Nation
95% Of Small Businesses Should Be Off Tax – Oyedele

The Federal Government is working on a system that will provide tax relief to 95 per cent of the informal sector of the economy in the country.
Mr Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, said this at the closing session of the committee on Sunday in Abuja.
He said this would be achieved through the exemption of businesses earning N25 million a year or less from the various taxes hindering their progress over time.
‘’So, we think that 95 per cent of the informal sector should be legally exempted from all taxes; withholding tax, company income tax, even payee on their staff.
‘’We’re using data to inform our decisions. Currently, if you earn N25 million a year or less, you don’t have to pay company income tax, you don’t have to worry about VAT.
‘’We think that the informal sector are people who are trying to earn legitimate living, we should allow them be and support them to grow to a point where they can then have the ability to pay taxes,” he said.
Oyedele said the new reforms being proposed would focus on the top 5 per cent of that sector, the middle class and the elite for taxes.
He said the committee was drafting the laws to effect the necessary changes in the fiscal policy and tax reform ecosystem of the country.
According to the chairman, the new laws will ensure that reviews become sustained by all governments coming in, adding that: “we don’t want this whole effort to go down the drain, after one or two years.”
On compliance, he urged all stakeholders to fully cooperate with the government in implementing a new fiscal and tax policy that would be used for the general good of the citizens.
‘’We think that the days of being above the law in paying taxes are over. The same thing we’re saying to our leaders, whether they are elected or appointed.
‘’We think they have to lead by example by showing that they have paid the taxes, not only on time, but correctly to the lawful authorities as contained in the various laws,” he said.
He said explained that some of the taxes complained about by Nigerians were those already in the constitution, which the committee had looked at and called for their review.
Oyedele said the committee report would be made to pass through the normal process of legislation in order to give it the full legal backing.
‘’So, our expectation is, as we progress now from ideation, proposal to implementation, you’ll see less and less of those issues and then you’ll see harmony in the direction of the fiscal system.
‘’Not only in the number of taxes we collect, you will also see an improvement in how those monies are being spent.
‘’In terms of priority of spending, in terms of the efficiency of spending and in terms of focusing on what impacts on the lives of majority of our population that live in multi-dimensional poverty,” he said.
Oyedele added that the committee had been working with the sub-nationals and the local government councils in its task of harmonising the taxes into a single digit in the country.
‘’So, we’re convinced, and that’s what the data tells us, that the right path we need to follow, is the path where we repeal many of these taxes, harmonise whatever is left.
‘’We think we can keep that within single digit across local government, state and federal government combined, and then improve the efficiency of collecting those taxes.
‘’We are also very convinced that we need to increase the threshold of exemption for small businesses, for low income earners because if you can’t make ends meet, the last thing you want is someone asking you to pay tax.
‘’We think in fact, when our nation gets to the level we need to be, we should be able to even add money to those who have very little or nothing,” said Oyedele.
At the ceremony, Vice-President Kashim Shettima restated President Bola Tinubu’s commitment to revitalise revenue generation in the country.
“Our aim remains the revitalisation of revenue generation in Nigeria, while sustaining an investment-friendly and globally competitive business environment.
“Contrary to speculations in some quarters, we are not here to frustrate any sector of our economy but to create an administrative system that ensures the benefits of a thriving tax system for all our citizens,” he said.
He said the dynamics of the nation’s fiscal landscape prompted the Tinubu administration to pause and reconsider the direction it was going.
“I am confident that both the Federal and State Governments stand ready to ensure the effective implementation of your reform proposals.
“We shall provide the institutional framework to guarantee the adoption of the consensus of this committee, aligning them with our economic agenda,”said Shettima.
Nation
Council Boss Impeached 48 Hours To LG Polls In Katsina
The Chairman of Malumfashi Local Government Council of Katsina State, Maharazu Dayi, has been impeached.
Maharazu Dayi was impeached yesterday by 11 out of 12 councillors, barely two days before the local government elections in the State.
The councillors reportedly took action following allegations of misconduct and poor governance against the chairman after a dispute over the distribution of the council’s Paris Club funds.
The development has sent shock waves across the local government area, especially as the impeached chairman is among those who failed to secure the ticket of the All Progressives Congress (APC) to contest in the forthcoming election.
Nation
Association Tasks Fubara On Rumuwoji Market Phase Three
The Rumuwoji Ultra Modern Market Traders Association, Mile 1, Port Harcourt, has urged the state government to utilise the available spaces within the area to build phase 3 of the Rumuwoji Market in order to solve the ever increasing needs of traders.
The association, which said this at a media briefing in Port Harcourt, also described as a welcomed development the decision by the state Governor to open the phase 2 of the market for business.
According to the association, “We consider it as an answer to the various cries of the people, because he is a man on a mission who is out to place the interest of Rivers people first. It is a dream come true for the first time for the market to be dully allocated and open for business”
Chairman of the association, Hon Godspower Wobo, who briefed the press shortly after a meeting of the association in Port Harcourt, also urged the public to disregard the activities of some persons whose stock in trade is to cause disaffection in the market.
He said the attention of the association was drawn to the activities of some strange fellows who went about misforming the people about situation in the market, stressing that apart from his association, no other group exists in the market except subdiary unions.
Wobo also tasked the reallocation committee to tread with caution so as to avoid being deceived by any group.
According to him, time has come for the state government to engage in robust discussion with aggrieved shop owners who went to court and those who paid monies to the state coffers and issued with allocation certificates for the overall interest of peace.
He also advised the public to deal directly with his association, stressing that the meeting was to review activities for the last year as well as unveil their new Constitution.
Also speaking, former Chairman of the association, Deacon Kenneth Eze urged the Rivers State Governor, Sir Siminalayi Fubara to open the phase 2 of the market, as it is long overdue.
Eze who is the Chairman of the Board of Trustees of the association also urged the public to do business with only the Rumuwoji Ultra Modern Market Traders Association as it is the only union recognised by the traders.
Nation
AfDB President Denies 2027 Presidential Ambition
The President of the African Development Bank (AfDB), Akinwunmi Adesina, has debunked reports linking him with the race for Nigeria’s presidency in 2027.
Reacting to the report on his X handle yesterday, following a recent interview with Arise TV, the AfDB boss said his quotes were misrepresented and misinterpreted in several Nigerian media reports.
However, the AfDB president denied the media reports, stating that he never said that he wanted to contest for President.
“A segment of my recent interview on @Arise TV has been both misinterpreted and misrepresented in several Nigerian media outlets. What I said was, “I will be available to serve in any capacity, globally, in Africa, anywhere, including my own country.”
“A listen to the substantive and robust interview, which is available online, will show this to be the case. For clarity and for the record, I did not say that I am running for the office of President of Nigeria,” Adesina said.
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