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Bank Customers To Present Tax Card, TIN From January 2020

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Evidence of tax payment will be a condition for operating a bank account from January, according to the Financial bill passed by the National Assembly.

The Bill, submitted to the lawmakers with Budget 2020 by President Muhammadu Buhari, is designed to improve the financial operations of the country and streamline the tax regime.

It is expected to be signed with the budget before the end of the month, to actualize the return to the January – December budget cycle.

According to a section of the Bill, banks will require anybody opening an account to provide his Tax Identification Number (TIN)

Those who already have accounts with banks will also be required to provide their TIN.

There are 30 million Bank Verification Numbers (BVN)-linked accounts.

The intention is to make sure that more people are captured into the tax net.

According to the Joint Tax Board, the tax identification number (TIN) is a unique identifier for an individual or a company for tax remittance.

The TIN is prepared by the tax office and issued for proper identification and verification.

Applying for TIN is free. The TIN generation process is real-time and should not exceed 48 hours after a request is submitted.

Another major feature of the Financial Bill is the hike in Value Added Tax (VAT) to 7.5 per cent from the extant five per cent.

Also in the bill, emails will be accepted by the tax authorities as a formal channel of correspondence with taxpayers.

The bill will also strategically “promote fiscal equity by mitigating instances of regressive taxation; reform domestic tax laws to align with global best practices; introduce tax incentives for investments in infrastructure and capital markets; support small businesses in line with the ongoing Ease of Doing Business Reforms; and raise revenues for the Government by various fiscal measures.”

Under the proposed Personal Income Tax Act: the bill will state that pension contributions no longer require the approval of the Joint Tax Board (JTB) to be tax-deductible.

The bill when signed into law, will remove the tax exemption on withdrawals from pension schemes except the prescribed conditions are met.

The bill will come up with a penalty for failure to deduct tax by agents appointed for tax deduction. This penalty is 10 per cent of the tax not deducted, plus interest at the prevailing monetary policy rate of the Central Bank of Nigeria (CBN).

The conditions attached to tax exemption on gratuities will be removed by the bill, meaning that gratuities are unconditionally tax exempt. The duties currently performed by the Joint Tax Board (JTB) as it relates to administering the Personal Income Tax Act, will now be performed by the FIRS.

Another penalty that will come into effect when the bill becomes law will be the penalty for the late filing of the Value Added Tax (VAT) returns.

The penalty for failure to register for VAT will be reviewed upwards to N50,000 for the first month of default and N25,000 for each subsequent month of default.

The penalty for failure to notify FIRS of change in company address will be reviewed upwards to N50,000 for the first month of default and N25,000 for each subsequent month of default. This penalty also covers the failure to notify FIRS of permanent cessation of trade or business.

Similar to the VAT amendment, the bill is also introducing Capital Gains Tax (CGT) exemption on Group reorganizations, subject to the following conditions being met.

They are:

Assets are sold to a Nigerian company and is for the better organization of the trade or business;
The entities involved are within a recognized group 365 days before the transaction, and the relevant assets are not disposed of earlier than 365 days after the transaction.

The current practice is that companies send an approval request letter under CITA S29(9) to the FIRS, and include a CGT exemption request. Currently, the CGT Act imposes CGT on compensation for loss of employment above N10,000.

The bill seeks to expand the coverage of this provision by renaming it “compensation for loss” and increase the minimum threshold from N10,000 to N10 million.

BIG STORY

Reps Move To Intervene In PENGASSAN–Dangote Refinery Dispute

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The House of Representatives has resolved to intervene in the ongoing dispute between members of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the Dangote Refinery, a face-off that recently disrupted petroleum product distribution nationwide.

The decision followed the consideration and adoption of a motion of urgent public importance co-sponsored by Alhassan Doguwa (Kano) and Abdussamad Dasuki (Sokoto) during Tuesday’s plenary session.

Titled “We Need to Protect Private Investment from Adversarial Unionism,” the motion drew attention to the significance of the $20 billion Dangote Refinery, described as the largest private petroleum refinery in Africa.

The lawmakers expressed concern that the industrial action, which began on September 29, 2025, had halted operations at the refinery and caused a nationwide disruption in petroleum supply. Nigeria reportedly lost about 200,000 barrels of crude oil per day over three days, deepening scarcity and forcing long queues at filling stations across several states.

Leading debate on the motion, Doguwa stressed the need to protect strategic private investments such as the Dangote Refinery, which, he said, holds enormous potential for energy security, job creation, foreign-exchange savings, and reduced dependence on fuel imports.

“The House is aware that the Dangote Refinery is a strategic private investment of immense national importance, with the potential to guarantee energy security, reduce import dependency, generate employment, and conserve foreign exchange,” Doguwa said.

He noted that the refinery operates within a Free Trade Zone and is therefore subject to the legal framework of the Nigeria Export Processing Zones Authority (NEPZA).

“Section 18(5) of the NEPZA Act clearly states that employment in the free zone shall be governed by rules and regulations made by the Authority and not subject to any other enactments relating to employment matters,” he added.

The House, he continued, is “concerned that labour actions disregarding the legal protections conferred on Free Zones under the NEPZA Act not only breach the law but create a hostile investment climate capable of deterring future local and foreign investors.”

The lawmakers warned that if key private ventures continued to face “unlawful disruptions by adversarial unionism,” the country risked losing both strategic assets and investor confidence critical to economic growth.

During deliberation, Ahmad Jaha (Chibok/Damboa/Gwoza) urged caution, describing the call for an immediate probe as “ill-timed.”

Following debate, the House adopted the motion and mandated its leadership to broker peace between the parties in the interest of national stability.

It also urged the Ministries of Labour and Employment, Industry, Trade and Investment, and Justice to “jointly develop and implement a national framework or set of policies to safeguard private investments of strategic national importance from adversarial and unlawful union actions.”

Additionally, the Ministry of Justice and NEPZA were directed to ensure “full enforcement and compliance with Section 18(5) of the NEPZA Act” across all relevant Free Zone operations.

The lawmakers said the intervention was necessary to balance workers’ rights with the protection of vital private enterprises that underpin Nigeria’s energy and industrial sectors.

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BIG STORY

36-Year-Old US-Based Nigerian Mum Charged With Murder After 9-Year-Old Daughter Dies In Hot Car

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A 36-year-old Nigerian woman living in the United States, Gbemisola Akayinode, has been arrested and charged with murder after her 9-year-old daughter, Oluwasikemi Akayinode, died after being left in a hot vehicle for over eight hours.

Authorities from the Harris County Sheriff’s Office in Texas said the child’s death was ruled a homicide as a result of hyperthermia (heat stroke).

Court documents indicate that on July 1 2025 the girl was left in a car while Akayinode reported to work at a manufacturing plant in Galena Park near Houston. The day’s temperature was reportedly around 99 °F.

In her statement to police, Akayinode said that when she arrived at her job at about 5:45 a.m., she left her daughter with food, water, a rechargeable fan, and ice cubes in the back seat. She lowered the car’s rear windows halfway, she said. She reportedly administered melatonin to her daughter who began to fall asleep. She claimed she did not check on her daughter again until her shift ended at about 1:53 p.m., at which point she discovered the child unresponsive and blue.

Investigators say that although Akayinode claimed she did not have money for daycare, documents show her job foreman had been paying for day-care services for her daughter.

Akayinode faces a murder charge under Texas law. The sheriff’s office said the case had moved forward after the coroner ruled the child’s death a homicide due to prolonged heat exposure in a vehicle.

Child-safety organisations note that dozens of children nationwide die each year after being left in vehicles on hot days. According to one such group, more than 1,160 children have died in hot cars in the U.S. since 1990.

Akayinode is set to appear in court in Houston in the coming days. Authorities say they will present evidence relating to the timeline of events, the condition of the vehicle, and the mother’s actions during the critical period.

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BIG STORY

BREAKING: Political Thugs Burn Down ADC Secretariat, Disrupt Inauguration Of EXCO In Ekiti

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Tension gripped Ado-Ekiti, the Ekiti State capital, on Tuesday, as suspected political thugs set ablaze the Secretariat of the African Democratic Congress (ADC), destroying property worth millions of naira.

The early-morning attack, which occurred at the Basiri area of Ado-Ekiti, came just hours before the scheduled inauguration of the party’s executives across wards, local governments and the state.

Eyewitnesses said the hoodlums, who arrived in multiple vehicles, shot sporadically into the air to scare residents before setting the building on fire. Office equipment, sound systems, plastic chairs and canopies were all destroyed in the inferno.

A few hours later, the same group reportedly regrouped and stormed the venue of the planned inauguration, dispersing party members, journalists and guests. Vehicles and motorcycles parked at the scene were vandalised, while chairs and canopies already arranged for the event were destroyed beyond repair.

Despite the attack, ADC National Secretary and former Minister of Interior, Rauf Aregbesola, arrived amid tight security and went ahead with a brief inauguration of the newly affirmed executives.

Addressing journalists afterwards, Aregbesola condemned the incident, describing it as “a shameful act of political intolerance and a dangerous threat to democracy.”

“The beauty of democracy lies in freedom of association and participation without fear. What happened today is a descent into fascism,” he said.

Also reacting, former Ekiti Deputy Governor, Prof. Kolapo Olusola-Eleka, described the attack as “an act of political terrorism.”
He criticised the police for their slow response, saying security agencies failed to protect the party’s property despite early reports.

“We were let down. Two hours after we reported the midnight attack, there was still no protection. This is unacceptable,” he said.

Confirming the incident, Ekiti Police Public Relations Officer, SP Sunday Abutu, said the Commissioner of Police, CP Joseph Eribo, had ordered a full-scale investigation to arrest the perpetrators and bring them to justice.

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