalf of the protesters, Elder Ebenezer Oniwiede, said the community does not want trouble but peace.

He called for swift action to ensure peace and justice in the community.

“It is the turn of Kuole Oloje to produce the king for Okeigbo. Others have had their turn and should step aside under tradition. In the history of Okeigbo land, two Obas from the same ruling house have never been buried in the palace. This must not change now.

Protest in Ondo community over plans to impose monarch

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You saved Nigeria’s democracy by defeating third term agenda, Tinubu tells Nnamani

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3 hours ago

January 5, 2025

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President Bola Tinubu and former Senate President, Ken Nnamani

You saved Nigeria’s democracy by defeating third term agenda, Tinubu tells Nnamani

President Bola Tinubu has praised former Senate President, Ken Nnamani, for his decisive role in frustrating the infamous third-term agenda.

This is seen as taking a jab at former President Olusegun Obasanjo believed as being behind the third-term agenda.

Though Tinubu never directly named Obasanjo, the insinuation was clear. Obasanjo, who reported to be the mastermind of the controversial attempt to amend the constitution and secure a third term in office, faced a rebuke from President Tinubu during his visit to Enugu.

Acknowledging Nnamani’s pivotal role, Tinubu stated that Nnamani and his colleagues’ intervention saved Nigeria’s democracy from those who sought to derail it with the third-term agenda.

The meeting in Enugu on Saturday was part of Tinubu’s official visit, where he met with South East leaders to discuss critical issues concerning the region’s development.

The President also reiterated his administration’s commitment to completing the Eastern Rail line, connecting Port Harcourt to Maiduguri.

Tinubu expressed firm support for the development of the Anambra Basin, an area believed to hold substantial energy reserves, including an estimated 1 billion barrels of oil and 30 billion cubic feet of gas.

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This move, he said, would drive Nigeria’s energy future forward.