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BREAKING: Nigeria Governors Agree on No VAT, CIT Increase For Now

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Nigeria Governors Forum (NGF) agreed at the end of subnational meeting today in Abuja that there should be “No hike in VAT, and  No reduction in corporate Income tax  CIT) for now. This is to maintain economic stability. 

This is disclosed in a communique issued today and signed by Abdulrahman Adbdulrazaq, Chairman of the NGF & Governor of Kwara State.

The governors, at the end of a meeting of subnational consultations and engagement, on Thursday in Abuja, with the Chairman of Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele,  said that the Forum have also  endorsed a revised VAT sharing formula to ensure equitable distribution of resources of 50% based on equality, 30% based on derivation, and 20% based on population.

The governors have resolved that there should be no increase in the VAT rate or reduction in Corporate Income Tax (CIT) at this time in order to maintain economic stability.

Also, they have called for the continued exemption of essential goods and agricultural produce from VAT as that would help safeguard the welfare of citizens and promote agricultural productivity.

They also, at the end of the meeting, recommended that there should be no terminal clause forTertiary Education Trust Fund, TETFUND; National Agency for Science and Engineering Infrastructure, NASENI, and National Information Technology Development Agency, NITDA, in the sharing of development levies in the bills.

The meeting supports the continuation of the legislative process at the National Assembly that will culminate in. the eventual passage of the Tax Reform Bills.

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UPDATE: Four-storey building collapses in Lagos (Photos)

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A four-storey building has collapsed in Ojodu-Berger area of Lagos, with occupants trapped, and some feared dead.

Panic gripped residents when the uncompleted building suddenly collapsed on Saturday.

The building houses the popular Equal Right Restaurant.

The incident happened at about 11a.m., today.

As of press time, men of Lagos State Fire and Rescue Service, as well as the Lagos State Emergency Management Agency, LASEMA, who had been contacted have arrived at the scene.

See photos below:

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BREAKING: Many feared trapped, as Building collapses in Ojodu Lagos

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An unspecific number of people are believed to be trapped under an uncompleted storey building which collapsed in Lagos.

The building housing Equal Rights restaurant located at Oremeta Street, Ojodu Lagos, went down on Saturday morning.

It is believed, however, that some people are still trapped underneath the rubble.

Details later….

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Crime

Police rescue 10 kidnapped University of Benin students

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Edo State Police Command says it has rescued 10 University of Benin, UNIBEN, students abducted by suspected kidnappers at Ofosu area along the Benin-Ore expressway.

It was gathered that the students were on their way to Babcock University for Annual GYC Africa Conference when they were kidnapped on April 16 at the community bordering Edo and Ondo States.

The Public Relations Officer of the Command, Moses Yamu disclosed this in a statement made available to newsmen.

Yamu said the rescued students are eight males and two females.

He said during the rescue operation, one of the suspected kidnappers was killed, while other escaped with bullet wounds.

He also disclosed that one of the Police officers, an Inspector sustained gunshot injury and is currently responding to treatment in an undisclosed hospital.

The statement read: “The Command wishes to update the general public of the unfortunate kidnap of some students who were on their way to Babcock University for Annual GYC Africa Conference on 16/04/2025 at a location bordering Edo and Ondo States.

“On receipt of this information, the Commissioner of Police, Monday Agbonika, immediately deployed operatives of the Ohosu Division, IRT, tactical teams alongside vigilantes and hunters into the bushes for possible rescue of the victims and arrest of suspects.

“During the operation, operatives engaged in a gun duel with these kidnappers. In the process, one of the kidnappers was neutralised, while others escaped with bullet wounds.

“The operatives were cautious to avoid collateral damages as the kidnappers used the victims as human shields. Unfortunately, an Inspector of Police sustained a gunshot injury and is currently responding to treatment.

“This rescue effort eventually paid off as the ten (10) kidnapped students comprising eight (8) male and (2) females were released due to intense pressure mounted on them.”

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