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Nigerian celebrities to pay 25 percent tax – Oyedele
The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has said that wealthy Nigerians earning N100m and above monthly will face a 25 per cent personal income tax rate if a new tax bill is passed by the National Assembly.
He stated that 90 per cent of the current taxpayers are people who should not be taxed while advocating for a more streamlined and equitable tax system in the country.
This revelation was made during a breakout session at the ongoing 30th Nigeria Economic Summit organised by the Nigerian Economic Summit Group and the Ministry of Budget and National Planning on Monday in Abuja.
Oyedele emphasised the need to strike a balance between easing the tax burden for lower-income earners and ensuring the wealthy contribute more to government revenue.
“If you earn N100m a month, we are taking up to 25 per cent from the rich people. That’s because we need to balance the books,” Oyedele stated.
The fiscal policy expert said the government is prepared and determined to ensure that the right individuals pay taxes, noting that his committee is actively working to achieve the goal.
He added that the proposed changes are expected to take effect from January 2025, based on the passage of the bill by lawmakers.
For middle-income earners making N1.5m or less per month, Oyedele disclosed that their personal income tax obligations would decrease while those earning higher amounts would see incremental increases in their tax rates, eventually reaching 25 percent. Lower-income earners would be fully exempt from personal income tax.
The reforms also aim to ease the tax burden on businesses.
Oyedele noted: “Today, whatever VAT you (businesses) pay on assets—whether you’re building a factory, buying a laptop, or vehicles—you bear it. This increases your cost, and therefore, your pricing will go up. Once our reforms are implemented, you get the credit back 100 percent on services and assets.”
“People will pay tax once we decide that they have to pay. What we realize is that almost 90 per cent of people who are paying taxes are those who should not have been paying in the first place,” he said.
“So that’s where we came up with the data that 97 per cent of the informal sector should be formally exempted from taxes. People do not understand where we are coming from. They’re not the ones to pay taxes. They’re just trying to survive.”
Regarding how his committee is working to ensure the right individuals pay taxes, Oyedele said the team would utilise primary data identification channels to accurately bring the appropriate group of taxpayers into the tax bracket.
Additionally, the corporate income tax rate is set to drop from 30 per cent to 25 per cent which Oyedele described as “huge” for businesses. Other significant tax adjustments include a reduction or elimination of VAT on essential goods and services such as food, health, education, accommodation, and transportation.
These essential services make up a large portion of household expenditure for the lower-income population, and the proposed reforms aim to lessen their financial burden.
However, Oyedele acknowledged that not all sectors would benefit from reduced tax rates. For other goods and services, the VAT rate would increase to ensure the government’s revenue book balance.
He also pointed out that inflation had already acted as a “disorderly” tax on the population, eroding the value of their money without the need for legislation.
In addressing concerns over tax incentives and waivers, Oyedele argued that indiscriminate incentives harm the economy and that removing unnecessary incentives could relieve the business sector without costing the government revenue.
“We cannot give all the incentives you are asking for. We think the biggest low-hanging fruit is removing these incentives, and that’s exactly what we are doing,” Oyedele concluded.
The Nigerian Meteorological Agency has warned of severe heat stress in Gombe State and 17 other Northern states.
The other states are Borno, Adamawa, Taraba, Yobe, Bauchi, Jigawa, Kano, Katsina, Kaduna, Zamfara, Sokoto, Kebbi, Niger, Kogi, Nasarawa, Benue, and the Federal Capital Territory.
This is contained in its weather outlook released on Friday and made available to the News Agency of Nigeria in Gombe on Saturday by the Meteorological Manager for Gombe State, Gayus Musa.
The agency said temperatures were expected to rise up to 40 degrees Celsius from Saturday, causing thermal discomfort in the affected states.
“After three days of rainfall, discomfort levels are set to rise from April 12 due to high temperatures and clear skies.
“Maximum temperatures in the north are reaching up to 40°C; with clear skies and moisture in the air, heat and discomfort will be more intense,” it said.
Musa urged Gombe residents to take proactive measures as extreme heat had significant health implications.
He warned that the rising temperatures and high humidity levels could cause thermal discomfort.
He advised residents to, therefore, avoid excessive sun exposure and seek cooler environments while recommending drinking plenty of water and avoiding strenuous activities during the hottest part of the day.
“I advise residents to stay in well-ventilated areas, wear breathable clothing, drink plenty of water, avoid peak sun hours between 12 pm to 3 pm, and use sun protection.
“Also, let’s always check up on vulnerable persons like our children and the elderly in our communities,” he said.
He urged stakeholders to create more awareness about heat stress risks and preventive measures essential for healthy living.
NAN
The United States Embassy has announced revised visa interview requirements for Nigerian applicants, set to take effect from April 22.
According to a statement issued on Friday by the US mission, all applicants attending interviews in Abuja and Lagos must present a DS-160 visa application form featuring a confirmation barcode beginning with “AA” followed by two zeroes.
The barcode must correspond with the one used to schedule the interview appointment online.
The embassy emphasised that failure to present matching barcode information will result in denial of entry to the consular section and disqualification from the interview.
“Starting April 22, 2025, all visa applicants in Abuja and Lagos must bring a DS-160 visa application form with a confirmation/barcode number (starting with AA and followed by 00 – two zeroes) that matches the one used to make their appointment online. You also must make your appointment in the location you selected when filling out your DS-160.
“Matching Barcode Numbers: If the confirmation/barcode number on your DS-160 form does not match the one you used to book your appointment, you will not be allowed to enter the Consular Section or attend your visa interview,” the statement read.
Applicants are advised to verify the alignment at least two weeks before their appointment.
The statement also clarified that previously used DS-160 forms cannot be reused. In the event of a mismatch, applicants are instructed to log into their AVITS account no later than ten days before the interview to submit a correction request.
The US mission noted, “At least two weeks before your interview, please double-check that the barcode number on your DS-160 form matches the one you used to schedule your appointment.
“You cannot reuse a DS-160 from a previous application.
“If your DS-160 barcode is incorrect, you must log into your AVITS account at least 10 days before your appointment to create a support ticket requesting correction of your barcode number.”
Additionally, the US mission reminded applicants to ensure that their visa appointment is scheduled at the location indicated in their DS-160 form.
“If you are turned away from your appointment because your barcode numbers do not match, once you correct the problem, you will need to book a new appointment to proceed with your visa application. You may book a new appointment by logging into your AVITS account at If your visa fee has expired, you may have to pay a new fee before booking,” it added.
These changes are part of ongoing efforts to streamline visa processing and reduce administrative errors.
Since January 1, all visa applicants have been required to visit the US Consulate General in Lagos twice as part of the application process.
Five persons sustained varying degrees of injuries when an explosion occurred inside a CCTV camera dealer’s shop along Kodesho Street, Computer Village, Ikeja area of the state on Friday evening.
Police Public Relations Officer (PPRO) in the state, CSP Benjamin Hundeyin disclosed this in a statement.
Hundeyin said the explosion occurred around 6:35 pm.
The scene of the explosion and adjoining areas were immediately taken over and cordoned off by operatives of the Explosive Ordnance Disposal (EOD) Unit of the command, the Mobile Police Detachment and Conventional Police Teams, the PPRO stated.
He added that the scene was swept by the EOD experts of the command to ensure the safety of residents and facilitate a comprehensive investigation to determine the actual cause of the explosion.
According to him, five persons inside and around the shop that sustained various degrees of injury have been rescued and swiftly recovered to the Lagos State University Teaching Hospital (LASUTH) for medical attention.
“The Commissioner of Police, Lagos State Command, CP Olohundare Jimoh, arrived at the scene within minutes for an on-the-spot assessment.
“He has assured the public that the command is fully on top of the situation and has urged residents of Lagos to remain calm and not to panic,” the police spokesman stated.
“While investigations are ongoing to determine the exact cause of the explosion and other factors that might have caused the incident, the general public are enjoined to go about their lawful engagements and businesses peacefully without fear or apprehension, as the scene of the explosion and the adjoining area have been rendered safe and secured,” he added.
The command assured the general public of its commitment to continue to maintain peace and security throughout the state.
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