Kogi govt denies imposing bread tax on bakeries, sellers – Newstrends
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Kogi govt denies imposing bread tax on bakeries, sellers

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The Governor of Kogi State, Alhaji Yahaya Bello, has denied any knowledge of any plan by the state government to impose a tax on loaves of bread.

He described as an embarrassment the report credited to the state government as endorsing a new tax to be paid by bakery operators and sellers on every loaf of bread.

Bello made the clarification through the Kogi State Deputy Governor, Chief Edward Onoja, in a statement.

He said, “We have just seen a purported consultancy agreement between one of our ministries and a private firm to impose an ill-conceived levy on bread in the state.

“For the records, neither the governor nor the state executive council has imagined or proposed such a devilish tax regime, how much less imposing same on any food or essential commodity, not to mention bread which is a staple and the lifeline of many a household.”

The governor added that such a claim was “in fact, an embarrassment to the state government.”

The deputy governor revealed that his boss directed him to debunk the news to underscore how serious government considered the disinformation.

“I am directed by His Excellency to give the lie to news of an alleged tax imposed on each loaf of bread to be sold in Kogi State. There is no iota of truth in the claims that we have approved such wickedness, because we have not and cannot.”

He added that Governor Bello’s responses to issues impacting the welfare of his people during the COVID-19 pandemic as a proof that such a tax ran counter to everything the administration stood for.

“It is well-documented in the media that Governor Yahaya Bello has fought powerful forces, more than any other governor perhaps, to keep his people safe. As COVID-19 ravaged the country and the world, he has mobilised them for lifestyle changes that defeated the virus in the state.

“He spared them lockdowns and the inherent disruptions to their lives and livelihoods characteristic of COVID responses in other places. He scrupulously obeyed WHO and NCDC guidelines to provide testing to high risk individuals.”

Onoja said Governor Yahaya Bello remained undaunted because of his desire to protect his people at all costs.

He added, “Today, the results of my governor’s novel approach to the novel coronavirus are evident for all to see on every daily update given by the federal authorities.

“Kogi State sits at the bottom of that list, and even those five cases allocated to us are controversial at best. To put it mildly, we have had no confirmed case of COVID-19 in Kogi State.

“About three months ago, we rolled out the Kogi Care Initiative, for which Council approved N1.56 billion as a post-COVID economic stimulus and recovery programme customised for different sections of our people – the poor, the elderly and the MSMEs.”

He therefore rejected the idea that “we can now impose a tax on individual loaves of bread sold in the state.”

The deputy governor said that no additional financial burden would be imposed on Kogi citizens and assured that “any business which has met the regulatory requirements for doing business in Kogi State including payment of routine tax is entitled to operate freely, and that includes bakeries and bread traders.”

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Tinubu orders creation of single-digit tax system

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Tinubu orders creation of single-digit tax system

President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.

Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.

A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”

The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”

 

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Naira gains further against dollar

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Naira gains further against dollar

The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.

According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.

On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.

Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.

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The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.

CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.

Naira gains further against dollar

(NAN)

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CBN jacks up interest rate amid soaring inflation

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CBN jacks up interest rate amid soaring inflation

The Central Bank of Nigeria (CBN) on Tuesday raised the interest rate from 22.75 per cent to 24.75 per cent amid soaring inflation.

Governor of the central bank, Olayemi Cardoso, made this known after the two-day Monetary Policy Committee (MPC) meeting held on Monday and Tuesday.

The country’s latest annual inflation rate jumped to 31.70 per cent from 29.90 per cent for last month, fueled by a continuous rise in food prices.

Cardoso disclosed that the MPC voted to adjust the asymmetric corridor around the MPR at +100 to -300 basis points.

He said the committee voted to retain the Cash Reserve Ratio (CRR) at 45 per cent for commercial banks and adjust the CRR of merchant banks from 10 per cent to 14 per cent.

The committee also voted to retain the liquidity at 30 per cent.

He said, “Members noted the continued rise in headline inflation driven largely by food prices, because of supply shortages, and high cost of Logistics and Distribution.

“The committee, therefore, was of the view that addressing food insecurity is key to containing current inflationary pressures.”

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