Business

Tertiary Education Tax Will be Increased to Three Percent says FG

Published

3 years ago

June 7, 2023

639 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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Business

Oil Rises As US Rejects Iran Proposal

Iran said it is waiting for a definitive US response to its seven-day proposal to reopen the strait and other demands, adding that it will not ease its conditions after Trump rejected Tehran’s latest plan.

Published

22 hours ago

September 28, 2026

OCHEFA

16 Views

Brent crude climbed above $106 per barrel on Monday, recovering losses from the previous session after President Donald Trump rejected Iran’s latest proposal to reopen the Strait of Hormuz, raising concerns that the restoration of oil flows through the critical waterway could face further delays.

Trump also said Tehran had overplayed its hand and expects negotiations to resume this week.

Meanwhile, Iran said it is waiting for a definitive US response to its seven-day proposal to reopen the strait and other demands, adding that it will not ease its conditions after Trump rejected Tehran’s latest plan.

Elsewhere in the Middle East, tensions remain high as Saudi Arabia intercepted Houthi drones heading toward Riyadh, along with a missile targeting Khamis Mushait in the south.

Alerts were also issued in Abha and Jazan, where Aramco operates energy facilities.

In the US, Trump is considering a ban on diesel exports as part of efforts to address elevated fuel prices.

Business

NGX Debuts Invest WhatsApp Channel

The channel provides investors with an additional, convenient way to participate in public offers.

Published

24 hours ago

September 28, 2026

OCHEFA

24 Views

Nigerian Exchange Group (NGX Group) has expanded access to its NGX Invest platform with the launch of a WhatsApp subscription channel.

The channel provides investors with an additional, convenient way to participate in public offers.

Investors can begin the subscription process by sending “Invest” to NGX Invest on WhatsApp at +234 812 731 9521.

They can then follow the prompts to view eligible offers and complete the required subscription steps without downloading a separate application.

As part of the process, investors will select a stockbroker through whom their application will be processed, ensuring that brokers remain an integral part of the investment journey.

(VANGUARD)

Business

SEC Highlights Focus of National Capital Market Conference 2026

The conference will be declared open by the Vice-President of the Federal Republic of Nigeria, Senator Kashim Shettima.

Published

24 hours ago

September 28, 2026

OCHEFA

24 Views

The Securities and Exchange Commission (SEC) says that its forthcoming National Capital Market Conference 2026 will be used to officially launch the Nigerian Capital Market Master Plan 2.0 (NCMMP), and the National Savings Scheme, among other activities.

The conference will be declared open by the Vice-President of the Federal Republic of Nigeria, Senator Kashim Shettima, and hosted by the Honourable Minister of Finance and Coordinating Minister of the Economy, Professor Taiwo Oyedele.

In a statement , SEC Director -General, Dr. Emomotimi Agama, disclosed that the conference scheduled for 19 October, in Abuja, will bring together key stakeholders from the public and private sectors to discuss strategic initiatives aimed at further deepening the Nigerian capital market, enhancing domestic resource mobilization, strengthening investor participation, and supporting sustainable economic growth and national development.