Business
Lagos would produce trillions in VAT and it is made to share about N235bn-According to Ozekhome to Northerners
According to The Guardian, it was reported that Ozekhome, a Senior Advocate of Nigeria (SAN), made this statement while speaking at a human rights symposium organized by the International Human Rights Commission (IHRC) in Abuja yesterday.
He also supported the proposed tax reforms, stating that they are in the best interest of the country, including the northern region.
Ozekhome added that Tinubu’s approach is not surprising because Nigerians tolerated similar actions when Buhari was in power.
He described the 1999 Constitution as flawed and emphasized the need for a new constitution that includes contributions from all Nigerians, regardless of their ethnic or religious backgrounds, to chart a way forward for the country.
Ozekhome also criticized the opposition to the proposed tax reforms by some Nigerians from the northern region, stating that it is unnecessary given the abundance of agricultural and vast mineral resources spread across the 19 states in northern Nigeria.
He said, “The Value-Added Tax (VAT) debate is on. Most of the opponents are Northerners. I have just written an article entitled: ‘Voting VAT’. The question you ask yourself is, what is this VAT?
It is the tax that you pay for consumption of goods. Is it really right that you should share money based on the headquarters of a company? If you do so, some people won’t get anything.
Further talking, he said, “So what are these points of consumption, for example beer. Where do they consume it? Hides and skin, cattle, where do they consume it most?
Groundnuts, cocoa, timber, where do they consume them most? A situation where, for example, a state like Lagos would produce about trillions in VAT and it is made to share about N235 billion is not a just system.”
The Edo State-born activist urged those opposing the bills to carefully read and understand their provisions.
However, he criticized the federal character principle enshrined in the constitution, arguing that it could weaken the morale of hardworking Nigerians and promote inefficiency and mediocrity in governance.CONTINUE FULL READING>>>>>
A Japanese investor, the Managing Director of Limited, Masahiro Tsuno, has described the 650,000 barrels per day Dangote Refinery as a world miracle.CONTINUE FULL READING>>>>>
In a statement on Sunday by Dangote Spokesperson, Anthony Chijiena, Tsuno disclosed this when a delegation from the Japanese Business Community in Nigeria, led by Japan’s Ambassador-designate to Nigeria, Suzuki Hideo, visited the Lagos-based refinery.
According to him, the sheer size and automation of the Dangote refinery built by a single investor is one of the world’s wonders.
“I’ve seen many standalone refineries across the globe, including in Vietnam and the Middle East.
“However, the size of a refinery built by one single investor is probably a miracle in the world. And I’m just actually witnessing a miracle,” he said.
On his part, the Vice President of Oil and Gas, Dangote Industries Limited, Devakumar Edwin, said that in the last months, Dangote Refinery has exported Premium Motor Spirit (petrol) to three African countries.
“In recent weeks, we’ve exported petrol to Cameroon, Ghana, Angola, and South Africa, among others. Diesel has gone all over the world, and jet fuel is being heavily exported to European markets.
“Our products are already making their mark internationally,” Edwin said.
This comes as Dangote Refinery recently announced that it has commenced the export of petrol to Cameroon.
Recall that Dangote Refinery commenced the rollout of PMS on September 15, 2024.CONTINUE FULL READING>>>>>
Business
BREAKING NEWS: CBN Imposes N150 Million Fine On Banks Releasing Redesigned Naira Notes To Currency Hawkers…
The Central Bank of Nigeria (CBN) has imposed a ₦150 million fine on banks guilty of releasing the redesigned naira notes to currency hawkers.CONTINUE FULL READING>>>>>
The hawking of new naira notes became rampant after the introduction of the redesigned ₦200, ₦500, and ₦1,000 denominations. Reports of these notes being sold on the black market at exorbitant rates prompted the CBN to take stricter action.CONTINUE FULL READING>>>>>
The Nigerian National Petroleum Company Limited, NNPCL, has reduced the price of Premium Motor Spirit (petrol) across its retail outlets in the Federal Capital Territory, Abuja, DAILY POST reports.CONTINUE FULL READING>>>>>
DAILY POST correspondents who visited NNPCL retail outlets observed that the petrol pump price was reduced from N1,060 to N1,040 per litre. This represents a reduction of N20.
“The price was reduced to N1,040 per litre from N1,060 on Saturday morning,” a filling station attendant at the NNPCL retail outlet along Kubwa expressway told DAILY POST.
A motorist, Ezekiel Njoku, confirmed the development to DAILY POST.
“The reduction of N20 is significant. We need further fuel price reductions in the coming days,” he said.
With the price cut, Nigerians will now buy petrol at N1,040 per litre at NNPCL filling stations, while prices remain within N1,115 per litre at other filling stations, depending on the location.
This development comes barely three weeks after the state-owned Port Harcourt refinery began producing petroleum products in November 2024.
The former Managing Director of NNPCL Retail, Prof. Billy Okoye, had earlier speculated that a fuel price reduction was imminent with the commencement of production at the Port Harcourt refinery.
Oil marketers, the Independent Petroleum Marketers Association of Nigeria, IPMAN, and the Petroleum Products Retail Outlets Owners Association, PETROAN, had also hinted that the deregulation of the sector—coupled with the operations of Dangote and Port Harcourt refineries—would lead to a drop in petrol prices.CONTINUE FULL READING>>>>>
Abuja based Afro Cultural artist Johnbull iyke, Pens a one year Management/Promotional Deal with Avnet Media company
BREAKING SPORTS: FIFA Releases Last Ranking For National Teams In 2024, See Top Ten In Africa, Globally
Ahmad Khatami, President Erdogan Will Pay The Price For This Betrayal Against Muslims
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