Business
Jonathan Urged To Sign Amended Income Tax Law
The Association of Senior Civil Servants of Nigeria, (ASCSN) on Monday, in Abuja, called on President Goodluck Jonathan, to sign the amended personal income tax into law.
Mr Solomon Onaghinon, Secretary-General of the Association, told the newsmen that the call had become necessary due to rumours that the President had been under pressure by some state governors not to sign the bill.
Onaghinon said that this was based on the fact that if the President assented to the bill, it would reduce the quantum of taxation accruing to the state governors from workers’ salaries.
The association had in 2008 presented a memorandum to the Joint National Public Service Negotiating Council (JNPSNC) stressing the need for downward review of the Personal Income Tax to make it worker friendly.
The bill had gone through legislative process in the National Assembly including a public hearing before its approval by both the Senate and House of Representatives.
“But we are beginning to hear that one or two governors are feeling bad about the issue and they don’t want Mr President to sign it into law”.
“So we are saying that Mr President should sign that bill into law as early as possible”.
“They believed that the money they are going to get from personal income tax will reduce and that would really be workers gain”.
“That is the more reason why we are pressing on Mr President to sign it into law and all workers are going to benefit from it”.
“The relief that you are getting now is much higher than what is in the old law, if it is signed into law now, we will get higher relief.
“We find this highly objectionable because the state governors had all the opportunity in the world while the bill was being processed in the National Assembly to make their inputs.’’
Onaghinon said since the 2007, when the Consolidated Salary Structure became operational, the tax burden on civil servants had been very unbearable.
He said prior to the policy, only basic salaries of workers were taxed while allowances were tax-free for most grade levels.
Onaghinon added that since the Consolidated Salary Structure was introduced, middle and even junior government employees paid tax as high as 30 per cent of the consolidated salary.
“Our advice, therefore, is that Mr President should not succumb to such ill-motivated pressure intended to create disaffection between him and the public”.
“We enjoin you to be wary of those pushing you not to sign the new personal income tax act into law because they want to bring you into public ridicule”.
“We urge you to sign the bill into law now to bring relief to millions of civil servants and other Nigerian workers who are groaning and moaning under the weight of the prevailing tax regime.”
Mr Elaigwu John, ASCSN Unit’s Chairman, Federal Inland Revenue Services, told newsmen that the signing of the bill would reduce the tension of workers going on strike.
“We find out that so many institutions, like medical, universities, among others, are going on strike because the tax burden on them is too heavy because the tax law is outdated.
“When your chargeable income is reduced, it means that your tax pay roll is equally reduced; we are appealing to Mr President to sign the bill into law,” he added.
Business
SMEs Dev: Firms Launch N100m Loan Scheme
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
Business
Yenagoa’s Radisson Hotel Ready December — NCDMB, Other
Business
RIRS Sets Tomorrow As Deadline For Individual Tax Returns Filing
-
Opinion2 days ago
Ozoro Festival: Tradition or Tyranny?
-
News2 days agoRSG Reiterates Commitment To Youth Dev
-
Oil & Energy2 days agoTranscorp Energy, Renewvia Partner On Renewable Energy Gap
-
Politics2 days ago
RIVERS WOMEN RALLY SUPPORT, CONTINUOUS PRAYERS FOR TINUBU
-
Politics2 days ago
AKPABIO, DIRI, OBOREVWORI, OTHERS VOW TO REELECT TINUBU …AS GIADOM RETAINS APC ZONAL CHAIR
-
Business2 days agoNSCDC Discloses Illegal Dump Site In Ikwerre Community
-
Business2 days agoYenagoa’s Radisson Hotel Ready December — NCDMB, Other
-
Politics2 days ago
Viral 2027 Nomination Forms Price List Fake, Misleading – APC
