News

When Did Office Of NSA Become Revenue Collector? – Peter Obi Blasts Tinubu

Published

4 months ago

May 9, 2024

The presidential candidate of the Labour Party in the 2023 general elections, Peter Obi, has decried the newly introduced Cyber security Levy by the President Bola Tinubu-led Nigerian government.

Obi said the taxes the current administration of Tinubu had imposed on Nigerians are too many and aimed at milking a dying economy.

Ibom Focus reported on May 7, that the Central Bank of Nigeria (CBN) has directed deposit money banks in the country to start charging 0.5% cybersecurity levy on transactions.

The apex bank gave the directive in a circular dated May 6, 2024 addressed to all commercial, merchant, non-interest and payment service banks as well as mobile money operators and payment service providers.

“Following the enactment of the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024 and pursuant to the provision of Section 44 (2) (a) of the Act, ‘a levy of 0.5% (0.005) equivalent to a half percent of all electronic transactions value by the business specified in the Second Schedule of the Act’, is to be remitted to the National Cybersecurity Fund (NCF), which shall be administered by the Office of the National Security Adviser (ONSA),” the circular partly read.

CBN, however, noted that the implementation of the levy would start two weeks from the date of the circular.

“The levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution. The deducted amount shall be reflected in the customer’s account with the narration, ‘Cybersecurity Levy’.

However, reacting to the new tax imposition on Nigerians, on his official X (formerly Twitter) the former Anambra State Governor, said instead of nurturing the recovery and growth of the economy, the government by its multiple taxation is more interested in heaping more burden on the people who are already suffering severe economic stress.

Obi wrote: “The introduction of yet another tax, in the form of Cybersecurity Levy, on Nigerians who are already suffering severe economic distress is further proof that the government is more interested in milking a dying economy instead of nurturing it to recovery and growth.

“This does not only amount to multiple taxation on banking transactions, which are already subject to various other taxes including stamp duties but negates the Government’s avowed commitment to reduce the number of taxes and streamline the tax system.

“The imposition of a Cybersecurity Levy on bank transactions is particularly sad given that the tax is on the trading capital of businesses and not on their profit hence will further erode whatever is left of their remaining capital, after the impact of the Naira devaluation high inflation rate. It is inconceivable to expect the suffering citizens of Nigeria to separately fund all activities of the government.

“Policies such as this not only impoverish the citizens but make the country’s economic environment less competitive.

“At a time when the government should be reducing taxes to curb inflation, the government is instead introducing new taxes. And when did the office of the NSA become a revenue-collecting center?

“And why should that purely national security office receive returns on a specific tax as stated in the new cybersecurity law?”

News

Rupture In PDP Governors’ Forum deepens

Published

1 hour ago

September 20, 2024

Austin Ojomah

By Ojomah Austin.

The evolving fall-out, which comes barely days to the contentious National Executive Committee (NEC) of PDP, followed a back and forth between the Federal Capital Territory (FCT) Minister, Nyesom Wike and the Governors forum, who declared support for Rivers State governor, Siminalayi Fubara to be made leader of the party in the state.

After a meeting with some members of the party’s National Working Committee (NWC) in Bauchi on Wednesday, Governor Mohammed, said “According to our party’s constitution, any leadership vacancy should be filled by someone from the region where it originated,” stressing that Damagum would be replaced soon considering that he hails from North East and not the North Central.

Same day, Makinde, during the groundbreaking of the upgrading of Ladoke Akintola Airport, Ibadan, to an international airport, which was attended by another set of NWC members, led by Damagum, said he would support whatever decision the Damagum-led NWC would take to reposition the party.

Damagum, who is considered a close ally of Nyesom Wike, the Federal Capital Territory (FCT) Minister, was appointed acting national chairman after the removal of Iyorchia Ayu in June 2023.

Meanwhile, the Board of Trustees (BoT) of the PDP led by Senator Adolph Wabara, met with members of the National Assembly caucus in Abuja.

The close door meeting comes barely hours after the BoT met with Wike in Abuja.

While Wabara refused to comment on the essence of the meeting with the lawmakers, it was noticed that most of the lawmakers didn’t honour the invitation.

News

Tears As Man Takes Own Life Over Tinubu’s Govt Hardship

Published

1 hour ago

September 20, 2024

Naijablitznews

By Mario Deepromoter

Sad development in Marika village, Kiyawa Local Government, Jigawa, where a 40-year-old man, Jibrin Adamu, committed suicide by hanging himself.

According to eyewitnesses, Adamu’s lifeless body was discovered in a classroom at Miftahul Khairat Islamiyya and Primary School Gurdiba on Thursday.

Police spokesperson DSP Lawan Shiisu Adam confirmed the incident, stating that preliminary investigations revealed Adamu had struggled with mental health issues.

“Police received a report on Thursday that at about 1830hrs, a tragic incident was reported at the Command headquarters that one Jibrin Adamu ‘m’ age 40yrs of Jigawar Maroka village, Kiyawa LGA has committed suicide by hanging himself over the ceiling at Islamiyya school,” the Police spokesperson told Daily Post.

The Jigawa State Commissioner of Police, CP AT Abdullahi, has instructed officers to conduct a thorough investigation into the incident.

News

Just in: Dangote Petrol Now Available at N765.99 Per Litre

Published

1 hour ago

September 20, 2024

Naijablitznews

By Mario Deepromoter

11plc, Total Energies, AA Rano, and other marketers have begun lifting Dangote Petrol through Nigerian National Company (NNPC) Trading Limited for N765.99 to retail outlets nationwide.

Findings showed some petroleum marketers who were able to complete their payment process on the NNPC trading payment portal commenced the lifting of petrol earlier this week under the existing agreement between marketers and the refinery.

Tunji Oyebanji, managing director, 11Plc confirmed to BusinessDay on Thursday evening that some marketers have started lifting the products at N765.99 from Dangote Refinery through NNPC who remain the sole off-taker of product.

“We were among the first marketers to complete the payment on the NNPC portal. We have no direct arrangement with the refinery,” Oyebanji said.

It was gathered that NNPC Retail, 11plc, Total Energies, A.A Rano are among the marketers that have picked up products from the refinery.

He added, “We don’t know the contractual financial arrangement between NNPC and the refinery but what I can confirm is we are buying at N765.99 from NNPC to lift Dangote petrol”.

Efforts to get the Independent Petroleum Marketers Association of Nigeria (IPMAN) to confirm if its members have picked up products at the Dangote Refinery proved abortive at the time of writing this report.

See also Nigeria’s Petrol Landing Cost Revealed
Adedapo Segun, executive vice-president, downstream at NNPC said marketers cannot purchase petrol directly from the refinery because the product is still sold at a subsidised rate.

“That is the same thing happening with Dangote. I said earlier that Dangote is a company and it is going to sell at market price,” he told Journalists.

According to Segun, “The market value of PMS is still higher than what N766 or N765 or N799 that NNPC is selling.

“The situation has not changed there. So, NNPC’s off-taking is only because the others would not buy at the price Dangote will be willing to sell, which is reasonable.

“As soon as the price allows for it, you will see the marketers go to Dangote and buy.”