Business

Tertiary Education Tax Will be Increased to Three Percent says FG

Published

3 years ago

June 7, 2023

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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

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Exchange Rates Today, Wednesday 10 June, 2026

Black Market Rates
US Dollar (USD) Buy ₦1,390 Sell ₦1,400
Great British Pound (GBP) Buy ₦1,855 Sell: ₦1, 875
EURO (EUR) Buy ₦1,000 Sell ₦1, 100

Published

2 minutes ago

June 10, 2026

OCHEFA

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Official CBN Exchange Rates

US Dollar (USD) ₦1,360.55

Great British Pound (GBP) ₦1,823. 00

EURO (EUR) ₦1,873.61

SWISS FRANC (CHF) ₦1,709. 02

JAPANESE YEN (JPN) ₦8.49

CHINESE YUAN (CNY) ₦200.92

West African CFA (XOF) ₦2.40

West African Unit Account (WAUA) ₦1,856. 66

SAUDI RIYAL (SAR) ₦362. 38

SOUTH AFRICAN RAND (ZAR) ₦82.71

Black Market Rates

US Dollar (USD) Buy ₦1,390 Sell ₦1,400

Great British Pound (GBP) Buy ₦1,855 Sell: ₦1, 875

EURO (EUR) Buy ₦1,000 Sell ₦1, 100

South African Rand (ZAR) Buy ₦75 Sell ₦90

UAE Dirham Buy ₦350 Sell ₦370

Chinese Yuan Buy ₦180 Sell ₦200

Ghana Cedi (GHS) Buy ₦100 Sell ₦115

West African CFA Buy ₦2,450 Sell ₦2,550

Central African CFA Buy ₦2,320 Sell 2400

Australian Dollar Buy ₦800 Sell ₦900

Credit: CBN I Aboki Forex

Business

Invest in Lagos 3.0 Summit Attracts more than 600 delegates

Ohibaba.com reports that the summit, themed “Lagos: The Business Gateway to Africa,” featured presentations from representatives of the Presidency and the governors of Lagos, Imo, Abia, Plateau, Taraba and Nasarawa states.

Published

4 hours ago

June 10, 2026

OCHEFA

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• Representatives of government and private sector delegates at the summit

Invest in Lagos 3.0 Summit attracted more than 600 delegates—including global institutions, sovereign wealth funds, development finance institutions and trade networks.

The host governor, Babajide Sanwo-Olu, called for increased private sector investment in rail transport, energy, agriculture, agro-processing and water infrastructure.

He said that addressing transportation challenges would unlock Lagos’ economic potential, reduce travel time, boost productivity and improve returns on investment.

Minister of Finance, Dr. Taiwo Oyedele, assured investors of the Federal Government’s commitment to creating a conducive business environment through ongoing fiscal reforms. He said the new tax law has eliminated multiple taxation, improved compliance and provided relief for small and medium enterprises.

Oyedele added that stamp duty collection has been transferred to state governments and commended states that have adopted harmonised tax systems.

Business

UBA wins 2026 ‘Banker Technology’ award for AI innovation

UBA’s recognition centres on integrating Leo, its AI-powered chatbot, with the Pan-African Payment and Settlement System (PAPSS), enabling customers to send funds across borders in local currencies via a conversational interface.

Published

4 hours ago

June 10, 2026

OCHEFA

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United Bank for Africa (UBA) Plc, has been named the winner of the African category at the 2026 Banker Technology Award

In its assessment of UBA’s winning entry, The Banker noted that “the bank has cemented its status as a leading digital operator by placing technology at the centre of its growth strategy across more than 20 countries, with this approach most visible in its work on cross-border transfers, spanning digital payments, AI-driven engagement, and e-business”

UBA’s Executive Director Designate, Digital Banking, Emmanuel Lamptey, received the award on behalf of the bank.

He emphasised that the bank’s aim to fully digitise banking across the entire continent“.

” Africa’s financial future will not be built on branches or borders. It will be built on intelligence, interoperability, and trust at scale,” Lamptey said.