Former Kaduna Central Senator, Shehu Sani, on Wednesday accused the World Bank of complexity in the hardship affecting Nigerians.....Read Full Article>>

Sani said the World Bank wants the hardship in Nigeria to extend for another 15 years before reaching the promised land.

Posting on X, the former lawmaker wrote: “The World Bank wants the hardship to extend to the next fifteen years before we can reach the promise land. I don’t know how many people will be remaining at that time to enjoy the fruits of the WB in its promise land. The question is How many African countries have the World Bank taken to the promise land?” [sic].

Sani’s remark comes when World Bank said the Nigerian Naira is among the worst-performing currencies in sub-Sahara Africa at the end of August 2024.

World Bank disclosed this in its latest edition of Africa’s Pulse report.

Report showed that the Naira is at par with the Ethiopian Birr, and South Sudanese Pound in terms of decline in the region.

The report blamed the continued increase in the demand for dollars and limited dollar inflow for Naira depreciation in the last months.

According to the report, the Naira had lost about 43 percent as of August.

Taiwo Oyedele, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms has said that the federal government has proposed that personal income for rich people will increase to 25 percent from 2025.....Read Full Article>>

Oyedele disclosed this in its remarks at the 30th Nigeria Economic Summit.

According to him, the new tax policy contained in the Economic Stabilization Bill currently at the National Assembly
will see wealthy Nigerians earning above N1.5 million pay more taxes in the coming months.

Citing a survey by NEGS, he said only 17 percent of Nigerians and 30 percent of businesses pay taxes because of a lack of trust in the Nigerian government.

He stressed that the country is working to close its about 70-75 percent tax gap to double its revenue by four times.

“The rich people earning N1.5 million above will see their personal income tax rise by up to 25 percent.

“Only 17 percent of Nigerians pay taxes, as well as 30 percent of businesses and one of the reasons is because they don’t trust the government.

“Therefore, what we want to do is to have a National portal just like South Africa where tax payment is seamless and transparent because our current tax gap is about 70-75 percent but if we correct that and everyone pays, our revenues will be 4 times.

“Another issue is policy gaps where we grant unnecessary waivers to some people who don’t even deserve it. But the main issue remains compliance issue”, he said.

Recall that in the first week of October 2024, Oyedele announced that the Deduction of Tax at Source (Withholding) Regulations, 2024, has been published in the official gazette.

Earlier in September this year, the Federal Executive Council approved the Economic Stabilisation Bills as proposed by Oyedele’s committee, aimed at 15 tax, fiscal, and establishment laws in Nigeria.