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National Assembly Considering Bill Seeking To Increase VAT From 7.5% To 10% By 2025

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The national assembly is considering a bill proposing an increase in the value-added tax (VAT) from 7.5 percent to 10 percent.

VAT is the consumption tax on goods and services levied at each stage of the supply chain where value is added.

The national assembly, in the executive bill, is seeking to raise the tax rate to 10 percent by 2025.

The legislature also has plan of increasing the VAT to 12.5 percent by 2026 through 2029.

“VAT shall be charged on the value of all taxable supplies at the following rates (a) 2025 year of assessment 10%; (b) 2026, 2027 2028 and 2029 years of assessment 12.5% (c) 2030 year of assessment and thereafter 15%,”

On May 8, Taiwo Oyedele, chairman of the presidential committee on fiscal policy and tax reforms, had said the VAT rate needs to be increased.

Reacting to the recommendation on September 8, Atiku Abubakar, former vice-president criticised the proposed VAT hike, describing it as a “regressive and punitive policy”.

However, Wale Edun, minister of finance, on September 9, said the VAT rate has not been unchanged.

In February 2021, the International Monetary Fund (IMF) had advised the federal government to raise the VAT rate to at least 10 percent by 2022.

CIT TO BE REDUCED TO 27.5% BY 2025

Meanwhile, the bill also proposes a reduction in the corporate income tax (CIT) to 27.5 percent by 2025 — down from 30 percent — and a further cut to 25 percent by 2026.

Companies with less than N20 million turnover are exempted from paying the CIT, according to the bill.

“Tax shall be levied, for each year of assessment in respect of total profits of every company, in the case of; (a) a small company, at zero percent; and (b) any other company, at the rate of-(i) 27.5% in 2025 year of assessment, and(ii) 25% from 2026 year of assessment,”

On June 4, Oyedele had said the presidential committee on fiscal policy and tax reforms proposed a reduction of the CIT by 5 percent.

He said the tax rate should drop from 30 percent to 25 percent to encourage businesses and investors.

Earlier this month, the federal government released the gazetted withholding tax regulations expected to take effect from January 1, 2025.

BIG STORY

Owa Obokun: Adeboye Backs Another RCCG Pastor To Become Monarch

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The General Overseer of the Redeemed Christian Church of God Worldwide, Pastor Enoch Adejare Adeboye, has endorsed Pastor Bayo Adeyokunnu, a Deputy Continental Overseer in the United States, to succeed as the Owa Obokun of Ijesaland. This endorsement comes after the throne became vacant due to the death of Oba Adekunle Aromolaran.

Church Times reports that Adeboye publicly supported Adeyokunnu for the position during the pastor’s 70th birthday celebration in the US. Pastor Adeboye had previously backed another US-based church leader, Ghandi Afọlabi Ọlaoye, for the position of Soun of Ogbomosoland.

Notably, Pastor Adeyokunnu is the younger brother of Pastor Folu Adeboye, the wife of Pastor Adeboye.

At the birthday celebration, Pastor Adeboye said apart from being his in-law, he had known Pastor Adeyokunnu even before he met his wife.

He said: “I have known him before I got married to his sister and that is for about 60 years now.

“He is the first friend I would have in the Adeyokunnu family apart from my wife.

“He was not a big man like this.

“He was like then the little Bayo.

“But we bonded together speedily.

“He also got born again under my ministry.

“I can still remember the sermon I preached that day, titled: ‘Come and Drink,’ and he is still drinking till today.

“Every opportunity he had, he would want to get a little more.

“He is a warrior.

“He can pray anything out of you.”

Just when Pastor Adeboye was about to conclude his speech and pray for him at the event, he hinted that he may be the next king of Ijeshaland.

He prayed in Yoruba for him while telling participants at the event: “For your information, you don’t speak English in the presence of a monarch in our land because I am also from Ijeshaland.

“So I will not pray in English for him because he is a prince and he may be the next king.”

According to Church Times, apart from being a pastor, Adeyokunnu is a successful businessman with diverse interests in real estate, publishing, aviation, and journalism.

He is of the Bilaro ruling house in Ijeshaland.

His great, great grandfather was Kabiyesi Ofokutu I.

“He is said to have successfully led organisations, handled other men’s burdens, built enterprises, and contributed to community development.

According to a piece by Adunbi Adejuyigbe, which was made available to Church Times, Prince Adeyokunnu began his education at Methodist Primary School and proceeded to Methodist High School, Ilesha.

He later attended the University of Ife (Obafemi Awolowo University), where he bagged a degree in English Studies.

“An erudite scholar who has taught Church History, Philosophy, Christology and Eschatology, and in recognition of these contributions, he was awarded two honorary doctorate degrees in the United States of America,” the author stated

Adejuyigbe said further in the piece that Adeyokunnu’s commitment to community development is evident in his philanthropic endeavours.

He added: “He single-handedly spent N7 million of personal fortune to build a security fence around his alma mater, Methodist High School, Ilesha.

“And he has on countless occasions committed funds to the sponsorship of many indigent students of ljesa.

“He built a borehole also in Ira-Ikeji Ijesa.

“These selfless acts earned him accolades from the community and demonstrated his dedication to giving back to society.”

Adeyokunnu is believed to have a clear understanding of the challenges and opportunities facing Ijeshas.

Adejuyigbe added: “He has a 20-Year Development Plan: a well-articulated vision for the development and growth of the town, and he is committed to working tirelessly to achieve this vision.

“Prince Bayo’s leadership style is characterised by inclusivity, transparency, and accountability.

“He is a listener, a team player, and a leader who empowers others to achieve their full potential.”

 

Credit: Church Times.

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BIG STORY

UPDATE: Simon Ekpa’s Offence Not Bailable — Finnish Police

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The Finnish police have stated that Simon Ekpa, the self-acclaimed leader of the proscribed Indigenous People of Biafra (IPOB), will remain in custody until his trial.

The police further explained that the Finnish legal system does not allow for bail due to the nature of the offence he is being held for.

On November 21, law enforcement in the northern European nation arrested the pro-Biafra agitator.

He was subsequently sent to prison by the district court of Päijät-Häme for “spreading terrorist propaganda on social media”.

Ekpa is alleged to have committed the crime in 2021 in Lahti municipality.

He faces accusations of instigating violence and inciting terror in the south-east of Nigeria through his social media platforms.

The federal government has been seeking Ekpa’s extradition, as he holds dual citizenship in Finland and Nigeria, for prosecution.

Additionally, Ekpa is scheduled to face charges in May 2025.

When asked whether Ekpa’s charges were bailable, Mikko Laaksonen, a senior detective superintendent at Finland’s National Bureau of Investigation, replied in an email to PUNCH on Saturday: “Finnish criminal procedure/coercive measures do not recognise bail procedure.”

“Our procedure is based on, depending on the case, remand or travel ban as coercive measures for limiting the freedom of movement for persons suspected of offences to which such measures are applicable,” he added.

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Wema Bank Emerges Overall Winner For The Third Time At Nigeria Bankers Game 2024

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Wema Bank, Nigeria’s most innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has reaffirmed its dominance by emerging as the Overall Winner at the just-concluded Nigeria Bankers Game (NBG) 2024 Grand Finale. This remarkable achievement marks the bank’s third consecutive win at the prestigious sporting event.

With an impressive tally of 10 gold medals. Wema Bank clinched victories across various categories, including Table Tennis (Female Singles, Doubles, and Mixed Doubles), Volleyball, Scrabble, Video games, 100m Female, 200m Female, and the 4x100m Female Relay.

This year’s NBG also celebrated individual brilliance, with Bukky Olorunmaye, one of Wema Bank’s standout athletes, earning the title of Nigeria Bankers Game 2024 Female Athlete of the Year. Her outstanding performance across multiple disciplines underscores her dedication and resilience, making her a shining example of excellence.

The Nigeria Bankers Game serves as a platform to foster camaraderie, teamwork, and a spirit of healthy competition among Nigeria’s leading banks. It brings together athletes and staff across the financial sector to compete in various sports, showcasing the resilience, talent, and unity that define the industry.

For Wema Bank, this year’s stellar performance further solidifies its reputation as a champion both on and off the field. Through its success in sports, the bank highlights its commitment to promoting teamwork, discipline, and resilience—qualities that also define its daily operations and customer-first approach.

Moruf Oseni, Managing Director/CEO of Wema Bank, expressed his pride in the achievement, stating:

“Winning the Nigeria Bankers Game for the third time in a row is a remarkable accomplishment that reflects the resilience, teamwork, and dedication of our staff. At Wema Bank, we are not just about financial innovation; we are enablers of dreams and champions of holistic development. This victory underscores our belief in empowering our people to excel in every aspect of life. Congratulations to all our athletes for their exceptional performance. We remain committed to fostering excellence in every endeavor.”

Reacting to her recognition as the Female Athlete of the Year, Bukky Olorunmaye shared:

“I am incredibly honored to receive this recognition. Competing alongside so many talented individuals and representing Wema Bank has been a humbling and fulfilling experience. This award is not just mine—it belongs to my teammates and everyone who supported us. Together, we demonstrated the power of teamwork, and I am grateful to Wema Bank for giving us this platform to shine.”

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