- Nigerians bought N16tn fuel and generators in 2023, says FG:
- Tinubu approves passage of new tax laws in Q3
- Reps to investigate 5-year finances of WAEC
We have highlighted the six most important developments in the news today, Wednesday, July 3, and present them below.
5 issues in the news that should matter to you today
1. Nigerians bought N16tn fuel and generators in 2023, says FG: In 2023 alone, Nigerians spent a total of N16.5 trillion on diesel, petrol and generators to get electricity, the Federal Government announced on July 2. It also announced that the formal power sector, including electricity generation, transmission, and distribution companies, made a total revenue of N1tn last year amid the over N16tn spent by power consumers in the informal sector.
2. Tinubu approves passage of new tax laws in Q3: President Bola Tinubu has approved a new withholding tax policy, replacing the decades-old policy established in 1977. The announcement was made by Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, on July 2. According to him, ten amendment bills have been sent to the National Assembly to address constitutional issues, including overlapping taxing rights.
He said the committee drafted new tax bills instead of amending old ones. The comprehensive reform approach is expected to culminate in the enactment of new laws by the end of the third quarter. Some reforms, like the withholding tax regulation, may take effect this year, Oyedele said. He also added that the collection of Value Added Tax (VAT) on food items, healthcare, housing, education and transportation will soon end under a new policy.
3. Fear grips civil servants as Abia govt moves 7,582 certificates for verification: Some civil servants in Abia State have been jittery after the government commenced the certificate verification exercise. The state's Commissioner for Information and Culture, Okey Kanu, urged civil and public servants in the state who have not uploaded their credentials online to do so in their own interest. He further added that 7,582 certificates have been moved to various institutions for verification.
4. Senate proposes NIN for Nigerians abroad: A bill to allow Nigerians living abroad to obtain the National Identity Number passed the second reading at the Senate on Tuesday, July 2, 2024.
The bill, sponsored by the Deputy Senate President, Senator Barau Jibrin, seeks to repeal the National Identity Management Commission Act 2007. This act provides for the establishment of a National Identity Database, and the NIMC is charged with maintaining the database, registering individuals, and issuing identity credentials.
5. Reps to investigate 5-year finances of WAEC: The House of Representatives has resolved to investigate the administration of public revenues and expenditures of the West African Examination Council (WAEC) from 2018 to 2023. This was a sequel to the adoption of a motion moved by Hon. Amobi Godwin Ogah (LP, Abia) at plenary on July 2, noting that WAEC (local) is fully Treasury funded from the Federation Account.
Ogah observed that the council, in addition to its statutory allocation, obtained a credit facility of N5 billion from a commercial bank in 2022. Though the credit facility was repaid within the same year, the council’s financial statement did not fully disclose the purpose of the loan.