News on the Go: 5 things that should matter to you today

• Nigeria officially joins BRICS as partner country
• FG to raise VAT on luxury goods to 15%
• Minister warns Nigerians against engaging unlicensed electrical personnel

We have highlighted the five most important developments in the news today, Friday, 25, and present them below.

5 issues in the news that should matter to you today

1. Nigeria officially joins BRICS as partner country: BRICS formally has expanded its alliance, adding 13 new nations as partner countries, though not as full members.

The announcement was made during the BRICS summit held in Kazan, Russia, from October 22 to 24, 2024.

The countries are Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Nigeria, Thailand, Turkey, Uganda, Uzbekistan, and Vietnam.

2. Minister warns Nigerians against engaging unlicensed electrical personnel: The Minister of Power, Adebayo Adelabu, has strongly advised Nigerians only to engage the services of licensed electrical personnel and certified electrical contractors or electrical repairs.

He gave this advice on October 24 in Abuja at the two-day Electricity Supply Industry Safety Conference 2024, which was organised by the House of Representatives Committee on Safety Standards and Regulations in collaboration with the Association for Public Policy Analysis.

3. Govt’s cost-saving plan limits minister’s convoy, security: In a bold move to reduce the cost of governance, President Bola Tinubu has restricted Ministers, Ministers of State and heads of agencies to a maximum of three vehicles and not more than five security personnel (four police officers and one Directorate of State Service) in their official convoys. 

This directive, announced on October 23 in a statement by the Special Adviser to the President on Information and Strategy, Bayo Ononuga, aims to curb unnecessary expenses and promote fiscal responsibility within the government.

4. FG to raise VAT on luxury goods to 15%: The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has confirmed that the federal government would impose a 15 per cent Value Added Tax (VAT) on luxury goods, adding that total subsidy removal became effective last month.

Fielding investors’ questions at a meeting on the sidelines of the ongoing IMF/World Bank Annual Meetings in Washington, D.C., he said that a bill before the National Assembly would create a situation where rich Nigerians would pay a VAT rate that would increase over time to 15 per cent.

5. Old naira notes not expiring in December, says CBN:  The Central Bank of Nigeria (CBN) has dismissed reports that the old N200, N500, and N1,000 banknotes will cease legal tender by December 31, 2024. 

In a statement by Mrs. Sidi Ali, the Acting Director of Corporate Communications, the CBN refuted these claims, stating they are false and intended to disrupt the country’s payment system.