Business
FG announces plans to support Nigerian airlines in international operations
The Minister of Aviation and Aerospace Development, Festus Keyamo, has revealed the Nigerian government’s commitment to supporting airlines in the country in securing long-term aircraft leases at competitive rates, in line with global industry standards.
The Minister emphasized that the government is dedicated to assisting domestic airlines in their international endeavors and will respond to any challenges that hinder their operations on any route.
The Minister revealed this information in an interview he participated in at the inaugural event for the Air Peace Lagos-London flight over the weekend.
He mentioned that enabling Nigerian airlines to easily access long-term leasing and reducing the cost of aircraft insurance were critical performance measures for his Ministry. These KPIs aim to assist domestic airlines and prevent the exploitation of Nigerian travelers by foreign carriers.
“This is very significant, because it is has been very difficult for our local operators to service international routes and to take advantage of our Bilateral Air Service Agreements (BASAs), which give reciprocal rights to our local airlines,” he said.
He detailed that the formation of BASAs is grounded on the concept of mutual benefit, where airlines from one country are permitted to operate flights to another country, while reciprocally allowing airlines from the latter country to do the same, emphasizing that the flight arrangements are mutually agreed upon within the BASA.
“What BASAs normally say is that when you have 14 slots into my country, they also give you 14 slots into their country. But there is politics of BASAs also because after giving you the 14 slots into their country, in most cases they play politics with it in such a way that they frustrate your own airlines from being able to take advantage of that.
“But beyond that too, our local operators are handicapped because they don’t have access to aircraft that international airlines have on the same terms. For example, the terms upon which they lease these aircraft. There is no airline in the world that buy their fleet 100 percent. It is not possible.
“Statistics says that out of a 100 aircraft flying around the world, about 70 percent of those aircraft are on dry lease from leasing companies and from aircraft manufacturers. So, why can’t we take advantage of these lease arrangements to empower our local operators. And that is the key to also servicing these international routes because you cannot compete with someone who has access to aircraft on better terms than you,” he said.
Business
NTA didn’t introduce VAT on charges collected by banks — NRS
The Nigeria Revenue Service (NRS) wishes to address and correct misleading narratives circulating in sections of the media suggesting that Value Added Tax (VAT) has been newly introduced on banking services, fees, commissions, or electronic money transfers.
Photo: NRS chairman, Zacch Adedeji
The Nigeria Revenue Service (NRS) has clarified that the Nigeria Tax Act (NTA) did not introduce VAT on banking charges, nor did it impose any new tax obligation on customers in this regard.
In a statement made available to newsmen and signed by Dare Adekanmbi, Special Adviser on Media to the NRS chairman, Zacch Adedeji, the service said the claims are incorrect.
According to the NRS, VAT has always applied to banking services and was not introduced by the Nigeria Tax Act.
The statement reads:
“The Nigeria Revenue Service (NRS) wishes to address and correct misleading narratives circulating in sections of the media suggesting that Value Added Tax (VAT) has been newly introduced on banking services, fees, commissions, or electronic money transfers.
This claim is categorically incorrect.
“VAT has always applied to fees, commissions, and charges for services rendered by banks and other financial institutions under Nigeria’s long-established VAT regime.”
Business
LIRS gives employers Jan 31 deadline for filing 2025 tax returns
The Executive Chairman of LIRS, Dr Ayodele Subair, who gave the directive on Thursday, reminded employers that the obligation to file annual returns is in line with the provisions of the Nigeria Tax Administration Act 2025.
The Lagos State Internal Revenue Service(LIRS) fixed statutory deadline of January 31, 2026, for all employers of labour in the state to file their annual tax returns for the 2025 financial year.
The Executive Chairman of LIRS, Dr Ayodele Subair, who gave the directive on Thursday, reminded employers that the obligation to file annual returns is in line with the provisions of the Nigeria Tax Administration Act 2025.
Subair explained that employers are required to file detailed returns on emoluments and compensation paid to their employees, as well as payments made to service providers, vendors, and consultants, and to ensure that all applicable taxes due for the 2025 year are fully remitted.
He emphasised that the filing of annual returns is a mandatory legal obligation and warned that failure to comply would attract statutory sanctions, including administrative penalties, as prescribed under the new tax law.
Business
Nigeria To Review Inflation Reporting First Time In 15 years
The agency said the expected spike in December inflation did not reflect actual price movements in the economy but was largely a statistical distortion caused by the rebasing of the Consumer Price Index.
Nigeria’s National Bureau of Statistics (NBS) has announced plans to revise its inflation reporting methodology.
This followed concerns that December’s year-on-year figure may be artificially inflated due to the impact of last year’s rebasing exercise.
The agency said the expected spike in December inflation did not reflect actual price movements in the economy but was largely a statistical distortion caused by the rebasing of the Consumer Price Index.
Reuters reported that the rebasing, the first in 15 years, adopted December 2024 as the index reference point.
Officials explained that the change is likely to exaggerate the year-on-year inflation figure for December without accurately capturing prevailing market trends.
AFCON 2025 Award Winners
Senegal Clinch AFCON 2025 Title with 1-0 Extra-Time Victory Over Hosts Morocco
Dr. Pedro Obaseki to Sue Over Benin Abduction and Assault
Tech Expert, Zuckerberg trains with UFC champions, Adesanya, Alexander
Organ Trafficking: Ekweremadu bags 10 years in UK prison
SAINT OBI: Between his marriage and his death
-
Crime3 days agoSupreme Court Orders Sule Lamido ₦1.35bn Corruption Trial to Resume
-
Crime3 days agoTwo Police Officers Killed in Deadly Attack on Checkpoint Along Agbani Road, Enugu
-
News3 days agoRivers Lawmakers Insist on Investigating Fubara, Deputy
-
News3 days agoIMAM who Savef 262 Christians Abubakar Abdullahi Dies in Jos @ 90
-
News2 days ago2Baba’s son, Zion, matriculates at Pan-Atlantic University
-
International2 days agoUganda: Again, Museveni wins Presidential election after 40 years in power
-
Crime18 hours agoNDLEA Arrests Notorious Drug Kingpin 12 Years After Alleged Murder of Three Officers
-
News3 days agoPresident Tinubu Expresses Sorrow over IMAM Abubakar’s Death