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FG May Consider Reduction In Withholding Tax For Telcos

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President Bola Tinubu has said the Federal Inland Revenue Service will review a request to reduce the withholding tax for telecommunications companies operating in the country.

Tinubu hinted this in response to a request from a delegation of the American Tower Corporation (Nigeria), who paid him a courtesy visit at the Aso Rock Villa, Abuja, on Thursday.

ATC had opined that such a move would stimulate telecommunications and broadband infrastructure investments.

According to a statement signed by his Special Adviser on Media and Publicity, Ajuri Ngelale, the President said the FIRS would “review the matter and provide a solution that is in the best interest of both the investors and the Nigerian people.

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“Every citizen, whether at the corporate or individual level, fights tax. Let us work with the FIRS and see how we can slice the cake.

“If the country has a good path of growth, it is a greater opportunity for you to invest.”

The statement is titled, ‘President Tinubu directs prioritization of digital infrastructure investments to enhance business efficiency and productivity.’

Tinubu also directed the Federal Ministry of Communications, Innovation, and Digital Economy, the FIRS, and the Federal Ministry of Environment to align regulations and tax frameworks to facilitate investment expansion in telecommunications and broadband infrastructure nationwide.

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He expressed dissatisfaction with the bureaucratic pace in permit issuance processing for companies operating in the digital infrastructure sector.

The Chief Executive Officer of ATC Africa, Mr Marek Busfy, had expressed ATC Nigeria’s commitment to expanding its investments in the country, which have already surpassed $2.19bn since its commencement of Nigerian operations in 2015.

Busfy also emphasized ATC’s commitment to delivering value to subscribers while reducing greenhouse gas emissions associated with its operations.

Responding, President Tinubu commended ATC Nigeria for its significant contributions and investments in the country’s ICT sector, highlighting the importance of innovative solutions to bridge the digital divide.

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The President lauded the ongoing efforts of the Federal Ministry of Communications, Innovation, and Digital Economy to promote digital connectivity across the nation, particularly the 3 Million Technical Talent programme that functions to upskill three million Nigerian youths in digital literacy and innovation through innovation incubators nationwide.

He outlined ongoing initiatives to establish broadband connectivity in all 774 local government secretariats within six months, leveraging existing infrastructure, such as NIGCOMSAT and Galaxy Backbone’s fibre optic network.

”In the area of ease of doing business, no nation can make progress without paying attention to the opportunities that are right in front of them. We have a vibrant youth population that has successfully innovated without much government support.

“What now happens in this era when we are providing massive support to their digital economic activities? They will do very well. You are investing in the right place at the right time.

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”Considering our population and land mass, we need your investments to ensure that we are ready for a higher level of digital penetration in the telecommunications sector and the specific type of digital education that is needed in the competitive, knowledge-based global economy of the 21st century,” the President said.

Addressing concerns raised by the delegation regarding the ease of doing business in Nigeria, President Tinubu assured them of his administration’s commitment to implementing reforms that will eliminate bureaucratic constraints.

In his remarks, the CEO of ATC Africa reiterated the company’s readiness to invest further in Nigeria’s ICT infrastructure to meet the market’s growing demand for data while lauding the clarity of strategy demonstrated by the administration, particularly praising the roadmap and efforts of the Honourable Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani.

”Mr. President, what has struck me in Nigeria is the clarity of strategy by your administration, particularly in the ICT sector, and the administration’s 3MTT programme.

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In the last year, we have invested over $200 million in growing our infrastructure in Nigeria and are ready to do significantly more. We have employed several hundred people in Nigeria and 25,000 more indirectly. We have paid about $400 million in direct and indirect taxes.

“As an American company, we are often asked about our experience in Africa and Nigeria, and we want to stress that we are very ethical in our approach to business,” Mr. Busfy said.

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Obasanjo narrates how he escaped becoming drug addict

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Former President Olusegun Obasanjo has revealed how he almost became a drug addict.

He spoke in Abeokuta over the weekend at the second edition of ‘Fly Above The High’ anti-drug campaign conference organised by the Recovery Advocacy Network.

Obasanjo stated that smoking during his youthful age led to chronic coughing and almost became an addiction.

The former President, while lamenting the increase in drug abuse among Nigerians and other West Africans, urged Nigerian students and young people to refrain from abusing psychoactive drugs, saying that they ruin life rather than enhance it.

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“If I had persisted, I could have become addicted. Once you get involved, it is difficult to get out.

“There’s nothing drug can do for you except destruction.

“We found out that West Africa has equally been a centre for drug consumption in a very bad way. That was more than 10 years ago, so the situation has since gone worse. And whatever applies to West Africa applies to all other parts of Africa,” Obasanjo said.

He cautioned against stigmatization and urged individuals who are already addicted to psychoactive drugs to get help.

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We saved $20bn after Petrol Subsidy Removal and FX Rate Reforms, Says Finance Minister

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Wale Edun, minister of finance and coordinating minister of the economy, says Nigeria has saved $20 billion from petrol subsidy removal and market-based pricing of the foreign exchange rate.

Edun spoke at a ceremony recently held to mark the first 100 days in office of Esther Walso-Jack, head of civil service of the federation, in Abuja.

“An amount of five per cent of GDP is what those two subsidies were costing when there was a subsidy on PMS; when there was petroleum product generally for a long time and when there was a subsidy of foreign exchange. Between them, they were costing five percent of GDP,” he said.

“If you say GDP was on average, let’s say $400 billion. We all know what five percent of that is – $20 billion of funds that could be going into infrastructure, health, social services, education.”

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Okpebholo restores statutory rights to Oba of Benin, abolish traditional councils created by predecessor

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The Edo State Governor, Senator Monday Okpebholo, has restored the statutory rights of the Benin Monarch, Oba Ewuare II, abolishing the new traditional councils in Edo South created by the last administration.

He also backed the Federal Government’s Gazette, which gave the ownership of the returned artefact to the Oba’s palace, which was looted during the 1897 Benin massacre by the British colonial forces.

Also, the state government is withdrawing the letter revoking the concession of the Oba Akenzua II Cultural Centre issued by the last administration to be used as a motor park.

These were contained in a statement released by the governor’s Chief Press Secretary, Fred Itua, on Sunday.

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The statement further read, “This administration is restoring the Oba Akenzua centre to a suitable condition for its original purpose.

“This administration also hereby abolishes the new traditional councils in Edo South, created by the last administration.

“Accordingly, Okpebholo has restored the statutory financial entitlements of the Benin Traditional Council and has ordered that the status quo before the creation of the now abolished councils be maintained.

“The Okpebholo administration is backing the initial plan of the state Government to build the Benin Royal Museum that will house the returned artefacts and is distancing itself from the Museum of West Africa Art (MOWA) which the previous administration fronted as the museum to hold the returned Benin artefacts before the federal government intervention on the matter.

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“The Federal Government has also issued a Gazette for the recognition of ownership and custody of the repatriated Benin artefacts to Oba of Benin, Oba Ewuare II. This was done through a Government Notice No.25 in the Federal Republic of Nigeria Official Gazette No.57, Volume 110.”

The statement added that Okpebholo respects the rights and privileges of the traditional ruler of the Benin Kingdom, Omo N’Oba N’Edo Uku Akpolokpolo Oba Ewuare ll, and pledges the support of his administration to ensure the Monarch plays his role as the custodian of the rich cultural heritage of the Benin people.

“It is in recognition of this that the administration of Governor Okpebholo shall support the decision of the Federal Government to uphold the Oba of Benin as the exclusive owner of the returned Benin artifacts that were looted by the British Colonial forces during the Benin massacre of 1897.

“The Oba of Benin, as the father of all Benin people, is the sole custodian of the customs and traditions of the Benin people and my administration respects customs and traditions in the land and hereby restores the statutory rights of the Oba of Benin as the true custodian of the returned Benin artefacts.

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“Okpebholo said his administration is committed and will refrain from interfering in the internal affairs of the Benin Traditional Council.

“The governor is using his constitutional powers and the respect for traditional institutions and the revered Oba of Benin to restore all other Statutory Rights of the Monarch not mentioned hereof, ” the statement read.

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