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No TIN Requirement For Nigerians To Operate Bank Accounts In Finance Bill 2022 —–Presidency

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The Presidency said on Sunday that there is no provision in the Finance Bill (2022) that states that banks will be required to request for Tax Identification Number before opening bank accounts for individuals and existing account holders must provide their TIN to continue operating their accounts.

A top Presidency said this in a statement titled ‘No TIN requirement for Nigerians to operate bank accounts in Finance Bill 2022, says Presidency”.

According to the source, there are no provisions in the Finance Bill 2022, now before the National Assembly, forcing Nigerians to have a Tax ID number in order to operate a bank account.

The presidency highlighted the main changes proposed under the bill, which it said would be further defended this week at both the Senate and the House of Representatives.

It said, “Capital gains tax at the rate of five percent to be applicable on disposal of shares in a Nigerian company worth N500m or more in any 12 consecutive months except where the proceed is reinvested in the shares of any Nigerian company within the same year of assessment. Partial re-investment will attract tax proportionately. Transfer of shares under the regulated Security Lending Transaction is exempted.

“Lottery and gaming business to be specifically taxable under CITA including betting, game of chance, promotional competition, gambling, wagering, video poker, roulette, craps, bingo, slot or gaming machines and the like.

“Companies engaged in petroleum operations including midstream and downstream operations will not be eligible for exemption on profits in respect of goods exported from Nigeria. Downstream companies were previously eligible under the old upstream and downstream classification.

“Federal Inland Revenue Service to be empowered to assess CIT on the turnover of a foreign digital company involved in transmitting, emitting, or receiving signals, sounds, messages, images or data of any kind including e-commerce, app stores, and online adverts.”

According to the presidency, changes proposed include the reduction of the minimum tax rate from 0.5 percent to 0.25 percent of turnover (less franked investment income) is to be applicable to any two accounting periods between January 1, 2019, and December 31, 2021, as may be chosen by the taxpayer.

It said, “Disputed tax assessment to be in abeyance until determination while undisputed tax assessment is to be paid within 30 days after service of the notice of assessment on the company except otherwise extended by the FIRS. Reference to provisional tax has been deleted in recognition of the well-established self-assessment tax regime.

“Withholding tax on interest earned from a unit trust to be treated as final tax. Only WHT on the dividend is currently treated as a final tax for local companies.”

“The deployment of technology to automate tax administration including assessment and information gathering by FIRS to now include third party technology (previously only proprietary technology may be deployed). A penalty of N50,000 to be applicable where a company fails to grant access to FIRS in addition to N25,000 for each day the failure continues.”

BIG STORY

UK To Reduce Voting Age To 16 In General Elections

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The British government announced on Thursday its intention to grant voting rights in general elections to 16- and 17-year-olds, marking a significant shift that would place the UK among countries with the lowest voting age globally.

This move stems from a commitment made by the ruling Labour Party before gaining power last year, and is part of a broader set of proposed reforms to the democratic process, which some have described as “in crisis” due to issues like low voter turnout.

The proposal is expected to spark debate, as opponents argue it could be politically motivated, with younger voters perceived as more inclined to favour the centre-left Labour party.

“I think it’s really important that 16- and 17-year-olds have the vote, because they are old enough to go out to work, they are old enough to pay taxes, so (they) pay in,” Prime Minister Keir Starmer said.

“And I think if you pay in, you should have the opportunity to say what you want your money spent on, which way the government should go,” Starmer added.

To implement the change, the government will need to present legislation in parliament, where it holds a solid majority.

Globally, only a few countries allow citizens as young as 16 to vote in national elections, according to online sources.

These include Austria — the first EU member to reduce its voting age to 16 in 2007 — along with Argentina, Brazil, Ecuador, and Cuba.

Labour ministers argue the reform is designed to “modernise our democracy” and increase participation, while also matching the voting age already used in elections for devolved parliaments in Scotland and Wales.

Other planned reforms include the adoption of automated voter registration — a system already in place in Australia and Canada — and allowing UK-issued bank cards to be accepted as valid ID at polling stations.

These proposals come after the former Conservative government implemented laws requiring voters to present photo identification, which the Electoral Commission reported resulted in around 750,000 people being unable to vote in last year’s election.

Harry Quilter-Pinner, executive director of the Institute For Public Policy Research, described the proposals as “the biggest reform to our electoral system since 1969”, when the voting age was reduced to 18.

He estimated that lowering the voting age and introducing automated registration could add as many as 9.5 million new voters.

“Our democracy is in crisis, and we risk reaching a tipping point where politics loses its legitimacy,” he said, expressing his support for the proposed changes.

 

Credit: AFP

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BIG STORY

It’s Better For Anyone Holding PDP Down To Quit — Gov. Makinde On Atiku’s Exit

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Seyi Makinde, governor of Oyo state, has said that the departure of former Vice-President Atiku Abubakar from the Peoples Democratic Party (PDP) will not impact the party’s position.

Abubakar left the PDP on July 14, stating that the party has deviated from its founding principles.

The party, which serves as the main opposition, has been experiencing internal conflict since the 2023 presidential election.

Speaking on Wednesday during the 10th coronation anniversary colloquium of Aladetoyinbo Ogunlade, the Deji of Akure, Makinde said Atiku’s departure will not weaken the PDP’s foundation or momentum.

The governor noted that the PDP would be in a stronger position if those hindering its progress step aside.

“Politics is a game of interest. I don’t think his exit will make any dent on PDP as a party,” Makinde said.

“PDP is an institution. We have freedom of entrance and exit. Anyone who holds PDP down, it is better for such an individual to quit.”

Speculation continues to grow that Makinde may enter the 2027 presidential race.

Abubakar, who is also seeking the presidency, has aligned himself with the opposition coalition to advance his ambition.

Addressing the move by some opposition politicians to adopt the African Democratic Congress (ADC) ahead of the 2027 elections, Makinde said the coalition does not pose a threat to the PDP.

“I don’t see ADC as a threat to PDP. The goal is about the same. If you are not happy about the tempo and pace of governance, you are free to associate and see what can be done,” he said.

“But one thing we must all realise is that players will come and go, governors will come and go, presidents will come and go, but our state and country will remain.”

Makinde emphasized that traditional institutions are essential to good governance, conflict resolution, and community development.

“Too often, traditional institutions are misunderstood. Some imagine frail old men who have outlived their relevance,” he said.

“Others view them as mere instruments of political endorsement. That mindset must change.

“Traditional institutions are not relics of the past. They are enduring pillars of identity, legitimacy, and communal cohesion.

“Long before Nigeria’s formal administrative systems took root, traditional rulers dispensed justice, upheld values, coordinated local security, and kept communities united.

“Reforming legal frameworks to provide clarity on the roles, rights, and recognition of traditional councils and strengthening our security architecture to formalise community policing strategies rooted in traditional structures.”

Makinde said traditional institutions continue to be the custodians of the grassroots and warned that excluding them from nation-building would be a mistake.

“No wonder politicians continue to seek their blessings and validation,” he added.

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BIG STORY

RCCG Pastor Absconds With $8000 Church Money, Abandons Wife, Marries New One

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A pastor with the Redeemed Christian Church of God has reportedly fled with “$8,000” in church funds, left his wife behind, and married another woman.

Pastor Folu Adeboye, wife of the General Overseer, Worldwide, of the RCCG, disclosed this while speaking at a men’s programme.

She explained in a video monitored by Church Times that the pastor was given the money for mission work in South Africa but instead abandoned his wife and relocated to the United States, where he married someone else.

Adeboye said the incident happened during a visit to Cape Town, South Africa, where she preached at the RCCG parish led by the pastor. The church service was held in a rented space at an eatery.

While she was ministering, a woman entered and began packing chairs, apparently indicating their allotted time was over. Surprised by this, Adeboye asked the pastor what it would cost to get a permanent site.

The pastor, who she said hails from Ekiti State, suggested that “$8,000” would allow them to begin the process by purchasing a used vehicle. He proposed giving the vehicle to a tourism agency to generate returns for acquiring a permanent church building.

Encouraged by the idea, Adeboye gave him the money.

However, the pastor had other plans. After receiving the funds, he travelled to the United States and left his wife behind in South Africa.

She noted that the abandoned woman is now in a distressed state, nearly “running mad.”

Church Times quoted Pastor Adeboye as saying: “RCCG men, what are we going to do? Are we going to continue with such a lying spirit, a deceitful spirit to the God of the kingdom?”

She stressed the need to return to core values of faith and truthfulness. Recalling past hardships, she said: “We must get to the point where we say wherever He leads, we follow. We were in this bush. For three years, there was no light. We went back to the days of the lantern and we were grinding with stone, whereas where we were coming from we had grinding machines, we had washing machines.”

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