Nation

FG To Tax Profits Made By Global Tech, Digital Giants In Nigeria

Published

5 years ago

June 28, 2021

Legal provisions will be utilised to collect taxes on profits made locally by global technology and digital firms not based in Nigeria, but with significant economic presence in the country.
Vice President Yemi Osinbajo stated this during an interaction with a delegation from the Chartered Institute of Taxation of Nigeria (CITN), led by its President, Mr Adesina Adedayo, at the Presidential Villa.
Osinbajo’s spokesman, Laolu Akande, made this known in a statement on Sunday in Abuja,
“While the Federal Government will not be raising tax rates at this time, based on the Finance Act 2019, it is already empowered to widen the tax net.
“This includes collecting taxes on the Nigerian income of global tech giants with significant economic presence here, even if they have not established an office or permanent establishment, and are currently not paying taxes in Nigeria.
“In this regard, Section 4 of the Finance Act 2019, provides that the finance minister, may by order of the president, determine what constitutes the significant economic presence of a company, other than a Nigerian company.
”We have had severe economic downturns, which of course implies that we may not be able to collect taxes with the aggressiveness that would ordinarily be expected.
“I think the most important thing is that we must widen our tax net so that more people who are eligible to pay tax are paying,” Osinbajo said.
Akande siad in the statement that the vice president also noted that several efforts had been made in that regard.
“I am sure you are aware of the initiatives including the Voluntary Assets and Income Declaration Scheme (VAIDS), which was also an attempt to bring more people into the tax net, including those who have foreign assets.”
According to the vice president, the Federal Government has also recently taken a step with respect to a lot of the technology companies that are not represented in Nigeria, but who do huge volumes of business in the country.
He said that the Finance Act had shown that Nigeria was prepared to ensure that the big technology companies did not escape without their fair share of taxation in Nigeria.
“Many of them do incredible volumes here in Nigeria and in several other parts of the region.
“We have drawn up the regulations and we are prepared to go, and I think that we are at least in a good place to tap into some of the tax resources we can get from some of these companies.
“Besides the Federal Government, a recent Bloomberg news article reported that “Governments around the world are grappling with how to modernise their legal frameworks to account for the global reach of the digital economy, reshaping how policymakers think about issues as varied as monopoly power, taxation and workers’ rights.”
He said that international talks were currently ongoing in Paris on global standard rules for governments to receive taxes from such digital and technology firms with significant economic presence in foreign countries.
Osinbajo gave further explanations on legal provisions for the subject matter.
“In Nigeria, according to the Finance Act 2019, a company will pay taxes if it transmits, emits or receives signals, sounds, messages, images or data of any kind by cable, radio, electromagnetic systems, or any other electronic or wireless apparatus to Nigeria.
“This in respect of any activity, including electronic commerce, application store, high-frequency trading, electronic data storage, online adverts, participative network platform, online payments and so on, to the extent that the company has significant economic presence in Nigeria and profit can be attributable to such activity.”
He said that the Federal Government had no plans to raise taxes currently in reference to arguments that tax rates were too low, comparing Nigeria to other places in the region where the rates were much higher.
“So we have had to balance all of these issues, because clearly, higher tax rates can be a disincentive to businesses and investments.
“In terms of domestic resource mobilisation, we are trying to do the best we can given the present circumstances and I believe that there is room for improvement.
“Actually, under the Finance Act 2019, the Federal Government has reduced taxes for small companies – companies with less than N25 million in annual turnover are charged Zero Company Income Tax, CIT.
“Also CIT for Companies with revenues between N25 million and N100m (described in the Act as “medium-sized” companies) has been reduced from 30 per cent to 20 per cent.
“Besides, Nigerians making minimum wage income are not to pay tax at all,” he said.
He said that under the 2020 Finance Act, there was also an exemption of small companies from payment of education tax under the Tertiary Education Trust fund (TETFUND), meaning companies with less than N25 million turnover were eligible.
Osinbajo added there was a 50 per cent reduction in minimum tax; from 0.5 per cent to 0.25 per cent for gross turnover for financial years ending between Jan. 1, 2020 and Dec. 31, 2021.
Earlier in his remarks, Adedayo commended the leadership of the vice president in the implementation of key government interventions in the economy.
“We acknowledge your great zeal and commitment to the Nigeria project,” he said.
Adedayo said the visit became necessary given the enormous work the administration had done towards addressing the huge fiscal challenges in the polity, public financing reforms, and sustained efforts towards addressing infrastructure deficit.
Other members of the delegation included the Vice President of the Institute, Samuel Olushola Agbeluyi, past Presidents, Dame Gladys Simplice, and Dr James Naiyeju.
In attendance also were; council members Prof. Muhammad Mainoma and Babangida Ibrahim., as well as Adefisayo Awogbade, CITN Registrar/Chief Executive.

Nation

Concerned Rivers Chiefs For Peace And Development Denies Political Affiliations

Published

2 days ago

April 2, 2026

The Tide

Concerned Rivers Chiefs For Peace And Development has said it formation was not politically motivated or has any links to political parties or candidates.

The group which said this at a media briefing at Abuloma in Port Harcourt City Local Government Area said it’s formation has nothing to do with politics.

According to the text for the briefing jointly signed by Chief Boma Kele Oyika it’s chairman and Chief Inemo T Ikama Deputy Secretary General said the organization is expected to focus on conflict Resolution, community engagement, collaboration with government and private sector actors

‘it mandate also includes promoting peace building initiative, supporting local economic empowerment programms and strengthening traditional institutions in our state and beyond as partners in governance ”

It said the body is led by a team of respected traditional leaders serving as trustees

“Their collective leadership reflects a blend of experience cultural authority and grassroots connection
“Key elements considered vital for addressing long standing,socio economic and security challenges in the region”

The release further says ” the formation of this organization comes at a time when communities in Rivers state continue to navigate between issues ranging from youth unemployment, environmental concerns and intermittent conflicts amongst the traditional rulers and beyond
“By bringing together influential traditional figures under a unified platform, the group aims at serving as stabilizing force while advocating for inclusive development policies ” it said

It also described its emergence as a new chapter in grass roots leadership and regional development

Earlier, chairman of the body, Chief Boma Kele Oyika said the organization will work with relevant authorities to promote peaceful coexistence in the state, reduce crime and promote economic development.
He said it is open to all Chiefs from the 23 local government areas.

Nation

NDCCTMA, NDDC MDS Challenge Niger Delta Indigenes on Investment in The Region

Published

2 days ago

April 2, 2026

The Tide

The Chairman of The Nigeria Delta Chamber of Commerce, Trade, Mines and Agriculture NDCCTMA,Ambassador Idaere Gogo Ogan and the Managing Director of the Niger Delta Development Commission ( NDDC ) Dr Samuel Ogbuku have challenged Niger Delta entrepreneurs to close the gap in Gross Demostic Products (GDP) differences between the region and that of the South Western part of the country by coming home to invest.

The two leaders spoke at a business round table organized by NDDCTMA in Port Harcourt

Chairman of NDDCTMA Ambassador Idaere Gogo Ogan, said to close the gap between the south west region which he said has a GDP seize of about #59 trillion and that of the Niger Delta which is about #34 trillion was to massively invest in the region.

He said no other persons can do this except sons and daughters from the region.

“For me I believe in statistics,I believe in data and everyday I looked at the data concerning development in Nigeria and from the GDP point of view, the South West has #59 trillion, that is the seize of the south west region economy, the second region following them is the Niger Delta region with GDP seize of #34 trillion,so there is a yearning gap of #25 trillion that separates the south west and the Niger Delta region, that is why we are here”
Ogan said the region has the capacity to close the gap and even surpassed it but regretted that indigenes of the region have chosen to ignore it in terms of investment.

“We need to close that gap .If we close that gap and even surpassed it,all the negative problems of militancy and unemployment will automatically erase “he said
Ogan said the event was organized to remind the people that past efforts of militancy and agitations have not led the region to any where
“That is why we are gathered here in this room “he said.

Also speaking Managing Director/Chief Executive officer of the Niger Delta Development Commission( NDDC) Dr Samuel Ogbuku urged indigenes of the region not to use the problem of insecurity as an excuse to continue to deny the region of investment as every part of the country have in one time or the other experienced crisis.

Ogbuku said most indigenes have displayed high level of unpatriotism towards the region by taking investments that would have benefited the people to either Lagos or Abuja.

“With little threat we have left the city,we have gone to Lagos,we have moved our families to Abuja and Lagos
“If you go round GRA all the property, you will see,”to let to let”most of them are now empty “he said.

The NDDC MD said despite the fact that people from the region are doing well in the oil and gas, banking and other sectors, its impact are not being felt at home because they are stationed outside the region.

He said time has come for potential investors from the region to have a change of heart by coming home to invest.

John Bibor

Nation

Nile University Hosts ICA Nigeria First National Confab On Global Communication

Published

2 days ago

April 2, 2026

The Tide

The Nile University of Nigeria has successfully hosted the maiden National Conference of the International Communication Association (ICA) Nigeria Chapter, drawing scholars, policymakers, and media professionals to examine emerging global communication trends and Africa’s positioning within them.

The two-day conference, themed, “Global Communication Shifts and Implications for Africa,” took place from March 24 to 25, 2026, at Nile University of Nigeria in Abuja. The event marked the first national gathering of the ICA Nigeria Chapter since its inauguration in March 2023, making it a historic milestone for communication scholarship on the continent.

Delivering a welcome address on behalf of the Vice Chancellor of Nile University, Prof. Dilli Dogo, the Head of Mass Communication Department, Dr. Jacob Suemo, described the conference as a “clarion call to reimagine Africa’s place in the global communication landscape,” emphasising the institution’s commitment to academic excellence and innovation.

The conference convened leading international scholars, including ICA President, Prof Thomas Hanitzsch and REACH Committee Chair, Prof Noshir Contractor, alongside other notable academics such as Prof Srivi Ramasubramanian, Dominique Brossard, and Prof. Raka Shome. Representatives from ICA chapters in India, Indonesia, and Kenya also participated, reinforcing the global outlook of the gathering.

Participants engaged in keynote sessions, panel discussions, and paper presentations addressing critical themes such as artificial intelligence, climate change communication, media systems, governance, and digital transformation. These discussions reflected the broader aim of the conference to interrogate how global communication shifts affect African societies, institutions, and development pathways.

A key highlight of the conference was a strategic panel session titled, “Is Africa Ready for ICA26?” which assessed the continent’s readiness for deeper global engagement ahead of the ICA International Conference scheduled for June 2026.

The event featured over 50 research presentations from scholars across Nigerian institutions, showcasing diverse perspectives on communication research and practice. It also attracted major stakeholders in government and media, including representatives of the Federal Ministry of Information and National Orientation, the News Agency of Nigeria, and the Nigeria Press Council. Discussions underscored the importance of strategic communication in national development and Africa-driven narratives in global discourse.

A major outcome of the conference was the leadership transition within the ICA Nigeria Chapter. Professor Desmond Okocha emerged as the new Chair, succeeding the founding Chair, Dr. Ekaete George. The transition was described as a step toward consolidating the association’s growth and expanding its influence across Nigeria’s academic and media landscape.

Organised in collaboration with academic institutions including Bingham University, University of Cross River State, Nasarawa State University, and the University of Calabar, the conference also featured participation from the West Africa Broadcast and Media Academy (WABMA) as a partner and sponsor.

The ICA Nigeria Chapter noted that the conference provided a vital platform for intellectual exchange, collaboration, and policy dialogue, positioning Nigeria as a key player in global communication research and practice.

The second edition of the ICA Nigeria National Conference is scheduled for March 2027, building on the success of the inaugural event.