₦airaland Forum

Stoopid south west youths doing Yahoo should look into cocoa now and earn clean money! Majority of the players are ageing, these youths are needed to continue this lucrative business.

LegendHero:
The data is for Jan - September. Dangote started petrol profusion proper in October.

Also, importers work based on contracts. Some of them have months of contract already that need to be fulfilled.

By first quarter of next year, everything will stabilize and the petrol import would have reduced in comparison.

You go school joor!

Follow usdngn official daily

https://www.cbn.gov.ng/rates/ExchRateByCurrency.html

When will the Hausas wake up and unite to wipe off these Fulanis, who are bent on massacring them? Oh, Islam wouldn't allow them to do it, since it was given to them by the same bloodthirsty Fulanis from Mali.

Hausas, put Islam aside and confront your enemies who want to wipe you off your land and occupy it.

Don't Hausas have thinkers at all?

These people are just beating about the bush!

DrShomo:
Shey nah u and ur mother dey inside d cage niii??
Unah dey suffer for ur family ooo

You this jobless armed robber based in Ogun state again? Den go still neutralise you in the presence of your wretched and shameless mother.

lrman:
You cannot shame the shameless, so I expect you to stand by your shame , what is there to stand?? Since the last year which you mentioned that it will happen , it never happened , and shameless goat that you are , you are saying you stand by what you said , what is there to stand by again ?? Mumu

Fuckkk off and go smell your mother's stinking pussssy!

Ghg

lrman:
Shameless thing , were you not the same idiot that said dollar will drop to 800naira the moment binance p2p was shut down because of your same useless government that you are defending because of peanut


Why is the dollar still at above 1000 despite all your useless noise that time ?? Animal

I stand by what I said! You've got problem with that? Who gives your impoverished mother peanuts?

So, your father is an animal! Rght?

Tinubu, open the bleeping border and allow foods to come in! Our farmers, you're trying to protect,are uselessly greedy.

DrShomo:
E no funny at all, abeg who opened ur cage nah, and why now

What's not funny? Den put your useless mother for cage before?

jayce232:
You have come out from your dirty dungeon to start posting your nonsensee again? April this year u were all over nairaland screaming dollar will fall to 700/800 before august with your misleading charts, people sold their dollar to naira & dollar rose to almost 1900, u were nowhere to be found, then suddenly u have come here again to start this your nonsensee?? If u are a new person on this thread, pls don't take this poster serious, he is an APC agent & will never post an honest view on anything that concerns this govt. So expect any of his post to come with bias. Someone has given a neutral & honest analysis on this naira dollar issue above.

This one brain don shift! Why should you follow someone's analysis without doing yours and compare? Are you a zombie?

Benchmark for next year's budget is 1400/$, so expect a drop below 1400 and any pullback caps at 1400.

This is what we call central banking, not the usual commercial banking we've been used to for years.

Range 1200 -1400 in 2025, to keep the budget well funded, and avoid much deficit.

By the time Bola finishes with Nigeria's economy, Una go beg.am to serve another 4 years.

No be beans to get first class nah!

dreamxhaser:
Mumu last December was when all those floating of Naira stuff was taking effect.

Check 2022, 2021, 2020 and see

Dec. 2021, it was at lowest;
Dec 2022, Naira was at the lowest.

Seasonally, Naira weakens in December!

Pic 1 2021

Pic 2 2022.

Can you now see that you're the number one idioooot and charlatan?

For Naira to be strong in December this year, it means the CBN is getting it right!

LordTyrion:
If u serious, l will need 3000$ @1550.

DM Ur Office Location

Ole! You want Rob am abi?

Dalohad:
All what is written up there are long jargons.

The dollar is depreciating because people sending dollar inflow into the country, diasporans are also coming home with hard currencies. So, there is more dollar in circulation to feed demand..

It is simple economics and the effect is ephemeral and superficial. It is not sustainable. By January, when all the spending has ended. Reality will hit the naira again as people will start looking for dollar to buy tickets, resume school and buy goods abroad.

Ignoramus! Go check the price last December and come back with your rants.

Bwanasaraw:
You are right. Naira appreciated around this time last year too only to fall again in January.

Stop lying! Naira was very weak last December. Naira was at the lowest (876-900)l ast December.

Nice one! The only indigenous religion must be accorded respect and recognition too.

Foreign religions have really suppressed traditions almost into oblivion.

https://nairametrics.com/2024/12/04/naira-appreciates-to-n1640-from-n1730-on-parallel-market-as-supply-outstrips-demand-on-cbn-efems

The naira recorded a huge gain against the US dollar at the parallel market, hitting N1640/$1, at the close of business on Wednesday, December 4, 2024.

This represents a 5.2% or N90 gain against the dollar when compared to the N1730 that was recorded the previous trading day.

The massive appreciation recorded against the dollar is coming with the kick-off of trading activities at EFEMS PLATFORM which the BDCs operators believe will bring about transparency in the forex market and enhance regulatory oversight.


According to information made available to Nairametrics, the exchange rate for dollar inflow on the parallel market is N1640/$1, while the rate for cash transactions closed at N1664/$1 at the end of the day’s trading activities.

Naira gains big
The newly introduced Enhanced Foreign Exchange Market System (EFEMS) by the Central Bank of Nigeria (CBN) recorded a remarkable first and second day of trading as supply reportedly outstripped demand.

This new forex trading window consolidates Nigeria’s foreign exchange markets, replacing the Investors and Exporters (I&E) window in a bid to simplify and increase transparency in the forex market.
Reports reaching Nairametrics indicate that trading volumes surged significantly, with sources close to the market revealing that supply exceeded demand.
Sources suggest the exchange rate on the official market closed at N1,595 to the dollar. However, the CBN website displayed N1613.69/$1 on Wednesday December 4th 2024 for the NFEM Simple Average.
The exchange rate closed at N1,643.15 on the first day of the operation of the EFEMS per CBN website.
However, the exchange rate closed at N1,608/$1 on the official market up from N1,625/$1 a day earlier.
While exact data on trading volumes remains uoffical, the sentiment suggests a potentially strong start for the EFEMS, with market participants optimistic about the liquidity this system might bring.

Nairametrics also observed that the FMDQ no longer provides forex data as the Investor & Exporter Window is no longer in operation.
Despite the positive signs shown on the first two days of trading, experts suggest that sustaining this momentum will require robust policy backing and an unwavering commitment to supply-demand balance.

The success of this initiative depends largely on the CBN’s ability to maintain liquidity and curb market distortions, particularly speculative trading that has historically plagued Nigeria’s forex markets.

Backstory
The Central Bank of Nigeria (CBN) released revised guidelines for the Nigeria Foreign Exchange Market (NFEM), signaling a major shake-up in the country’s FX operations.

The updates, contained in a circular dated November 29, 2024, consolidate all FX windows, redefine the roles of market participants, and introduce stricter compliance and transparency measures.
This latest move is part of the apex bank’s efforts to address long-standing inefficiencies in the FX market while creating a transparent, well-regulated system.
A major focus of the revised guidlines focus of the revised guidelines requires that all FX transactions are to be priced through the Electronic Foreign Exchange Matching System (EFEMS), a centralized platform that will also publish daily FX rates for public access.
The platform replaces the fragmented system of multiple windows, such as the Investors & Exporters (I&E) FX Window, SME Window, and Invisible Window.

harry2sexy:
Please guys, i may have missed the news but what has the FG done differently that took naira from 1740 to 1680 as at today?

Also very recently, i got into YFI/USDT coin and i don't know why i feel like that pair would suprise everybody this bull run

Bloomberg matching platform started on the 2nd of this month, and the minimum transaction amount has been raised.

No more fictitious FX demand, and all transactions are done electronically.

Good one! Unlike crypto platforms who don't want to pay tax to where they earn incomes.

Is North Central part of the north? Kogi, Benue, Kwara, Plateau, and even, Taraba, are different people entirely.

If all these states are out, what's left with the so-called North?

HeadNigga:
oga 50 naira per alert is too much...it should be a one off thing per day. Must we support evil out of sentiments?

N50 on 10k!
N50 on N10m

You are not charged on N9k credit.

Erikiel:
Is it only the recipient that will be charged or both sender and recipient?

Recipient!

So customers of fintech banks have not been paying the N50! Money I've been paying for months.

Posters above are just crying like they're being charged 50% of the credited amount.

• Source: Federal Ministry of Finance

President Bola Tinubu transmitted four tax reform bills to the national assembly on October 3, 2024. The bills are the Nigeria Tax Bill 2024, the Nigeria Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill. Together, these bills would overhaul tax administration and revenue generation in Nigeria, as many of the provisions contained in them are landmark in nature.

These tax reform bills did not come out from the blues; they are products of a year's worth of intense hard work and consultation by the Taiwo Oyedele-led Presidential Committee on Fiscal Policy and Tax Reforms inaugurated by President Bola Tinubu in August 2023, two months after assuming office as President. It was obvious President Tinubu saw tax reforms as one of the primary things his administration needed to achieve to lay a strong fiscal and revenue foundation for sustainable growth for the rest of his tenure and beyond.

This is why, fulfilling his campaign promise on page 16 of his Renewed Hope manifesto, the President saddled the responsibility of overhauling Nigeria’s tax laws and administration on the shoulders of a renowned tax expert, Taiwo Oyedele. Having gone through the entire 397 pages that make up the four tax reform bills, I can confidently say that the Committee did a wonderful job. In the first part of this piece, I will give a synopsis of the Nigeria Tax Bill 2024.



A Summary of the Nigeria Tax Bill 2024

The Nigeria Tax Bill (from now on referred to as the NTB) is a comprehensive piece of legislation that seeks to outline all taxes in the country hitherto administered by different laws and compress them into a single simplified law. Most importantly, the NTB vests upon the Nigeria Revenue Service (expected to succeed FIRS) powers to collect all national taxes, including royalties hitherto collected by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and excise duties, import VAT etc, hitherto collected by the Nigeria Customs Service.

The coming into force of the Nigeria tax bill will lead to the repeal of 11 laws/enactments, while 13 other laws shall experience consequential amendments. The NTB will also revoke one subsidiary legislation and consequential amendments on two other subsidiary legislations. The laws that would be revoked once the NTB comes into effect (as currently proposed) include:

1. Capital Gains Tax Act

2. Casino Act

3. Companies Income Tax Act

4. Deep Offshore and Inland Basin Act

5. Industrial Development (Income Tax Relief) Act

6. Income Tax (Authorised Communications) Act

7. Personal Income Tax Act

8. Petroleum Profits Tax Act

9. Stamp Duties Act

10. Value Added Tax Act and

11. Venture Capital (Incentives) Act.



The existing legislation that will witness consequential amendments include:

1. The Petroleum Industry Act, No 6. 2021 (the areas to be deleted in the PIA include parts I – X of chapter four; the Fifth and Sixth Schedule; paragraphs 6, 9, 10, 11 and 12 of the Seventh Schedule; and subparagraph 6 of paragraph 14 of the Seventh Schedule.

2. The Nigerian Export Processing Zones Act (sections 8 and 18(1)(a) deleted).

3. The Oil and Gas Free Trade Zone Act (sections 8 and 18(1)(a) deleted).

4. The National Information Technology Development Agency Act (sections 1, 2, and 3(3) deleted).

5. The Tertiary Education Trust Fund (Establishment, Etc.) Act (sections 1, 2, and 3(3) deleted).

6. The National Agency for Science and Engineering Infrastructure (Establishment) Act (section 20(2), paragraph b(i) and b(ii) deleted).

7. The Customs, Excise Tariffs, Etc. (Consolidation) Act (section 21(2) deleted).

8. The National Lottery Act (sections 35A, 35B and 35C deleted).

9. The Nigerian Minerals and Mining Act (sections 28 and 33 deleted).

10. The Nigeria Start-up Act (sections 25(2), (3), (4) and 29(3) deleted).

11. The Export (Incentives and Miscellaneous Provisions) Act (section 11(1) deleted).

12. The Federal Roads Maintenance Agency (Establishment, Etc.) Act (section 14(1)(h) deleted).

13. The Cybercrime (Prohibition, Prevention, Etc.) Act (subsections (2)(a) and (4) of section 44 and the Second Schedule are deleted).



For the subsidiary legislations, the Value Added Tax Act (Modification) Order 2021 will be revoked, while the Company Income Tax (Significant Economic Presence) Order 2020 will be amended by deleting paragraph 2 even though the parent legislation, the Company Income Tax, would be repealed. Finally, the Petroleum (Drilling and Production) Regulations 1969 would be amended by deleting regulations 60B, 60C, 61(1), (2), (4) and 62.

Crucially, the Nigeria Tax Bill included a supremacy clause in section 202, part of which stated that” this Act shall take precedence over any other law with regards to the imposition of tax, royalty, levy, excise duty on services or any other tax, where the provisions of any other law is inconsistent with the provisions of this Act, the provisions of this Act shall prevail and the provisions of that other law shall, to the extent of the inconsistency, be void.” This clause effectively elevates the NTB to be Nigeria's supreme legislation on taxes.



Significance of the Nigeria Tax Bill for Individuals and Businesses

Apart from trying to simplify tax laws in Nigeria, the Nigeria tax bill also reduced the tax burden in most cases for individual taxpayers and businesses, contrary to the narrative in some quarters, amplified by Sen. Ali Ndume, that the bills are all about tax increases. I will highlight some provisions in the bill to buttress this point.

1. Reduction in Personal Income Tax: With the new provisions in the NTB, personal income tax would see a progressive reduction in rates, with lower-income earners being exempt from paying PIT or paying reduced rates compared to the current rates. The annual tax rate, as outlined in the fourth schedule of the bill, is as follows:

a. First N800k – 0%

b. Next N2.2m – 15%

c. Next N9m – 18%

d. Next N13m – 21%

e. Next N25m – 23% and

f. Above N50m – 25%

Before now, the personal income tax rates for different bands of annual income are as follows:

a. First N300k – 7%

b. Next N300k – 11%

c. Next N500k – 15%

d. Next N500k – 19%

e. Next N1.6m – 21%

f. Above N3.2m 24%

So, a glance at the two sets of rates shows that while currently a low-income earner who earns N25,000 monthly, which translates to N300,000 annually, is required to pay 7% income tax, the new rates proposed in the Nigeria Tax Bill exempts individuals who earn N800,000 or less annually from paying any income tax. Considering that more than 70% of Nigerians today do not earn up to N800,000 annually, you realise that the bill is pro-poor.

So, in effect, every minimum wage earner in Nigeria would be exempted from personal income tax. Also, the bill in section 13(2a) exempts all employees of start-ups and technology-driven service providers from income tax. This is a massive incentive for youths in ICT!

The progressive personal income tax rate in the NTB means that before you pay the top income tax rate of 25%, your annual income must be above N50m. In other words, this new income tax regime seeks to ensure that richer people pay their fair share of tax. Before now, it was the low-income earners who were employees who got to pay income tax through deductions from sources carried out by their employers.

However, with the new provisions in Section 28 of the second bill, the Nigeria Tax Administration Bill, financial institutions are now mandated to furnish tax authorities with details of individuals whose monthly cumulative transactions amount to N25 million or more. This would bring more high-income earners into the tax net.

2. Reduction in Company Profit Tax and Harmonisation of Four Special Deductions into One Levy: The Nigeria Tax Bill is business friendly as it exempted every small business whose annual turnover is below N25 million from paying profit tax and progressively reduced the top rate profit tax paid by larger companies from 30% to 25%. According to section 56 of the Nigeria Tax Bill, a small company will be taxed 0 per cent (i.e. zero rated) while other companies (medium to large) will be charged 27.5% in 2025 and 25% from 2026. This is against the present 30% CIT rate for large companies with over N100 million turnover and 20% for medium companies with over N25 million to N100 million turnover.

The Nigeria Tax Bill is friendly to small businesses. As many as 90% of businesses in Nigeria fall under the small business category. This means that around 90% of businesses in Nigeria won’t be paying profit tax under the NTB. The bill equally reduces the tax burden on big businesses and frees more resources for them to expand, which will lead to more job creation.

The bill in section 20(1)(a)-(l) also indirectly reduces the taxable income of the company by increasing the deductions allowed from the company’s gross earnings before ascertaining the company’s profit, which is eventually taxed. The bill also eliminated a minimum income tax of around 1% of gross earnings hitherto imposed on companies that did not declare profit.

The bill went further in section 59 to harmonise all the special deductions on companies' profit (different from the profit tax) into a single development levy that is expected to progressively decline from a rate of 4% in 2025 and 2026 assessment years to just 2% from 2030! The three direct annual deductions on companies’ profit consolidated into a one-off development levy by the bill include:

a. Tertiary education tax as of today, companies are required by the TETFUND Act to pay 2% of their annual assessable profit as tertiary education tax into TETFUND;

b. NASENI Levy – apart from the deduction of 3% of the total revenue accruing to the Federation Account, the National Agency for Science & Engineering Infrastructure (NASENI) Act also mandates FIRS to collect 0.25% of the turnover of companies and firms with income or turnover of N4,000,000 (Four Million Naira) and above; and

c. Information Technology Tax companies with an annual turnover of N100 million or more who are engaged in banking and other financial activities; insurance activities; pension fund administration; GSM service providers and telcos, as well as cyber and internet service providers, are required by the NITDA Act to pay 1% of their profit before company income tax (CIT) as information technology tax annually to the National Information Technology Development Agency (NITDA) Nigeria Fund (NITDF).

Nigerian Education Loan Fund’s (NELF) primary funding source is through the deduction of 1% of all taxes, levies and duties collected by FIRS and not necessarily extra direct deductions from companies’ profits. However, in the Nigeria Tax bill, the NELFUND is the greatest beneficiary of the development levy. According to section 59(2), the development levy to be collected by NRS (i.e. FIRS) at progressively declining rates from 2025 shall be distributed as follows:

a. Tertiary Education Trust Fund (TETF) will receive 50% of the total development levy in 2025 and 2026 (rate of 4%). In 2027, 2028 and 2029, TETFUND will receive 66% of the total development levy collected (the levy rate declines to 3%). From 2030 and above, TETFUND will cease to receive any share of the development levy.

b. The Student Education Loan Fund will receive 25% of the development levy in 2025 and 2026, 33% in 2027, 2028, and 2029, and 100% from 2030 onwards. This would now be 2% of the assessable profits of all companies (except small companies and non-resident companies).

c. The National Information Technology Development Fund will receive 20% of the development levy in 2025 and 2026 and 0% from 2027 onwards.

d. The National Agency for Science and Engineering Infrastructure (NASENI) will receive 5% of the development levy in 2025 and 2026 and 0% from 2027 onwards.

So, for most companies, the Nigeria Tax Bill is coming to harmonise their taxes into a maximum of two (income tax and development levy) with a maximum total rate of 27% (25% profit tax and 2% development levy) for the biggest companies from 2030 instead of a top rate of 33.25% they currently pay. This is a relief for businesses. There is no other way to say it.

3. Progressive Value Added Tax: Many, including some governors and Sen. Ali Ndume, focus on VAT. Chapter Six of the Nigeria Tax Bill contains provisions about value-added tax. The bill, in section 146, indeed provides for a gradual increase in the VAT rate from the current 7.5% to 10% in 2025, 12.5% in 2026, 2027, 2028, and 2029, and pegged at 15% from 2030.

However, it did not end there; a lot of basic goods and services that are consumed by the poor are either totally exempt from paying VAT or zero-rated. The items exempt from VAT are listed in part IV of chapter 8 of the Nigeria Tax Bill, including food items, medical items, baby products, transportation, electricity, LPG, CNG, petrol products, etc. So, in essence, the progressive VAT rates will not affect the poor or VATable things they normally purchase.

The second part of the VAT controversy concerns the derivation formula. However, it is important to point out that the Nigeria Tax Bill does not make any provisions for sharing formulas or derivation; rather, it is another bill, the Nigeria Tax Administration Bill, that made such provisions, but I will briefly touch on it here.

Section 77 of the Nigeria Tax Administration Bill provides for the distribution of VAT in the following manner:

1. 10% to the federal government

2. 55% to the state governments and FCT and

3. 35% to the local governments

The same section provided for the distribution of 60% of the VAT revenue standing to the credit of the states and local governments based on derivation. Section 22(12) of the Bill specifies the proposed derivation model: “For attribution, any return under this section shall provide details of the derivation of taxable supplies by location in a manner prescribed by the service.”

Many opposing the new VAT model did not read this part. They thought the 60% of VAT revenue provided for sharing based on derivation in section 77 would follow the current model, where derivation is attributed to headquarters remittance. That's not the case. With the new Nigeria Tax Administration Bill proposal, VAT will be attributed to the place of supply and consumption and not necessarily the place of remittance, which currently favours places with many company headquarters.

4. Redesign of the Capital Gains Tax: The bill also progressively redesigned the capital gains tax regime by exempting some forms of capital gains from taxation and, in other cases, raising the gain threshold before imposing a capital gains tax. For example, section 51 of the bill exempts an individual from paying tax on the proceeds of the sale of his residential property or land adjoining his residential property up to a distance of 1 acre. Section.

In section 50, the bill exempts compensation paid to individuals for personal injuries, such as loss of employment, defamation, libel, slander, etc., from capital gains tax once the amount is N50 million or below. Above N50 million, only the excess constitutes chargeable gains. The current provision of the subsisting Capital Gains Tax Act is that compensation for loss of office, etc, is subject to capital gains tax on the portion of the income above N10 million at 10%.

5. Streamlining of Taxation of Income from Mining and Petroleum Operations, including Hydrocarbon Tax: The Nigeria Tax Bill effectively handed over the revenue collection duty of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) to the NRS (FIRS) and using the same stone, it amended certain sections of the Petroleum Industry Act 2021.

The Seventh Schedule of the Nigeria Tax Bill prescribed the royalties all production of petroleum (from inland basin, onshore, offshore and deep water) would be subjected to, which are to be collected on behalf of the Federation by the NRS (FIRS) with the royalties so collected by the NRS administered in accordance with provisions of the Nigeria Tax Administration Bill (Act).

Crucially, the Nigeria tax bill outlined provisions that gave tax exemptions to encourage investment in both associated natural gas and non-associated gas (which yields CNG). By virtue of the NTB, NUPRC will squarely face its regulatory role in the upstream petroleum sector and will work closely with NRS where necessary to sanction defaulting companies that fail to remit the assessed taxes and royalties. This will indirectly increase revenue collection efficiency and reduce the cost of collection that NUPRC usually deducts from the royalties it collects before now.

For the mining sector, the Nigeria Tax Bill, in the Eight Schedule, also laid out royalty rates to be paid to companies or licensees mining 71 solid minerals in Nigeria. The rates are either 3% or 5% of the selling value of these minerals. With this and other supporting provisions on mining, the Nigeria Tax Bill would effectively lead to the amendment of the Nigerian Minerals and Mining Act.

6. Harmonisation of Taxation of Dutiable Instruments/Transactions: Chapter five of the Nigeria Tax Bill made clear provisions for taxation of all dutiable instruments or transactions. Section 123 of the bill imposed stamp duties on a total of 47 instruments at rates specified in the ninth schedule of the tax bill. A look at that ninth schedule shows that 34 instruments were levied duties ad Valorem (as a percentage of the value of these instruments) while 13 other instruments had a fixed duty of either N50 or N500, with only one instrument commanding a fixed stamp duty of N1000. The bill also harmonised instruments and transactions to be exempted from stamp duty and specified them in part III of chapter eight of the bill.

As I conclude this first part, it is important that the summaries contained here did not include a few other major innovations that the Nigeria Tax Bill is bringing on board. For example, the provisions on tax incentives contained in Chapter 8 of the bill provided economic development tax incentives targeted at economic sectors classified in the eleventh schedule as priority sectors. Some provisions removed ambiguities on taxation/tax exemptions within export processing and free trade zones.

From the previous, it is obvious that the Nigeria Tax Bill is the single biggest tool since Nigeria’s independence. It can facilitate ease of doing business in Nigeria, remove confusion in tax matters, and drastically increase revenue collection while reducing the tax burden on businesses and individuals. It is simply remarkable how a single bill could do so much simultaneously. This bill is simply a landmark in nature, and under no circumstances should anyone who claims to love the country or the poor be declared this bill dead on arrival.

Part 2 of this article will summarise the other three bills: the Nigeria Tax Administration Bill, the Nigeria Revenue Service Establishment Bill, and the Joint Revenue Board Establishment Bill.



https://proshare.co/articles/president-tinubus-tax-reform-bills-under-a-microscope?menu=Economy&classification=Read&category=Taxes%20%26%20Tariffs

kunle4toyeyaho:
He is not making any sense.If he complains of VAT sharing model,what about review of Personal tax template,is that also in favour of Lagos State alone?I am a tax man and I understand the content of the bill. There are 2 things I am not comfortable with:
- The incremental review of VAT rate up to 15% in 2030
- Streamlining revenue collection and having FIRS changed to NRS.

There is an aspect of the bill that does not favour Governors and that's why majority of them are kicking about it. The revenue accruable to states would be less ,if well implemented. Whether PAYE or direct assessment,workers that do not earn more than 840k in a year would be totally exempted from tax,this is where most Governors would lose revenue,they know this,they are just hiding behind VAT sharing model to make ' noise'.
There would be public hearing,let them point out the part they are not comfortable with,is it the whole bill that is beneficial to Lagos alone? How can he call on president to withdraw a bill that seeks to exempt businesses with turnover of less N50million per annum from paying corporate tax?

But on the issue of PAYE, most states are civil servant state where people are paid salaries by the government, and most of them are now paying minimum wage of 70k, translating to 840k; with the minimum earning of 800k annually, many states will not lose a dime as they will still get the PAYE of the civil servants.

Lagos may even lose because many private sector company aren't paying above 800k per annum currently; therefore, less PAYE for the state.

Juxtapose the underlined sentence and his stance, you'd agree with me that this Prof. is a confusionist.

Lagos will be the only beneficiary and Lagos will lose a lot.

Lagos will lose because VAT will now be charged at the place of consumption, and not the place of production. If you aren't allowing people to drink beer and play lotto, forget about VAT from these 'Haram'

ThegreatDon:
I've $200 to spare, which coin can I throw it into?

As a spot trader, don't buy anything now! BTC about to correct downwards.

After correction , you can come in .

Oyo state has potentials! That state is highly underrated.

Kano population is highly overestimated, to receive allocations from the FG. Fraudulent census!

Something is wrong with Kano state! With the huge population, the government can't think on how to monetise it. It's a pity!