Tinubu’s Tax Bills Pass Second Reading At Senate - Politics (2)

Tinubu’s Tax Bills Pass Second Reading At Senate - Politics (2) - Nairaland

Nairaland Forum › Nairaland General › Politics › Tinubu’s Tax Bills Pass Second Reading At Senate (13137 Views)

Re: Tinubu’s Tax Bills Pass Second Reading At Senate by biaframaster200: 3:20pm On Nov 28, 2024

I am expecting Peter Obi to comment on the bill ....

Or perhaps, this type of tax issue is beyond his comprehension.

These are expert matter

4 Likes

Re: Tinubu’s Tax Bills Pass Second Reading At Senate by BreconHills(m): 3:24pm On Nov 28, 2024

Anyone who takes the time to read through the tax reform bills will appreciate that this is a long overdue legislation. For the first time, Nigeria will have legislation which reflects the social contract between the government and the citizen and between the centre and the federating units. For too long our laws have been about putting additional weights on the common man

An excellent piece of work.

6 Likes

Re: Tinubu’s Tax Bills Pass Second Reading At Senate by Esesuwa8: 3:26pm On Nov 28, 2024

What about the current borrowings? Please add it to the former and tell me how much Nigeria is owing

quote author=yoruboid post=133075499]From the Student Loan, to the floating of the Naira (which has led to a trade surplus of over N14tn this year alone), to the removal of subsidy, to the Tax Bill and LGA autonomy, Tinubu is obviously the most prepared for this role

And yes, the inflation maybe there, but it will come down

Trust the process. All the below listed under two years is quite a feat and if you like don’t take advantage of the opportunities. Many are doing so and making their lives better

Doubling of aggregate government revenues to over 9.1 trillion Naira.

Reduction in revenue spent on debt service from 97% to 68%.

Clearance of $5 billion in outstanding foreign exchange obligations.

Resurgence of the oil and gas industry.

Increase in oil production to 1.61 million barrels per day.

Signing of two Foreign Direct Investment deals worth over half a billion dollars.

Launch of the Compressed Natural Gas (CNG) Initiative.

Distribution of one million conversion kits to commercial vehicles.

Reduction in transportation costs by approximately 60%.
Establishment of the student loan scheme.

Processing of 45.6 billion Naira for student payments.

Creation of the Consumer Credit Corporation with over N200 billion.

Allocation of an additional N50 billion each for student loans and Credit Corporation.

Securing $620 million under the Digital and Creative Enterprises (IDiCE) program.

Introduction of the Skill-Up Artisans Programme (SUPA).
Launch of the Nigerian Youth Academy (NIYA).

Initiation of the National Youth Talent Export Programme (NATEP).

Financial support of over N570 billion to the 36 states.

Benefits to 600,000 nano-businesses, with an additional 400,000 expected.

Processing of 75,000 beneficiaries for N1 million Micro and Small Business loans.

Construction of 10 MSME hubs, creating 240,000 jobs.

Payments of N1 billion each to large manufacturers.

Signing of the National Minimum Wage law, raising the minimum wage to N70,000 per month.

Launch of the Renewed Hope City and Estate housing initiative.

Plan to build 100,000 housing units over the next three years.

Removal of tariffs and import duties on essential food items and medical supplies.

Distribution of fertilizers and initiation of a project to cultivate over 10 million hectares of land.

Order of mechanized farming equipment worth billions of Naira.

Increased food production and job creation through agricultural incentives.[/quote]

Re: Tinubu’s Tax Bills Pass Second Reading At Senate by AntiChristian: 3:26pm On Nov 28, 2024

Upon all the noise from Ningi and others!

1 Like

Re: Tinubu’s Tax Bills Pass Second Reading At Senate by kunle4toyeyaho: 3:26pm On Nov 28, 2024

vowiski:
So with this bill, VAT becomes 15%

We don enter for Tinubu hand.

And Nigerians are quiet, this is 100% increment that will lead to increase in goods as well..

..many transactions would not be VATable henceforth

4 Likes

Re: Tinubu’s Tax Bills Pass Second Reading At Senate by Tonytonex(m): 3:31pm On Nov 28, 2024

Just wait and see. Una think say APC mean well for una?!.

1 Like

Re: Tinubu’s Tax Bills Pass Second Reading At Senate by mikeapollo: 3:35pm On Nov 28, 2024

yoruboid:
From the Student Loan, to the floating of the Naira (which has led to a trade surplus of over N14tn this year alone), to the removal of subsidy, to the Tax Bill and LGA autonomy, Tinubu is obviously the most prepared for this role

And yes, the inflation maybe there, but it will come down

Trust the process. All the below listed under two years is quite a feat and if you like don’t take advantage of the opportunities. Many are doing so and making their lives better

Doubling of aggregate government revenues to over 9.1 trillion Naira.

Reduction in revenue spent on debt service from 97% to 68%.

Clearance of $5 billion in outstanding foreign exchange obligations.

Resurgence of the oil and gas industry.

Increase in oil production to 1.61 million barrels per day.

Signing of two Foreign Direct Investment deals worth over half a billion dollars.

Launch of the Compressed Natural Gas (CNG) Initiative.

Distribution of one million conversion kits to commercial vehicles.

Reduction in transportation costs by approximately 60%.
Establishment of the student loan scheme.

Processing of 45.6 billion Naira for student payments.

Creation of the Consumer Credit Corporation with over N200 billion.

Allocation of an additional N50 billion each for student loans and Credit Corporation.

Securing $620 million under the Digital and Creative Enterprises (IDiCE) program.

Introduction of the Skill-Up Artisans Programme (SUPA).
Launch of the Nigerian Youth Academy (NIYA).

Initiation of the National Youth Talent Export Programme (NATEP).

Financial support of over N570 billion to the 36 states.

Benefits to 600,000 nano-businesses, with an additional 400,000 expected.

Processing of 75,000 beneficiaries for N1 million Micro and Small Business loans.

Construction of 10 MSME hubs, creating 240,000 jobs.

Payments of N1 billion each to large manufacturers.

Signing of the National Minimum Wage law, raising the minimum wage to N70,000 per month.

Launch of the Renewed Hope City and Estate housing initiative.

Plan to build 100,000 housing units over the next three years.

Removal of tariffs and import duties on essential food items and medical supplies.

Distribution of fertilizers and initiation of a project to cultivate over 10 million hectares of land.

Order of mechanized farming equipment worth billions of Naira.

Increased food production and job creation through agricultural incentives.

So what is the total effect on poverty, standard of living, cost of living, cost of food/agricultural items, medicine, health care, transportation, employment, human capital development index etc. of all the things you listed above?

1 Like

Re: Tinubu’s Tax Bills Pass Second Reading At Senate by Omenlon: 4:02pm On Nov 28, 2024

Paraman:
By this time next month, the bill should have been pass by the senate and house of rep

not really. The senate committee on finance has been given 6 weeks to work on the bill which includes public hearing after which they will have another session to look at it before passing it into law.

Re: Tinubu’s Tax Bills Pass Second Reading At Senate by Basic123: 4:05pm On Nov 28, 2024

Paraman:
By this time next month, the bill should have been pass by the senate and house of rep

It has been passed already

1 Like

Re: Tinubu’s Tax Bills Pass Second Reading At Senate by Omenlon: 4:06pm On Nov 28, 2024

vowiski:
So with this bill, VAT becomes 15%

We don enter for Tinubu hand.

And Nigerians are quiet, this is 100% increment that will lead to increase in goods as well..

one illiterate spotted.

4 Likes

Re: Tinubu’s Tax Bills Pass Second Reading At Senate by Omenlon: 4:08pm On Nov 28, 2024

AntiChristian:
Upon all the noise from Ningi and others!

you no know say jaguda get oga.

2 Likes

Re: Tinubu’s Tax Bills Pass Second Reading At Senate by aieromon(m): 4:10pm On Nov 28, 2024

datola:
Nice but we don't want to hear VAT rate has been increased again!

What will you do about it?

Section 146 of the bill proposes to raise the value added tax (VAT) from 7.5 percent to 10 percent by 2025, with further increases to 12.5 percent from 2026 to 2029, and 15 percent from 2030 onwards.

https://businessday.ng/news/article/six-key-provisions-in-tinubus-proposed-tax-bill/

Re: Tinubu’s Tax Bills Pass Second Reading At Senate by eteba(m): 4:19pm On Nov 28, 2024*

Let's come together, this bill is not anti-people as some uninformed individuals have been projecting.

Small small, nigeria will be great again.

I pray the reforms start showing speedy relieves, because Nigerians are really suffering.

Dead to all enemies of our land, Bh, bandits, Ipob terrorist wing, terrorist fulani herdsmen, kidnappers etc, painful dead to all of you.

Iseeeeee!

3 Likes

Re: Tinubu’s Tax Bills Pass Second Reading At Senate by Femidfo: 4:24pm On Nov 28, 2024

😃 no wonder things are now so affordable in the markets...prices of food items are now coming down...hennmmm

quote author=yoruboid post=133075499]From the Student Loan, to the floating of the Naira (which has led to a trade surplus of over N14tn this year alone), to the removal of subsidy, to the Tax Bill and LGA autonomy, Tinubu is obviously the most prepared for this role

And yes, the inflation maybe there, but it will come down

Trust the process. All the below listed under two years is quite a feat and if you like don’t take advantage of the opportunities. Many are doing so and making their lives better

Doubling of aggregate government revenues to over 9.1 trillion Naira.

Reduction in revenue spent on debt service from 97% to 68%.

Clearance of $5 billion in outstanding foreign exchange obligations.

Resurgence of the oil and gas industry.

Increase in oil production to 1.61 million barrels per day.

Signing of two Foreign Direct Investment deals worth over half a billion dollars.

Launch of the Compressed Natural Gas (CNG) Initiative.

Distribution of one million conversion kits to commercial vehicles.

Reduction in transportation costs by approximately 60%.
Establishment of the student loan scheme.

Processing of 45.6 billion Naira for student payments.

Creation of the Consumer Credit Corporation with over N200 billion.

Allocation of an additional N50 billion each for student loans and Credit Corporation.

Securing $620 million under the Digital and Creative Enterprises (IDiCE) program.

Introduction of the Skill-Up Artisans Programme (SUPA).
Launch of the Nigerian Youth Academy (NIYA).

Initiation of the National Youth Talent Export Programme (NATEP).

Financial support of over N570 billion to the 36 states.

Benefits to 600,000 nano-businesses, with an additional 400,000 expected.

Processing of 75,000 beneficiaries for N1 million Micro and Small Business loans.

Construction of 10 MSME hubs, creating 240,000 jobs.

Payments of N1 billion each to large manufacturers.

Signing of the National Minimum Wage law, raising the minimum wage to N70,000 per month.

Launch of the Renewed Hope City and Estate housing initiative.

Plan to build 100,000 housing units over the next three years.

Removal of tariffs and import duties on essential food items and medical supplies.

Distribution of fertilizers and initiation of a project to cultivate over 10 million hectares of land.

Order of mechanized farming equipment worth billions of Naira.

Increased food production and job creation through agricultural incentives.[/quote]

Re: Tinubu’s Tax Bills Pass Second Reading At Senate by Vision101(m): 4:28pm On Nov 28, 2024

vowiski:
So with this bill, VAT becomes 15%

We don enter for Tinubu hand.

And Nigerians are quiet, this is 100% increment that will lead to increase in goods as well..

Quote one provision of the bill that you understand.

5 Likes

Re: Tinubu’s Tax Bills Pass Second Reading At Senate by Obakoolex(m): 4:39pm On Nov 28, 2024

iwaeda:
You will understand later.

You are guilty as charged, I mistaken you for an intellectual from the opposition before.
Your comments this days shows otherwise

Re: Tinubu’s Tax Bills Pass Second Reading At Senate by PDPdestroyer(m): 4:41pm On Nov 28, 2024

biaframaster200:
I am expecting Peter Obi to comment on the bill ....

Or perhaps, this type of tax issue is beyond his comprehension.

These are expert matter

Such intellectual discourse is above Obi’s pay grade

1 Like

Re: Tinubu’s Tax Bills Pass Second Reading At Senate by Okoroawusa: 4:45pm On Nov 28, 2024

We are on the right track

Re: Tinubu’s Tax Bills Pass Second Reading At Senate by Okoroawusa: 4:51pm On Nov 28, 2024

Vision101:
Quote one provision of the bill that you understand.

You will ask him if he understands what a bill is. Him fit think say na NEPA bill

Re: Tinubu’s Tax Bills Pass Second Reading At Senate by olaitanolatunji(m): 4:56pm On Nov 28, 2024

LegendHero:
Source: https://www.thecable.ng/just-in-tinubus-tax-bills-pass-second-reading-at-senate/

T
This bill will be passed by the two houses before the year runs out. Tinubu is indeed a master strategist

Re: Tinubu’s Tax Bills Pass Second Reading At Senate by Teenaira: 5:01pm On Nov 28, 2024

phineas:
If VAT truly becomes 15%, companies that are actually paying might as well start closing up.

That may not be totally true. Nigerians are actually paying more than this because there are all manners of uncoordinated illegal taxes which Nigerian are forced to pay by touts, local government and state government. Infact, nobody knows how much tax we pay in Nigeria. It is going to be a tough job for government to stop some of these taxes all over the country but if we make efforts, we might start having some level of sanity and some of these taxes could then be legitimised and a proper framework put in place to administer them. But my brother, it will require great efforts. Majority of taxes paid by Nigeria currently goes to individuals and not government.

Re: Tinubu’s Tax Bills Pass Second Reading At Senate by AfonjaConehead: 5:01pm On Nov 28, 2024

Awesome.
Masters of koneheaded structures should go and otapiapia themselves

Re: Tinubu’s Tax Bills Pass Second Reading At Senate by bjdon: 5:04pm On Nov 28, 2024

Love him or hate him, Tinubu is one TOUGH guy, who ALWAYS gets his way. I may not like him, but I sure as heck respect him. PO needs to learn fast. It's not by quoting statistics all over the place, to win the Nigerian 'Game of Thrones' you need to be cunning, ruthless and morally flexible.

3 Likes

Re: Tinubu’s Tax Bills Pass Second Reading At Senate by AfonjaConehead: 5:06pm On Nov 28, 2024

yoruboid:
From the Student Loan, to the floating of the Naira (which has led to a trade surplus of over N14tn this year alone), to the removal of subsidy, to the Tax Bill and LGA autonomy, Tinubu is obviously the most prepared for this role

And yes, the inflation maybe there, but it will come down

Trust the process. All the below listed under two years is quite a feat and if you like don’t take advantage of the opportunities. Many are doing so and making their lives better

Doubling of aggregate government revenues to over 9.1 trillion Naira.

Reduction in revenue spent on debt service from 97% to 68%.

Clearance of $5 billion in outstanding foreign exchange obligations.

Resurgence of the oil and gas industry.

Increase in oil production to 1.61 million barrels per day.

Signing of two Foreign Direct Investment deals worth over half a billion dollars.

Launch of the Compressed Natural Gas (CNG) Initiative.

Distribution of one million conversion kits to commercial vehicles.

Reduction in transportation costs by approximately 60%.
Establishment of the student loan scheme.

Processing of 45.6 billion Naira for student payments.

Creation of the Consumer Credit Corporation with over N200 billion.

Allocation of an additional N50 billion each for student loans and Credit Corporation.

Securing $620 million under the Digital and Creative Enterprises (IDiCE) program.

Introduction of the Skill-Up Artisans Programme (SUPA).
Launch of the Nigerian Youth Academy (NIYA).

Initiation of the National Youth Talent Export Programme (NATEP).

Financial support of over N570 billion to the 36 states.

Benefits to 600,000 nano-businesses, with an additional 400,000 expected.

Processing of 75,000 beneficiaries for N1 million Micro and Small Business loans.

Construction of 10 MSME hubs, creating 240,000 jobs.

Payments of N1 billion each to large manufacturers.

Signing of the National Minimum Wage law, raising the minimum wage to N70,000 per month.

Launch of the Renewed Hope City and Estate housing initiative.

Plan to build 100,000 housing units over the next three years.

Removal of tariffs and import duties on essential food items and medical supplies.

Distribution of fertilizers and initiation of a project to cultivate over 10 million hectares of land.

Order of mechanized farming equipment worth billions of Naira.

Increased food production and job creation through agricultural incentives.

Alhamdullillah walai gaskiya 😁😁😁

But truth be told,power have greatly improved

1 Like

Re: Tinubu’s Tax Bills Pass Second Reading At Senate by Donwizbro(m): 5:06pm On Nov 28, 2024

Read this comprehensive explanation about president Tinubu tax reform it might help.
https://proshare.co/articles/president-tinubus-tax-reform-bills-under-a-microscope?menu=Economy&classification=Read&category=Taxes%20%26%20Tariffs

Re: Tinubu’s Tax Bills Pass Second Reading At Senate by Honestey: 5:11pm On Nov 28, 2024

Hmmm, in case you don't understand, ask any bonafide Yoruba man the meaning of E FE E LA.

Re: Tinubu’s Tax Bills Pass Second Reading At Senate by cocolacec(m): 5:12pm On Nov 28, 2024*

The new tax law will be an end to Banditry in the North and UGM in the East.The politicians behind such groups will hand off to make peace reign in the new regime of no work no pay.

1 Like

Re: Tinubu’s Tax Bills Pass Second Reading At Senate by casualobserver: 5:24pm On Nov 28, 2024

You have to give it to him, he is taking the barrage and carrying on with his task of reforming the country.

I said it before and I say it again, even if he is only there for 1 term he will go down as Nigeria’s transformative and best president.

Presidents are remembered for what they left behind that endures. Buhari for all his flaws will be remembered for trains, Lagos Ibadan, 2nd Niger bridge etc. Jonathan’s legacy will be accepting defeat. People will struggle to identify what Obasanjo’s legacy was.

He needs to now declare a state of emergency in agriculture to put farmers to work and agro-processing industries for export.

2 Likes

Re: Tinubu’s Tax Bills Pass Second Reading At Senate by TheBillyonaire: 6:00pm On Nov 28, 2024

The Northern Politicians seem to be ones opposing the Tax Bills. Any reasons for that?

Re: Tinubu’s Tax Bills Pass Second Reading At Senate by blamingthedevil: 6:01pm On Nov 28, 2024

yoruboid:
From the Student Loan, to the floating of the Naira (which has led to a trade surplus of over N14tn this year alone), to the removal of subsidy, to the Tax Bill and LGA autonomy, Tinubu is obviously the most prepared for this role

And yes, the inflation maybe there, but it will come down

Trust the process. All the below listed under two years is quite a feat and if you like don’t take advantage of the opportunities. Many are doing so and making their lives better

Doubling of aggregate government revenues to over 9.1 trillion Naira.

Reduction in revenue spent on debt service from 97% to 68%.

Clearance of $5 billion in outstanding foreign exchange obligations.

Resurgence of the oil and gas industry.

Increase in oil production to 1.61 million barrels per day.

Signing of two Foreign Direct Investment deals worth over half a billion dollars.

Launch of the Compressed Natural Gas (CNG) Initiative.

Distribution of one million conversion kits to commercial vehicles.

Reduction in transportation costs by approximately 60%.
Establishment of the student loan scheme.

Processing of 45.6 billion Naira for student payments.

Creation of the Consumer Credit Corporation with over N200 billion.

Allocation of an additional N50 billion each for student loans and Credit Corporation.

Securing $620 million under the Digital and Creative Enterprises (IDiCE) program.

Introduction of the Skill-Up Artisans Programme (SUPA).
Launch of the Nigerian Youth Academy (NIYA).

Initiation of the National Youth Talent Export Programme (NATEP).

Financial support of over N570 billion to the 36 states.

Benefits to 600,000 nano-businesses, with an additional 400,000 expected.

Processing of 75,000 beneficiaries for N1 million Micro and Small Business loans.

Construction of 10 MSME hubs, creating 240,000 jobs.

Payments of N1 billion each to large manufacturers.

Signing of the National Minimum Wage law, raising the minimum wage to N70,000 per month.

Launch of the Renewed Hope City and Estate housing initiative.

Plan to build 100,000 housing units over the next three years.

Removal of tariffs and import duties on essential food items and medical supplies.

Distribution of fertilizers and initiation of a project to cultivate over 10 million hectares of land.

Order of mechanized farming equipment worth billions of Naira.

Increased food production and job creation through agricultural incentives.

Re: Tinubu’s Tax Bills Pass Second Reading At Senate by Ulogwe1: 6:10pm On Nov 28, 2024

This Ali Ndume own too much. He must try anything to oppose everything that will not favour the North and you expect Nigeria to move forward.

You don't want to work but you want to eat.

Re: Tinubu’s Tax Bills Pass Second Reading At Senate by crownfierce: 6:17pm On Nov 28, 2024

vowiski:
So with this bill, VAT becomes 15%

We don enter for Tinubu hand.

And Nigerians are quiet, this is 100% increment that will lead to increase in goods as well..

Try de use ur sense

1 2 3 Reply

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