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Lagos Signs VAT Bill Into Law

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Sanwo-Olu Signs Anti-open Grazing Bill Into Law

Lagos State Governor Babajide Sanwo-Olu has signed the state Value Added Tax (VAT) Bill into law.

The State Commissioner for Information Gbenga Omotosho disclosed this in a statement on Friday.

“Lagos State Governor Babajide Sanwo-Olu has signed into law the State VAT Bill as passed by the House of Assembly.

“The governor signed the ‘bill for a law to impose and charge VAT on certain goods and services’ at about 11.45 a.m. today, after returning from an official trip to Abuja. By this act, the bill has now become a law,” Omotoso said.

The Lagos State House of Assembly had on Thursday unanimously passed the bill.

Consumers pay VAT when they purchase goods or obtain services. All goods and services (produced within or imported into the country) are taxable except those specifically exempted by the VAT Act.

READ ALSO: You Can’t Collect VAT Revenues Yet, Appeal Court Tells Rivers, Lagos

The VAT rate was raised in Nigeria from five percent to 7.5 percent in 2020.

VAT collection by the Federal Inland Revenue System (FIRS) on behalf of the Nigerian government has been a subject of controversy.

The FIRS, which administers the tax, transfers the generated revenue to the three levels of government via the federation accounts allocation committee (FAAC).

Recently, a court in Port Harcourt restrained FIRS from the collection of VAT and empowered the Rivers state government to take charge.

After the ruling, the Lagos State government began to domesticate a law to guide the collection of its VAT and warned FIRS to obey the Rivers ruling.

Governor Nyesom Wike of Rivers State on Thursday signed into law the bill on Value-Added Tax (VAT) collection in the state.

Wike signed the bill which was recently passed by the state House of Assembly attached the Government House, Port Harcourt.

 

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I Removed Subsidy To Stop Nigeria From Playing Father Christmas – Tinubu

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Senator Withdraws Support For Tinubu Over Choice Of Muslim Running Mate
President Bola Tinubu

President Bola Tinubu has offered insight into why he declared the removal of petroleum subsidy during his inauguration on May 29,2023.

According to Tinubu, a crucial reason for the removal was to stop Nigeria from continuing to play the role of a Father Christmas to neighbouring African countries by providing them subsidised petrol.

The president, who was speaking on Friday at an interactive session with select Nigerian traditional rulers, under the auspices of the National Council of Traditional Rulers of Nigeria (NCTRN), at the State House, Abuja, described the subsidy as an elephant that could have collapsed the country “because it is struggling to pay salaries.”

Tinubu told the traditional leaders: “I am grateful that you are paying attention to what I have been doing. You have paid attention to the subsidy removal. Why should we in good heart and sense, feed smugglers and be Father Christmas to neighbouring countries, even though they say not every day is Christmas? The elephant that was going to bring Nigeria to its knees is the subsidy; a country that cannot pay salaries. I think we did the right thing.”

Tinubu appealed to the traditional leaders to persuade Nigerians to have faith in the removal of subsidy, promising that the pump prices of fuel would eventually come down.

The president reiterated his pledge to Nigerians to prioritise security until every Nigerian “goes to sleep with their two eyes closed.”

According to him, the unity and togetherness of the country cannot be compromised, saying every region of the country would get what it is due.

Condemning crude oil theft in the Niger Delta region “by a tiny percentage of the population,” President Tinubu said it was counterproductive to the growth of the economy.

He said: “We need to tame those involved in this sabotage and we will work as hard as possible to ensure that the diversity of this country is used for its prosperity, growth and stability.”

Tinubu stressed that with the campaigns and elections over, he is primed for governance, and his government has already signed a law that extends the retirement age of judicial officers from 65 to 70 years, while also addressing pension reforms. Also speaking on electricity, President Tinubu said a constitutional amendment signed into law now allows the nation’s 36 States to generate electricity.

He said: “That’s devolution of power and that should be our contribution to the developmental projects you are looking for and we will continue in ways that will help our people.”

He assured the traditional rulers in the country that his administration would run an open-door policy that is ready to listen to the yearnings of Nigerians toward transforming the country’s rich potential to reality.

Tinubu said: “We are all ears. We are ready to listen at any given time. I promise you an open-door policy and that is the way I will go.That open-door policy is for you to call me and send to me at any given time any concern that you might have.

“We may not have it right 100 percent of the time but we must get it right 90 percent of the time for this country”.

Responding to issues raised by the monarchs on challenges facing the country, President Tinubu assured them, saying “worry not because the country is in good hands,” adding that his administration is very conscious of the expectations of Nigerians.While acknowledging concerns on the need for critical infrastructure in different parts of the country, the President assured that any road block in the way of the progress of the Nigerian people would be removed by his government.

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BREAKING:Tinubu Suspends Emefiele As CBN Governo

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CBN Governor Godwin Emefiele

President Bola Tinubu on Friday suspended Godwin Emefiele as the Central Bank of Nigeria (CBN) governor.

The Director of Information, Office of the Secretary to the Government of the Federation Willie Bassey on Friday declared in a statement: “President Bola Ahmed Tinubu has suspended the Central Bank Governor, Mr Godwin Emefiele, CFR, from office with immediate effect.

“This is sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy.

“Mr Emefiele has been directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), who will act as the Central Bank Governor pending the conclusion of the investigation and the reforms.”

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BREAKING: Tinubu, PDP’s G5 Members Meet In Aso Rock

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President Bola Tinubu and the members of G5 or the Integrity Group of the Peoples’ Democratic Party )PDP) met at the Aso Villa, Abuja.

The G5 group, led by one serving governor and four former governors caused a major division within the Peoples Democratic Party after demanding the then National Chairman, Iyorchia Ayu step down for a southern replacement as a precondition to support the presidential ambition of the party’s flag bearer, Atiku Abubakar in the February 25 poll.

Both Atiku and Ayu called the then governors’ bluff and did not succumb to their demands in the just-concluded elections.

Makinde and Wike reportedly played supportive roles to Tinubu ensure his victory at the February 25, presidential election.

Those at the meeting are Governor Seyi Makinde of Oyo state as well as former Governors Nyesom Wike (Rivers), Samuel Ortom (Benue), Okezie Ikpeazu (Abia), and Ifeanyi Ugwuanyi (Enugu).

The current governor of Enugu State, Peter Mbah was also present.

Tinubu had met with Wike and Makinde some times since his election and inauguration.

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