₦airaland Forum

And the meeting was a good one

We appreciate them for the love shown to Ogoni people

This news dey sweet my belle

Whether you like or not, Amotekun is here to stay forever

All I know is that Amotekun is here to stay

A lot are happy with this new development. May Almighty bless PMB/PYO administration

International communities commend the progress of work done by Hydrocarbon Pollution Remediation Project (HYPREP) on Ogoniland.

HYPREP was established under the Federal Ministry of Environment to achieve the under listed objectives in Ogoniland and other impacted communities:

Determine the scope, means and modalities of remediation of soil and ground water contamination in impacted communities as may be recommended by HYPREP Governing Council and remedy them

Enhance local capacity for better environmental management and promote awareness of sound environmental management as well as ensure livelihoods and sustainable development

Ensure security and promote peace building efforts in impacted communities

Strengthen governance, transparency and accountability in the region.

I can wait for the man on No. 2 to be the President of Nigeria

And what do you mean by that? why will you comare Osinbajo with Abaya kyari.....I pray you get sense some day

ghettokid1:
Mtcheew, yeye list.
Imagine Osinbajo in the list while his boss (Abba Kyari) is not there

Thank you for this update. kindly read and share

Great. I can't wait to hear the outcome of the meeting

I'm sure it will be a positive outcome though

Most people just don't want peace to reign in Nigeria, what's our problem with culture and religion?
May we have sense ooo

School feeding programme is a goal. God bless Federal republic of Nigeria

Why are you afraid... are you a criminal?

May his soul rest in perfect peace

Amotekun is a community policing and the VP always emphasized on community policing. Get your answer from this

May his soul rest in perfect peace and may Almighty show the FG the way for permanent solution of the terrorists

I just wish Osinbajo could be Nigeria president

I really want to see the VP as the president of Nigeria.Nigeria will be great again

Amotekun is here to stay

Envy kill this man

Osinbajo has always emphasized on community policing as a means of security to curb insecurities around us. Amotekun is a very good option that should be embraced

The set of people criticizing TraderMoni have never given anyone five hundred naira in their whole life SO they won't know how it feel when you give someone that doesn't have a 10k to boost their businesses

TraderMoni isn't fraud and no one used anyone. Mind what you say

Racoon:
So the Bank Of Industry(BOI) will now now be used for distributing the fraud called tradermoni in 2020 yet a whole SAN VP was reduced to a LGA chair going about markets distributing the paltry 10k in 2019?

The cabal simply used VP Osinbajo physical prescence for vote buying with even a near-fatal chopper crash & thereafter started scheming to ouster him.

You lie. BOI has always been in charge right from the start of the program

Racoon:
False! The BOI may truly be there then, but it's public knowledge that raw cash were being issued to the alleged beneficiaries during the run up to the election.

Good one! TraderMoni has been saving life of Petty Traders and Artisans since a long time ago. The scheme will go a long way with the news FG plan, may Almighty help them to achieve that

Farooq is lost a way in the US, his not relevant here. Guys don't listen to his bull shit

Good one. Read and share

Honestly social investment schemesrestored a lot of life when the scheme was under the VP's office, i hope the FG do all they can to keep the scheme basking. God bless Nigeria

There is no sense in this report.... so confusing

Brilliant piece. Osinbajo has always called for state community in several occasion,he's for the best and may Almighty crown his effort.

OFFICE OF THE VICE PRESIDENT

PRESS RELEASE

FINANCE ACT 2019: 20 BASIC FOOD ITEMS, SANITARY PADS, OTHERS MAKE VAT EXEMPTION LIST

*New Law also promotes fiscal equity & supports MSMES

In a bid to ensure that the cost of living does not rise for Nigerians because of the changes in the Value-Added Tax, several basic food items, locally manufactured sanitary towels, pads and tuition relating to nursery, primary, secondary and tertiary education have been added to the exemption list of goods and services on the VAT under the Finance Bill 2019, signed by President Muhammadu Buhari last week, on the 13th January 2020.

Amongst other benefits, the law will consolidate efforts already made in creating the enabling environment for improved private sector participation and contribution to the economy as well as boost states’ revenues.

According to the President, “the Finance Bill will support the funding and implementation of the 2020 Budget. We shall sustain this tradition by ensuring that subsequent budgets are also accompanied by a Finance Bill.”

Below are the details:

The Finance Bill, 2019 was submitted to the National Assembly by President Muhammadu Buhari alongside the 2020 Appropriation Bill and signed into law by the President on January 13, 2020.

The Bill, now an Act, has the following objectives:

Promoting fiscal equity by mitigating instances of regressive taxation;
Reforming domestic tax laws to align with global best practices;
Introducing tax incentives for investments in infrastructure and capital markets;
Supporting Micro, Small and Medium-sized businesses in line with the administration’s Ease of Doing Business Reforms;
Raising Revenues for Federal, State and Local Governments.

FACTSHEET ON NEW FINANCE ACT 2019

The new Act is the first legislation created to accompany an Appropriation Act since the return of democracy in 1999.

The new Act raises VAT from 5% to 7.5%.

To allay fears that low-income persons and companies will be marginalized by the new law, reduce the burden of taxation on vulnerable segments, and promote equitable taxation, the Finance Act 2019 has extended the list of goods and services exempted from VAT. The additional exemptions include the following:

Basic food items – Additives (honey), bread, cereals, cooking oils, culinary herbs, fish, flour and starch, fruits (fresh or dried), live or raw meat and poultry, milk, nuts, pulses, roots, salt, vegetables, water (natural water and table water)

Locally manufactured sanitary towels, pads or tampons.

Services rendered by microfinance banks

Tuition relating to the nursery, primary, secondary and tertiary education.
Nigeria’s increased new VAT rate of 7.5% is still the lowest in Africa, and one of the lowest anywhere in the world. (South Africa VAT: 15%; Ghana: 12.5%; Kenya: 16%; Egypt: 14%; Rwanda: 18%; Senegal: 18%)

Under Nigeria’s revenue sharing formula, 85% of the collected VAT goes to States and Local Governments. This means that the bulk of additional VAT revenues accruing from the increase will go towards enabling States and Local Governments to meet their obligations to citizens, including the new minimum wage as already noted by State Governors. Before now, the Buhari administration had firmly resisted previous suggestions to raise VAT.

The new Finance Act exempts Businesses with turnover below 25 million from VAT payments.
Companies Income Tax (CIT)

Under the new law small companies – companies with less than N25 million in annual turnover are charged Zero CIT.

CIT for Companies with revenues between N25 and N100m (described in the Act as “medium-sized” companies) has been reduced from 30% to 20%

Large companies – with an annual turnover greater than N100m – will continue to pay the standard 30% CIT
The new Act includes a provision that grants to all companies “engaged in agricultural production” in Nigeria “an initial tax-free period of five years”, renewable for an additional three years.

The new Act also provides incentives to promote tax compliance through bonus reductions in CIT for early remittance:
2% bonus for medium-size companies
1% bonus for other companies.

Personal Income Tax Act

The new Act now includes “electronic mail” as an acceptable form of correspondence for persons disputing assessments by the Tax Authorities.

Contributions to Pension and Retirement Funds, Societies and Schemes are now unconditionally tax-deductible.

Stamp Duty Act
With the new Act, the N50 Stamp duty charge is now applicable only to transactions amounting to N10,000 and above, a significant increase on the former threshold of N1,000.

The new Act also expands the list of items exempted from stamp duty.

Customs and Excise Tariff
To reduce unfair advantages previously conferred on imported goods at the expense of locally manufactured ones, certain imported goods are now subject to excise duties similar to locally manufactured goods

Laolu Akande
Senior Special Assistant to the President on Media & Publicity
Office of the Vice President
19th January 2020