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Finance Bill Makes TIN Mandatory For Banks’ Account Holders
The Finance Bill 2021 has made it mandatory for commercial banks to demand Tax Identification Number (TIN) from any individual seeking to open an account with them.
The bill also empowers banks to demand TIN from existing customers if they wish to continue to operate their accounts.
The bill also makes it mandatory for non-resident firms such Google and Twitter to pay taxes to the Federal Government of Nigeria.
The Leader of the Senate, Yahaya Abdullahi, stated this in his lead debate on the bill, sent to the National Assembly by President Muhammadu Buhari, last Tuesday.
He said, “Banks will be required to request for Tax Identification Number before opening bank accounts for individuals, while existing account holders must provide their TIN to continue operating their accounts.”
The proposed bill makes provision for payment of tax by foreign firms which derives their profits from Nigeria.
The firms are: Twitter, Google, Facebook and other social media platforms.
The bill read in part, “The bill makes provision for the Accelerate International Taxation Reforms to enhance the taxation of non-resident individuals and companies that nevertheless derive profits from Nigeria.”
Abdullahi also said the bill made electronic mails as the only channel that tax authorities would accept as a formal means of correspondence with taxpayers;
He added that proposed bill prescribes penalty for failure to deduct tax, noting that this would also apply to agents appointed for tax deduction.
Abdullahi said, “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 have been removed. Therefore, gratuities are unconditionally tax exempt.
“The duties currently performed by the Joint Tax Board as relates to administering the Personal Income Tax Act, will now be performed by the Federal Inland Revenue Service.
“This seems to be an error in the process of amendments to replace the word “Board” as it appears in Federal Board of Inland Revenue.”
He said the penalty for Value Added Tax late filing of returns increased to N50, 000 for the first month and N25, 000 for subsequent months of failure;
He said, “The penalty for failure to register for VAT is 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 to be reviewed upwards to N50,000 for the first month of default and N25,000 for each of the subsequent months of default.
“This penalty also covers failure to notify FIRS of permanent cessation of trade or business. Quite significantly, the Finance Bill seeks to introduce sweeping changes to the tax laws covering seven different tax laws.
“Many of the changes are expected to have positive impacts on investments and ease of paying taxes especially for the MSMEs. Going forward, we hope that changes to the tax laws will be on an annual basis to ensure that Nigeria’s tax system continues to evolve in line with economic conditions”
On the Personal Income tax Act, the Senate leader said the amendment clarified that pension contributions would no longer require the approval of the Joint Tax Board to be tax-deductible;
He said, “On the other hand, the bill seeks to remove the tax exemption on withdrawals from pension schemes except the prescribed conditions are met.
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RSG Reaffirms Commitment To Quality Education
News
RSUBE Holds Training For 1,000 New Teachers
The Rivers State Universal Basic Education Board (RSUBE) has trained 1,000 newly recruited teachers with a view to raising standards in public primary and junior secondary schools in the state.
The two-day orientation and capacity building programme held in Port Harcourt introduced the teachers to civil service rules, classroom management practices, and professional conduct expected of educators in the state.
The State Commissioner for Education, Dr. Peters Nwagor, told the newly recruited teachers that teaching demands more than academic qualifications, and called for discipline, diligence, and a strong commitment to service.
He described teaching as a noble profession that is central to the development of the state.
The recruitment, he said, reflects the government’s investment in children and long-term development.
“Education is the foundation of societal progress, and basic education is where that foundation is laid,” Nwagor stated.
He urged the teachers to shape the values and character of pupils during their most formative years.
He pledged continued support from the Ministry of Education through training, resources, and an environment that allows teachers to perform effectively.
Nwagor directed RSUBEB to reject transfer requests from rural to urban schools, saying the newly employed teachers have an obligation to serve where they are posted and help strengthen education in those communities.
In his opening remarks, the RSUBEB Chairman, Hon. Sam Oge, explained that the recruitment process began in 2023 under the previous board, adding that after assuming office, he consulted widely and secured Governor Siminalayi Fubara’s approval to complete the exercise.
Oge said the selection was competitive, with 1,000 candidates chosen from more than 5,000 applicants, and urged the teachers to treat the opportunity seriously and avoid lobbying for reposting.
He directed the teachers to resume at their assigned schools immediately, saying request for reposting will not be entertained.
The former RSUBEB Chairman, Ven. Dr. Fyneface Akah, who delivered the keynote address, described the orientation as the teachers’ formal entry into the civil service.
He urged them to be creative, purposeful, and open to learning on the job.
Akah stressed that teachers have a role in restoring values lost to moral decline, and urged them to model national values and see their work as a calling with lasting impact on the society.
He thanked the State Government for approving the recruitment, noting that the exercise will improve access to quality basic education across the State.
Akujobi Amadi
News
INEC To Deploy 1.4m Corps Members For 2027 Elections
The Independent National Electoral Commission (INEC) has disclosed that no fewer than 1.4 million members of the National Youth Service Corps will be deployed for the 2027 general elections.
The Chairman of the commission, Prof Joash Amupitan (SAN), made this known on Monday during a courtesy visit to the Director-General of the NYSC, Brig Gen Olakunle Nafiu, at the Yakubu Gowon House, headquarters of the scheme, in Abuja.
Amupitan, in a statement signed by his Chief Press Secretary and Media Adviser, Adedayo Oketola, described the meeting with the NYSC senior management team as more than a formal courtesy visit, saying it was also a mission of gratitude.
According to him, the NYSC remains a critical pillar in Nigeria’s democratic process.
He noted that corps members had participated in virtually every election cycle since 1999, stressing that, “INEC cannot conduct elections in Nigeria without the NYSC.
“As the Chairman of the Independent National Electoral Commission, I am honoured to discuss our collaborative efforts toward ensuring seamless and credible elections in Nigeria.
“You provide the heartbeat of our field operations. When we speak of election manpower, we are essentially speaking of corps members.
“They are the most dedicated, educated and patriotic election duty staff we have, and their presence at polling units brings a level of neutrality and public confidence that is irreplaceable.
“They form the backbone of our election processes, especially as ad hoc staff, whose dedication, discipline and patriotism are critical to the success of our elections,” he added.
Amupitan said institutional data from the 2023 general election showed the importance of the partnership between INEC and the NYSC.
He explained that INEC deployed about 1.2 million ad hoc staff for the 2023 elections, with over 70 per cent, nearly 850,000 personnel drawn from corps members and student volunteers.
Speaking on preparations for the 2027 elections, the INEC chairman said more than 1.4 million ad hoc staff would be engaged, with corps members making up the majority.
“For the 2027 general election, we will require 707,384 ad hoc staff for the Presidential and National Assembly elections scheduled for January 16, 2027.
“The same number will be needed for the governorship and Houses of Assembly elections on February 6, 2027, making a total of 1,414,768,” he said.
He added that INEC would also require 52,446 corps members for the Ekiti and Osun governorship elections, as well as by-elections in Nasarawa, Enugu, Rivers, Ondo, Kebbi and Kano states.
Amupitan said corps members accounted for nearly 90 per cent of Registration Area Officers and Presiding Officers in many states during previous elections.
“These young Nigerians did not just facilitate voting; they protected the sanctity of the ballot in 176,846 polling units across some of the most difficult terrains in the country,” he said.
He further praised the corps members for their role in off-cycle elections, particularly the Anambra governorship election and the FCT Area Council polls.
According to him, their digital proficiency contributed significantly to the seamless operation of the Bimodal Voter Accreditation System.
“In those exercises, it was the digital proficiency of corps members that ensured the seamless performance of our BVAS, proving they are the tech-savvy backbone of our modern democracy,” he added.
Amupitan acknowledged the sacrifices made by corps members during elections and assured that INEC would continue to work with the NYSC and security agencies to strengthen safety measures and welfare packages for them.
As the 2027 general election approaches, we are committed to ensuring adequate mobilisation and preparedness of NYSC members for this important national assignment,” he said.
He also noted that the Ekiti and Osun governorship elections, scheduled for June 20 and August 15, respectively, alongside several by-elections, would serve as tests for innovations ahead of the 2027 elections.
Responding, Brig. Gen. Nafiu thanked INEC for its continued collaboration with the scheme.
He recalled that the Memorandum of Understanding between both organisations was signed in 2011 and had been periodically renewed.
Nafiu described corps members as credible, reliable and easily trainable manpower.
“The last batch of millennials will soon exit the scheme, leaving behind Gen Z corps members known for their digital savviness, which will benefit INEC,” he said.
He assured the commission of the NYSC’s continued support in both the 2027 general elections and upcoming off-cycle elections.
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