Business

Tertiary Education Tax Will be Increased to Three Percent says FG

Published

3 years ago

June 7, 2023

585 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

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Naira Exchange Rates Monday,17 August

Published

3 hours ago

August 17, 2026

OCHEFA

7 Views

BLACK MARKET RATES

US Dollar (USD) Buy ₦1,410 Sell ₦1,420

Great British Pound (GBP) Buy ₦1,890 Sell: ₦1,910

EURO (EUR) Buy ₦1,580 Sell ₦1,605

Canadian Dollar (CAD) Buy ₦1,020 Sell ₦1,080

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

Ghana Cedi (GHS) Buy ₦95 Sell ₦110

West African CFA Buy ₦2, 300 Sell ₦2, 400

Central African CFA Buy ₦2,150 Sell 2,250

CBN Exchange Rates

US Dollar (USD) ₦1,357. 61

Great British Pound (GBP) ₦1,840.10

EURO (EUR) ₦1,571.70

Swiss Franc (CHF) ₦1,673.58

Chinese Yuan (CNY) ₦201.37

West African CFA (XOF) ₦2. 39

West African Unit Account (WAUA) ₦1,853.65

Saudi Riyal (SAR) ₦361. 59

South African Rand (ZAR) ₦83.85

Business

Naira Exchange Rates Friday, August 14

Published

3 days ago

August 14, 2026

OCHEFA

48 Views

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1,416 Sell ₦1,423

GREAT BRITISH POUND (GBP) Buy ₦1,890 Sell: ₦1,910

EURO (EUR) Buy ₦1,590 Sell ₦1,610

CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400

CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

CBN Exchange Rates

US DOLLAR (USD) ₦1,357. 65

GREAT BRITISH POUND (GBP) ₦1,834.04

EURO (EUR) ₦1,567.00

SWISS FRANC (CHF) ₦1,671. 98

JAPANESE YEN (JPN) ₦8.53

CHINESE YUAN (CNY) ₦201. 34

WEST AFRICAN CFA (XOF) ₦2. 39

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,858.02

SAUDI RIYAL (SAR) ₦361.62

SOUTH AFRICAN RAND (ZAR) ₦84.23

Business

Traders shut down Enugu ‘s Obollo-Afor market over N25,000 haulage levy

However, Chairman of ESIRS, Emmanuel Nnamani, in a letter to the traders, said the haulage levy was not paid by traders buying or selling goods in the markets, but was applicable strictly to truck drivers plying interstate routes.

Published

4 days ago

August 13, 2026

OCHEFA

58 Views

All shops and markets at Obollo-Afor, Udenu Local Government Area of Enugu State were shut yesterday, as traders staged a peaceful protest against alleged selective collection of a N25,000 haulage levy in the market.

The traders, who locked their shops and took to the streets in large numbers, carried placards with various inscriptions, alleging that the Enugu State Internal Revenue Service (ESIRS) had singled out Obollo-Afor Market for the collection of N25,000 haulage fee on every truckload of goods loaded or offloaded in the market.

Addressing officials of the Udenu Local Government Council at the council secretariat, where the protesters marched to present their grievances, Chairman, Obollo-Afor Market Traders Association, Charles Eze, lamented that truck operators bringing foodstuffs, building materials, and other commodities to the market had stopped coming because of the levy.