News
Nigerians groan over effects of 7.5% VAT on petrol prices
Nigerians have begun to lament the effects of the introduction of a 7.5 per cent Value-Added Tax on the price of premium motor spirit, otherwise known as petrol.
This comes barely a month after President Bola Tinubu removed the subsidy on petrol during his inaugural speech on May 29, raising the price of PMS from N188 to about N580 in different states of the federation.
Recall that the Minister of Finance, Budget and National Planning, Zainab Ahmed, announced that the Finance Act 2020 raised the previous 5 per cent VAT of the country to 7.5 per cent on commodities including automobile gas oil and it was implemented on February 20, 2020.
But the VAT-exempt items include honey, bread, cereals, cooking oils, culinary herbs, fish, flour, starch, fruits, meat, poultry, milk, nuts, pulses, roots, salt, vegetables, water, sanitary pads, tampons, tertiary, secondary, primary and nursery tuition.
While other commodities have been VAT-compliant, PMS was not until recently because it was being subsidised by the Federal Government.
However, the new development has hit Nigerians hard, as many have called for an utmost review of it, especially because of the recent removal of fuel subsidies.
See reactions below:
A user, Ingawa said, “That means for every litre of AGO you will buy, you have to pay 7.5% Consumer Tax (VAT) of the Pump Price. For example; If 1 litre of AGO is N650 at the filling station, then you have to pay an additional N48.75 being payment for 7.5% VAT. The total price per litre will be N698.75 per litre.”
Another user, Angry Non-Nigerian, said, “When Tinubu said ‘widen the tax net, you people thought he was joking. The only thing that man knows is tax, tax and tax. As Lagosians.”
One Oyo said, “The Citizens will be the main IGR for this government. There is no single move to cut the cost of government from the Senate to the House to other departments. They went to education first by trying to add tuition fees, now 7.5% VAT on PMS. Everything directly to the common man.”
Akwa Ibom 1st son opined, “So after the removal of subsidy and the price of fuel jumped to 530, they’ve now decided to add 7.5%. VAT on AGO. In all of these, what are the politicians losing, and what are they sacrificing?”
“7.5% VAT on diesel after subsidy on petrol was removed? They will show you people shege banza pro max air 2. The government is after our lives bro!.
“Even those that were shouting ‘Akanbi’ will not be left out. They might even end up being the most affected. The evil will go round. I swear!
“Good governance is not attained by wishful thoughts, things don’t work that way. Now, Tinubu is going for a check-up after ruining the economy with senseless policies.
“His supporters have been crying since last week because the pressure is going around. We must all learn a lesson,” Madu Obi wrote.
News
Tinubu Returns to Lagos After Historic UK State Visit, to Spend Sallah Break
President Bola Ahmed Tinubu has returned to Nigeria following a successful two-day state visit to the United Kingdom, arriving in Lagos alongside First Lady Senator Oluremi Tinubu.
The President is expected to spend the upcoming Sallah break in the city.
He received a warm welcome at the airport from senior government officials, including Chief of Staff Femi Gbajabiamila, with applause from gathered supporters and well-wishers.
The visit, hailed as historic and the first full state visit by a Nigerian president to the UK in nearly 40 years, aimed to deepen diplomatic, economic, and trade relations between the two countries.
Key engagements included a royal reception and state banquet hosted by King Charles III and Queen Camilla at Windsor Castle, as well as high-level bilateral talks with Prime Minister Keir Starmer at Downing Street.
A major achievement was President Tinubu witnessing the signing of a £746 million financing agreement backed by UK Export Finance (UKEF).
The deal, involving Nigeria’s Ministry of Finance, the Nigerian Ports Authority, Citi Bank, and other partners, will fund the modernization and refurbishment of two vital Lagos seaports: the Lagos Port Complex (Apapa) and the Tin Can Island Port Complex.
The project is designed to reduce congestion, improve efficiency with modern systems, boost Nigeria’s role as a leading maritime hub in West and Central Africa, and include commitments to sourcing components from the UK.
The engagements highlighted strengthened bilateral cooperation, record trade levels, and mutual interests in infrastructure development and sustainable growth.
News
Twining Boosts UK’s Investment in Nigeria By £24mn Ovaltine factory
Located on Wempco road, Ogba, Lagos, Ovaltine has been available and popular in Nigeria since the 1930s via imports.
The manufacturing facility marks the commencement of direct, local manufacturing of the brand by Twinings.
British beverage maker Twining Ovaltine is pumping a fresh £24 million into its Lagos manufacturing facility in an efforts to strengthen the bilateral trade between Nigeria and the United Kingdom.
This is disclosed in a statement a statement issued by the UK’s Department of Business and Trade.It said that the investment will create over 100 direct jobs and boosting the company’s exports across West Africa.
Peter Kyle, the UK’s business and trade secretary, said that with bilateral trade now at an all-time high of £8.1 billion a year, the UK and Nigeria are showing how countries grow faster when they grow together.
He emphasised that as the two economies continue to enhance cooperation and trade relations, the investment plans will provide jobs for both countries while transforming lives.
“With Nigerian firms creating jobs across the UK and British businesses expanding into one of the world’s fastest-growing markets, our partnership is strengthening both economies and delivering real benefits for people in both countries,” Kyle said.
Meanwhile, located on Wempco road, Ogba, Lagos, Ovaltine has been available and popular in Nigeria since the 1930s via imports.The manufacturing facility marks the commencement of direct, local manufacturing of the brand by Twinings.
News
Insecurity: PDP says Nigeria’s Safer in 2015 Than Today
In the statement signed by Comrade Ini Ememobong, National Publicity Secretary, the party sympathise with the families who have been affected by bombing and calls on the federal government to move beyond rhetoric in security matters.
Opposition party -The Peoples Democratic Party (PDP) has beaten it’s chest saying, “There is no one, including the President, who will not agree that our country was safer in 2015 than it is today.”
In a statement on Tuesday, the opposition party referenced the recent multiple bombings in Maiduguri, resulting in at least 23 deaths and injuring more than 100 people, alleging that “it was another incontrovertible piece of evidence of the inability of the APC-led federal government to curb the growing insecurity in the country.”
This bombing is an unfortunate addition to the numerous acts of grave insecurity that have occurred under the watch of President Bola Tinubu, who was the loudest campaign voice for the APC, promising to end insecurity immediately if his party is elected. Sadly, 11 years later, insecurity has not only increased significantly in the Northeastern part of Nigeria; it has spread almost uncontrollably to many other parts of the country that were hitherto very safe and peaceful.
Despite this glaring failure, the APC-led Presidency has devoted more time, energy, and resources to the task of political genocide against the opposition, instead of deploying the same to combat the growing insecurity that has become the lived reality and new normal of Nigerians.
In the statement signed by Comrade Ini Ememobong, National Publicity Secretary, the party sympathise with the families who have been affected by bombing and calls on the federal government to move beyond rhetoric in security matters and engage strategic stakeholders, especially community leaders, as part of a whole-of-society approach to combating insecurity.
-
Entertainment3 days agoWale Adenuga says ‘Papa Ajasco’ Lied About Financial Hardships
-
Politics3 days ago2027: Labour Party sets May 23 for presidential primaries
-
Politics3 days ago2027 polls: 50% Nigerians lack confidence in INEC — GoNigeria
-
News2 days agoTwining Boosts UK’s Investment in Nigeria By £24mn Ovaltine factory
-
News1 day agoTinubu Returns to Lagos After Historic UK State Visit, to Spend Sallah Break
-
Entertainment16 hours agoJUST IN: Movie Star Chuck Norris Dies at 86
-
Business5 hours agoDangote Petroleum announces N1,245 new price template for marketers
