Author: New Daily Prime

The Federal Capital Territory Internal Revenue Service (FCT-IRS), has created a dedicated unit for taxation of more than 10,000 High-Net-worth Individuals (HNIs) in the FCT.The acting Executive Chairman of the Service, Mr Michael Ango, disclosed the development in a circular made available to reporters in Abuja on Sunday.The move, according to him, is to boost Internally Generated Revenue (IGR) in the FCT.Ango explained that the unit would focus on assessment and collection of income and other taxes as well as oversee compliance and enforcement of high net worth individuals’ tax obligations in the FCT.He stressed that the unit would also…

Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has said contrary to speculations, the tax reform effort of the President Bola Tinubuadministration seeks to stimulate economic activities and generate jobs for Nigerians.Speaking with journalists on the side-lines of the 2024 Annual Retreat of the Bankers’ Committee in Abuja over the weekend, Bagudu said Tinubu remained committed to entrenching the principle of equality in all parts of the country. He added that there was currently no legislation or action under Tinubu that was designed to be detrimental to any part of the country.The minister said tax legislation was a major…

By Ikechukwu Nwagboniwe With barely two weeks until Christmas and the subsequent new year celebrations, getting cash in Kaduna, Kano and Katsina States has now become an extremely herculean task.The results have bemoaned the obnoxious situation which was reminiscent of a similar ugly development during the 2022 yuletide season.The distrausted residents have therefore called for an urgent action by the concerned authorities in order not to hamper the forthcoming Christmas and end-of-year festivities.In Kaduna city, some Point of Sale (PoS) vendors have lamented the unbecoming and unnecessary cash shortage as banks were no longer dispensing cash more than N20,000.Some of…

Nigeria’s contributory pension assets have experienced a significant growth of N4.26 trillion between October 2023 and October 2024, representing a 24.14% increase. According to the latest data from the National Pension Commission (PenCom), the value of pension assets stood at N21.92 trillion by the end of October 2024, up from N17.66 trillion during the same period in 2023. PenCom’s monthly report highlights that while the overall value of pension assets rose sharply, the asset mix composition remained largely unchanged, with the majority of assets still concentrated in government securities. Notably, investments in Federal Government securities grew from N11.42 trillion in…

A crisis seems to be brewing within the Osun State chapter of the Peoples Democratic Party (PDP) as Oluwole Oke, a member of the House of Representatives for Ijesa North Federal Constituency, has accused Governor Ademola Adeleke of neglecting the people of Ijesa North since his election in 2022. Oke, a fifth-term lawmaker and Chairman of the House Committee on Foreign Affairs, took to Facebook on Sunday, December 8 evening to express his frustration. In a post titled “Ijesa North People Are Not Stupid,” Oke criticised the governor for what he described as a lack of meaningful development in the…

The federal government has firmly rejected claims that the proposed tax reform bills are designed to marginalise Nigeria’s northern region, stressing that the bills are intended to foster national growth and fiscal sustainability. Speaking on Politics on Sunday, December 8, a TVC programme, the Secretary to the Government of the Federation (SGF), Senator George Akume, described the reforms as “pro-poor” and “nationalistic.” He urged critics to assess the bills’ intent objectively instead of politicising them. “These bills are not targeted at any section of the country,” Akume said. “I am from the north, and I am 100% supportive of these…

The Secretary to the Government of the Federation (SGF), Senator George Akume, has called on Northern politicians with presidential ambitions in 2027 to wait until 2031, when President Bola Tinubu is expected to complete his second term. Akume made the remarks during an appearance on Television Continental’s Politics on Sunday, December 8 programme, hosted by Femi Akande. The SGF emphasised that those eyeing the presidency in the upcoming election should respect the constitutional mandate of President Tinubu, asserting that his second term should be allowed to run its course. He stated, “President Tinubu, as a Southerner, should be allowed to…

The National Bureau of Statistics says Nigeria recorded a trade surplus of N5.81 trillion in the third quarter (Q3) of 2024. The surplus, which signposts increased export earnings, is less than the N6.95 trillion trade surplus recorded in the previous quarter (Q2) of 2024. According to the NBS’s foreign trade statistics released on Friday, December 6, Nigeria’s merchandise trade for the Q3 2024 saw a total value of N35.16 trillion, an 81.35 per cent increase compared to the same period in 2023 and a 13.26 per cent rise from Q2 2024. The report also stated that total exports for the…

A cherry news has come for the Nigerian Armed Forces as President Bola Ahmed Tinubu has okayed a salary increment its personnel. Minister of State for Defence ,Bello Matawalle, disclosed this yesterday in a statement by the ministry’s spokesperson, Henshaw Ogubike The government also approved the payment of three months’ salary arrears. Also ,the President has released funds to clear outstanding pensions and entitlements owed to retired military personnel. The minister confirmed that alerts for the three-month salary increase have begun reaching military personnel, signalling a significant morale boost for the armed forces. He commended Tinubu’s untiring commitment to both…

Apparently to ensure respect for law and order in the Peoples Democratic Party(PDP),a member representing Ideato North/Ideato South Federal Constituency of Imo State and Spokesman of the Coalition of United Political Parties (CUPP), Hon. Ikenga Imo Ugochinyere has been expelled from the party with immediate effect.He is accused of gross indiscipline, insubordination and anti-party activities. The expulsion was conveyed in a letter by the Ideato LGA chapter of the party dated December 5, 2024, and signed by the LGA Chairman, Hon. ThankGod Okeke and the Secretary, Onyebuchi Umeh which they addressed to the State Chairman. The expulsion followed the report…