Business

Tertiary Education Tax Will be Increased to Three Percent says FG

Published

3 years ago

June 7, 2023

517 Views

The Federal Government of Nigeria has increased the tertiary education tax from 2.5 percent to 3 percent for the second time in two years, after it was increased from 2 percent in the Finance Act 2021 to 2.5 percent and has gone up to 3 percent in the backdated 2023 Finance Act.

Recall that the former President Muhammadu Buhari signed the Finance Act 2023 on May 28, 2023 and backdated the commencement date of the Act to 1 May, 2023 and imposed on every company at the rate approved by the President of the assessable profit for each year of assessment.

The funds are disbursed for the general improvement of education in federal and state tertiary institutions, specifically for the provision or maintenance of: Essential physical Infrastructure for teaching and learning; instructional material and equipment; research and publications.

Also contained in this year’s Finance Act is the reintroduction of the payment of taxes for purchasing life insurance policy for an individual or a couple.

According to the Act: “Tax deduction is restored for premium paid in respect of insurance on own life and spouse”.

Other changes made to the old Finance Act include: taxation of gains on the disposal of digital assets including cryptocurrency at the rate of 10 percent; deduction of capital losses on assets for capital gains tax purposes. This may be carried forward for a maximum of 5 years.

There is now the rollover relief on sale of shares. This is however subject to reinvestment of the proceeds within the same year of assessment. There is now the deletion of investment allowance on plant and equipment.

Government has imposed a 0.5 percent levy on goods imported into Nigeria from outside Africa.

All services including telecommunication services are liable to excise tax at rates to be prescribed by the President.

Buhari in his last minute assent to the 2023 Finance Act retained the contentious sharing formula of Electronic Money Transfer (EMT) levy at 15 percent to the federal government, 50 percent to state governments and 35 percent to local governments.

EMT is a singular and one-off levy of N50 on the recipient of any electronic receipts or transfers of N10,000 or above.

Related Topics:FG Tertiary Education Tax

Up Next

108 Stranded Nigerians from Libya Arrives Nigeria – NEMA

Don't Miss

Fuel subsidy: NLC, Affiliates Disagrees over Suspension of Strike

Click to comment

Business

Afreximbank wooing Nigeria’s rising culinary stars for participation in 2026 CANEX Junior Chef Competitions

The competition invites Nigeria’s most promising junior culinary talents, aged 16 to 21, to showcase their creativity, technical skills, and cultural storytelling at the CANEX WKND 2026, set to hold from 5 to 8, November 2026, in Lagos, Nigeria.

Published

4 hours ago

June 23, 2026

OCHEFA

15 Views

Photo: Winners of the CANEX Junior Chef Competition display their prizes during IATF2025 in Algeria.

The African Export-Import Bank (Afreximbank), through its Creative Africa Nexus (CANEX) programme, has opened applications for the 2026 edition of the CANEX WKND 2026 Junior Chef Competition.

Now in its second edition, the competition builds on the landmark debut in Algiers, Algeria, during IATF2025, with Fatma Zohra Bendjelida crowned the inaugural winner.

This year, the spotlight turns to Nigeria’s next generation of culinary talents.

Eight aspiring young chefs will earn their place on the live stage at CANEX WKND in Lagos, where they will transform African culinary heritage into bold, signature creations; making dishes that honour the flavours, traditions, and stories of the continent while presenting a fresh, fearless voice in African gastronomy.

Business

Tech giant Oracle cuts 21,000 jobs as it embraces AI

The software and cloud computing firm says it had around 141,000 full-time employees as of 31 May 2026, down from about 162,000 workers at the same time last year.

Published

5 hours ago

June 23, 2026

OCHEFA

15 Views

Photo: Oracle co-founder Larry Ellison/ Getty images

Oracle shed about 21,000 roles globally in the last year as the US technology giant reshapes its business around artificial intelligence (AI), the firm’s latest annual report shows.

The software and cloud computing firm says it had around 141,000 full-time employees as of 31 May 2026, down from about 162,000 workers at the same time last year.

The “deployment of AI technologies across our operations have resulted, and may continue to result, in reductions to our workforce,” the report says.

The cuts, which amount to about 13% of Oracle’s workforce, are part of a wider trend among tech firms as they spend hundreds of billions of dollars on building AI infrastructure like data centres.

Business

Dettol apologises after ad to clean up ‘toxic men’ backfires in China

The advert sparked an uproar on the Chinese internet, with some users saying it objectifies women and others calling for a boycott of the brand.

Published

5 hours ago

June 23, 2026

OCHEFA

14 Views

British hygiene brand Dettol has apologised for an advert in China that it claims was meant to call out sexism, but has instead backfired.

The five-minute long advert for a multipurpose disinfectant, styled like a micro drama, starts out with a man looking for a partner who is “clean” and “not tainted by other men”.

A plot twist comes late in the advert when his new girlfriend calls him out for his misogyny and breaks up with him. Dettol is then presented as the solution against “toxic men [who] are just like bacteria”.

The advert sparked an uproar on the Chinese internet, with some users saying it objectifies women and others calling for a boycott of the brand.

Dettol said the advert, which has been removed following the backlash, was intended to criticise gender stereotypes, but that snippets of it that later circulated online distorted its core message.

“We recognise that it has offended many people, especially women. We take responsibility for any negligence in creating and reviewing the content of the advert,” Dettol said in a statement on Monday.

The company also said it would review its content moderation processes.

( BBC)