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Oyedele Committee Proposes Exemption Of Businesses With N50m Annual Turnover From VAT

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Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, revealed that the committee has proposed significant tax exemptions for small businesses in Nigeria.

In an interview on Channels Television, Oyedele stated: “Businesses with an annual turnover of N50 million or less will be exempted from various taxes, including value-added tax (VAT), withholding tax, and company income tax (CIT).”

Currently, small businesses with a turnover of N25 million or less benefit from these tax exemptions. The proposed changes will raise the threshold to N50 million.

Oyedele explained: “This adjustment is expected to cover 97 percent of small businesses in Nigeria, providing much-needed relief for entrepreneurs struggling to stay afloat in a challenging economic climate.”

The government aims to support small businesses through these exemptions, easing their tax burden.

“We’ve exempted small businesses from tax, from those withholding taxes, no VAT, almost all the taxes, no VAT, no withholding tax, no companies income tax,” he said.

“So the context of the law we have, as we speak now, is N25 million turnover a year.

“But in our proposals, the laws we are passing to the National Assembly in the next few days or weeks, we’ve proposed that to go up to N50 million.

“So if your turnover is 50 million or less, then you don’t have to worry about all these taxes, and that, from our analysis, will cover around 97 percent of small businesses.”

Oyedele said the exemptions, which form part of the broader fiscal and tax reforms, also include incentives for private-sector employers.

He also said employers who create more jobs than they have in previous years will be eligible for tax relief, which the government hopes will stimulate job creation and reduce unemployment.

“We’ve also developed some proposals where government can give relief to private sector employers who provide transportation relief to their workers,” he said.

“Also, we’ve had a proposal around more employment, so if an employer employs more people than they would normally do, maybe average of past three years. It gets some relief.”

Oyedele said it is meant to stimulate employment generation.

BIG STORY

Stella Visited Vatican City To Secure My Release From Prison — Former President Obasanjo

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Former President Olusegun Obasanjo has shared the significant role his late wife, Stella Obasanjo, played in securing his release from prison.

In 1995, Obasanjo was arrested and convicted by the military regime of the late Sani Abacha for his alleged involvement in a planned coup.

After four years of detention, Obasanjo was released in 1998 by Abdulsalami Abubakar, following Abacha’s death.

During his imprisonment, Stella was a strong advocate, relentlessly demanding her husband’s release.

She tragically passed away on October 23, 2005, during a liposuction surgery.

Speaking on Friday at the inauguration of the 250-bed Stella Obasanjo Hospital in Benin, the Edo state capital, the former president recounted how his late wife traveled to the Vatican City and other parts of the world to secure his freedom.

“My late wife went everywhere to ensure that I came out of prison alive. She was in Vatican City, France, and other parts of the world,” Obasanjo said.

“We were planning for her 68th birthday anniversary but never had it before she died. It was very painful for me in particular and for all of us in my family.

“So you can appreciate how thankful I am to you for doing this in her honour.”

He expressed gratitude to the Edo state government for recognizing his late wife, “who made tremendous contributions to my achievements in public life.”

Obasanjo also praised Governor Godwin Obaseki for “starting and finishing well.”

“I have worked in the past with the likes of John Oyegun; he was a fantastic permanent secretary. I reminded him recently of some of the things that he practised on me and the ones I practised on him,” Obasanjo added.

“With this hospital, you’re assured of first-class treatment for any ailment. More grace to the elbows of the governor. With this kind of edifice, I can say that the governor started well and is finishing well.”

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Court Remands Woman For Allegedly Stabbing Husband To Death In Ibadan

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An Iyaganku Chief Magistrates’ Court yesterday ordered the remand of a housewife, Olajumoke Olalere, 33, at Agodi Correctional facility, Ibadan, for allegedly stabbing her husband to death.

The Chief Magistrate, Mrs Olabisi Ogunkanmi, who did not take the defendant’s plea for lack of jurisdiction, ordered her remand pending the legal advice from the Directorate of Public Prosecution (DPP).

She, thereafter, adjourned the case until March 5, 2025 for mention.

According to The News Agency of Nigeria (NAN), the police charged Olalere with a count of murder.

The prosecutor, Cpl. Akeem Akinloye, had told the court that the defendant on October 30, at 9.00 p.m. allegedly caused the death of her 39-year-old husband, Oluwasegun Tinubu.

Akinloye said the defendant allegedly stabbed her husband with a knife during a disagreement at their house, at Zone 5, Gbelu, Iyana – Agbala, Ibadan.

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BIG STORY

UPDATE: EFCC Grants Former Delta Governor Okowa Bail Over Alleged N1.3trn Fraud

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The Port Harcourt zonal command of the Economic and Financial Crimes Commission (EFCC) has granted administrative bail to Dr. Ifeanyi Okowa, a former governor of Delta State, over allegations of diverting N1.3 trillion in 13% derivation funds from the federation account between 2015 and 2023.

Okowa was arrested on Monday, November 4, 2024, in Port Harcourt, Rivers State, after reporting to the Port Harcourt Directorate of the EFCC at the invitation of investigators handling his case.

Sources confirmed that the former governor left the EFCC facility around 9 pm on Wednesday night.

A source under anonymity stated: “He left the facility at about 9 pm yesterday (Wednesday).”

“Okowa is expected to return soon to provide documents and answer more questions before the matter will be charged to court.”

The former governor is accused of failing to account for the 13% derivation funds, as well as an additional N40 billion, which he allegedly claimed to have used to acquire shares in UTM Floating Liquefied Natural Gas (LNG).

Specifically, Okowa is said to have purchased N40 billion worth of shares in one of the country’s major banks, representing an 8% equity stake in the offshore LNG venture.

The funds are also alleged to have been diverted for other purposes, including acquiring properties in Abuja and Asaba, Delta State.

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