President Bola Ahmed Tinubu Media Centre PBATMediaCentre
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Channel Posts
+3
New WHT Regulations and Small Businesses - Frequently Asked Questions (FAQs)
Q1. How will the new WHT Regulations affect small businesses?
A1. Small businesses will enjoy exemptions from withholding tax under the new rules. This will reduce their tax burden, lower their cost of working capital, improve their cash flows, and overall ease of doing business.
Q2. What does the exemption entail in practical terms?
A2. It means that small businesses are no longer required to deduct tax on payments to their suppliers. However, to curb tax evasion, they must deduct tax if the supplier has no Tax Identification Number (TIN) or where the total payment to a supplier is one month exceeds N2 million except...
Q10. How can we learn more about the new WHT Regulations and other ongoing fiscal and tax reforms?
A10. You can learn more by visiting the
https://fiscalreforms.ng
website or social media accounts “Fiscal Reforms” on X, LinkedIn, Facebook, Instagram, YouTube, and WhatsApp Channel.
| 2 |  No text... | 110 |
| 3 | President Bola Ahmed Tinubu is shaking things up in Nigeria's tax administration. He has just submitted four groundbreaking tax reform bills to the House of Representatives for swift approval.
These bills are designed to propel the country's economic growth and streamline its fiscal institutions.
The Four Tax Reform Bills:
— Nigeria Tax Bill 2024: This bill will provide the much-needed fiscal framework for taxation in Nigeria, outlining the rules of the game for tax collection and administration.
— Tax Administration Bill : Get ready for a clearer and more concise tax legal framework. This bill aims to reduce disputes and make tax administration a breeze.
— Nigeria Revenue Service Establishment Bill : Time to bid farewell to the Federal Inland Revenue Service Act. This bill will establish the Nigeria Revenue Service, modernizing tax collection and management.
— Joint Revenue Board Establishment Bill : This bill will create a tax tribunal and a tax ombudsman, ensuring fairness and transparency in tax disputes.
These reforms are crucial for Nigeria's economic development, as they'll strengthen fiscal institutions, promote economic growth, and align with the government's objectives. With these bills, President Tinubu is sending a strong message: Nigeria is open for business and committed to fiscal responsibility.
The Presidential Committee on Fiscal Policy and Tax Reforms has already submitted its report to President Tinubu, outlining the roadmap for these reforms. And, as part of the holistic fiscal policy reform, the Federal Government has gazetted the Deduction of Tax at Source (Withholding Tax) Regulations 2024, offering relief to manufacturers and businesses.
Exciting times ahead for Nigeria's economy!
You have no reason, whatsoever, not to #BelieveInPBAT | 105 |
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| 5 | As part of efforts to reduce the cost of living, enhance energy security, and speed up Nigeria’s shift to cleaner energy sources, the President Tinubu-led administration has removed VAT on the following
- Diesel
- Feed Gas
- Liquefied Petroleum Gas (LPG)
- Compressed Natural Gas (CNG)
- Electric Vehicles
- Liquefied Natural Gas (LNG) infrastructure
- Clean Cooking Equipment.
In addition, in a bid to end the decade-long drought of investment in the country’s oil and gas sector, The federal government has introduced tax reliefs for deep offshore oil and gas projects according to the statement from the HM of Finance and Coordinating Economy
The Notice of Tax Incentives for Deep Offshore Oil & Gas Production introduces new tax reliefs to attract global investments to Nigeria’s deep offshore projects.
A reminder that the President, during his campaign promised to incentivize investors who were divesting away from the country to favorable nations like Guyana and Angola.
Increased oil production among other benefits of these reforms are expected to improve the earnings of the administration in order to implement its programs successfully.
#BelieveInPBAT | 100 |
| 6 |  +3No text... | 209 |
| 7 | Will NNPC be the sole off-taker (buyer) of Diesel and Petrol (PMS) from Dangote Refinery? | 186 |
| 8 |  SUPA Initiative 👉 (supa.itf.gov.ng)
NELFUND 👉 (nelf.gov.ng)
NYIF 👉 (bit.ly/NYIF-APPLY)
3MTT 👉 (3mtt.nitda.gov.ng)
RenewedHopeCities 👉(renewedhopehomes.fmhud.gov.ng)
Consumer Credit 👉 (credicorp.register.ng)
Get up to speed with ongoing empowerment schemes you can key into to secure your future as part of the Renewed Hope agenda.
#BelieveInPBAT | 219 |
| 9 | “Now, we are sending money to the local governments. I addressed the governors today on that issue. I have been distributing fertilizer, rice, and other items to support the recovery of citizens. I assure you, Nigerians, we are looking at the light at the end of the tunnel. I can assure you, this economy will be revived, will survive, and prosper,’’ the President emphasized.
In his remarks, the Sultan of Sokoto said: “I believe that this brief meeting will clear some issues that many people have in their minds. At our meeting on Monday, we had a very open discussion on all issues affecting the nation. We are the ones who will tell you the truth about what is happening in our various communities.’’
The royal father said an executive council meeting was held on Monday, and the Council, composed of all State Chairmen of the 36 States and the FCT, met to deliberate on the economy.
The Ooni of Ife thanked the President for inviting the National Security Adviser, Mallam Nuhu Ribadu; the Minister of Finance and Coordinating of Minister of the Economy, Mr. Wale Edun, the Minister of Budget and Economic Planning, Mr. Abubakar Atiku Bagudu, and the GCEO of NNPCL, Mele Kyari, to brief the traditional rulers on the state of the economy.
“We heard from the GCEO of NNPCL. They are the ones that propel our economy. We have heard from the Minister of Finance. We also heard from the Minister of Budget and the NSA. We want to encourage you, Mr. President, we will all get back to our various communities and let our people know because none of us locks our palaces,’’ the Monarch added.
Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
July 25, 2024 | 257 |
| 10 | *President Bola Tinubu says the nation’s economy is on a gradual but steady path of recovery and assures citizens that his administration will do more to meet their needs* .
In a meeting with traditional rulers led by the Sultan of Sokoto, His Eminence, Muhammad Sa’ad Abubakar III, and the Ooni of Ife, His Imperial Majesty, Oba Adeyeye Enitan Ogunwusi, at the State House on Thursday, the President said the plight of citizens remains a deep concern, and will receive more attention.
“Yes, it is true that I asked for this job, and I approached some of you to support me. So, I have no excuse not to do the job with sincerity of purpose and honesty. I have committed myself to it diligently, and I will never look backwards.
“I have accepted the assets and the liabilities of my predecessor. How I will take Nigeria forward should be my concern, and that is my concern.
"I have been extremely busy. The only exercise I have had here is the walk from the residence to this place and then continue with the work.
“Nigeria is hilly, and it is the largest democracy in Africa. No other democracy comes close to us in terms of population on the continent. We cannot blame God for giving us these children, and we have to seek peace and better livelihoods,’’ the President said.
President Tinubu stated that the interventions to bring the government nearer to the people are already yielding results, with the activation of the student loan programme, the consumer credit scheme, and the affirmation of fiscal autonomy for local government councils.
He said the Ministry of Finance will continue to ensure that funds go to the grassroots for human and infrastructural development.
“Today, the Bank of Agriculture is empty. We have to reactivate it. If they are not talking about flooding, they are talking of banditry. We have to start all over again. Yes, infrastructural decay is there.
“The Lagos-Calabar coastal road is not being done without studies. It is an economic energizer. From it, we can create infrastructure along the route to develop wind energy and generate power, and we can expand our irrigation network.
“The economic viability of infrastructure has to be studied before we embark on projects. How many dams are there on the corridors of Sokoto- Badagry? From there, we can energize electricity. We can do irrigation and additional farms.
“Even if it is two million hectares of arable land, you can create opportunities for farmers on a small scale. Then you have to find capital for them.
“Nigeria is on the path of recovery. You have heard it from the Minister of Finance, Mr. Wale Edun. We are not afraid of protests. Our concern is the ordinary people, and the damages that will be done. Till today, I cannot forget the brand new 60 and 100 seater buses, down there in Lagos that were burnt down, and we are now complaining of transportation. That is the problem. That is why I must say thank you for talking to the citizens,’’ the President told the traditional rulers.
The President also said security was getting more attention and will be enhanced.
“Security is getting better, but we cannot take our eyes off the camera because it takes one accident for things to flare up. We are managing it.
“We have created instruments to support the students so that they get education, consumer credit to expand the economy, to improve the purchasing power of the people in order to rejuvenate the economy within a short period of time. We are still recalibrating our oil usage,’’ the President stated.
President Tinubu said he will continue to explain the economic reforms and projected benefits to the nation, adding that he remains open to dialogue for the development of the country.
President Tinubu urged the royal fathers to reach out to citizens on the genuine intentions of the government to deliver on its promises of Renewed Hope. | 190 |
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| 12 | LIVE : 🎙️#PBATSpaces🎙️
Topic: Empowering Local Governance: Exploring the impact of LG Financial Autonomy in Nigeria.
Guest: @BwalaDaniel
Join the new link: https://x.com/pbatmediacentre/status/1811483857633390646?s=46 | 249 |
| 13 |  +2No text... | 255 |
| 14 | STATE HOUSE PRESS RELEASE
PRESIDENT TINUBU TO LABOUR LEADERS: I AM CONCERNED ABOUT NIGERIAN WORKERS AND COMMITTED TO A JUST, REALISTIC MINIMUM WAGE
President Bola Tinubu says Nigerian workers deserve improved welfare, better wages, as well as safe and enhanced working conditions as the driving force of the nation.
Speaking with the leadership of the Nigeria Labour Congress (NLC) led by Comrade Joe Ajaero and that of the Trade Union Congress of Nigeria (TUC) led by Comrade Festus Osifo, on Thursday in Abuja, President Tinubu said he is concerned about the welfare of Nigerian workers and that his administration is prioritizing their concerns.
"I pay attention to everything around me. A happy worker is a productive worker. And society depends on the productivity of the happy worker," the President said.
However, the President called for realistic expectations as regards the minimum wage question, stating: "You have to cut your coat according to available cloth. Before we can finalize on the minimum wage process, we have to look at the structure."
"Why must we adjust wages every five years? Why not two? Why not three years? What is a problem today, can be eased up tomorrow. There is much dynamism to this process if we are not myopic in our approaches. We can take a surgical approach that is based on pragmatism and a deep understanding of all factors."
In his remarks, the NLC President, Comrade Ajaero, emphasized the need for an upward adjustment to the minimum wage, noting: "Between living wage and minimum wage, we need to find a balance. Things are difficult for the Nigerian worker."
He congratulated the President on the judgement of the Supreme Court affirming the constitutional rights of local governments as regards financial autonomy and other salient principles.
"I have to congratulate you on the issue of local government autonomy. We have been in the streets protesting for local government autonomy. Now that there is light at the end of the tunnel, it will amount to ungratefulness if we fail to commend you," the NLC President said.
The TUC President, Comrade Osifo, said inflation has adversely affected the value of the naira and that the measures initiated by the government to address the rising cost of food and transportation need to kick in to give citizens relief.
He said the rollout of Compressed Natural Gas-powered buses will help in checking the high cost of transportation, while the recent directive on the suspension of duty on certain food imports will bring down the prices of food items, if properly implemented.
"We commend you on the landmark judgement of the Supreme Court. History will not forget what has happened today. With this judgement, we believe Nigeria will make progress," the TUC President also said.
Further talks were adjourned until next week to allow for wider consultation with all stakeholders.
Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
July 11, 2024 | 186 |
| 15 |  Local Government Autonomy ✅, now our local governments can breathe!
All hail the Restructure-General of Nigeria, President Bola Ahmed Tinubu!!
God bless the Federal Republic of Nigeria!!!
#GreatnessIsComing
@LOFagbemi @NigeriaGov | 149 |
| 16 | The Federal Government unveils a 6-month plan to combat rising food prices. It includes:
1. Suspension of tariffs, duties & taxes on the importation maize, rice, wheat, cowpeas.
2. Importation of 500,000 metric tons of wheat & maize.
3. Sustain existing mechanization supports and incentives to farmers
4. Setting minimum prices for food commodities
5. Engagement of youth & women in greenhouse farming.
6. Partner with states to optimize and expand available arable lands.
#GreatnessIsComing.
@FmardNg | 162 |
| 17 |  The Federal Government has commenced the implementation of the Universal Basic Education (UBE) Effective Schools Programme in 111 designated schools across the country.
This aims to enhance the efficiency of basic education delivery by ensuring that quality standards are attained and maintained.
#GreatnessIsComing
@ubecnigeria @NigEducation | 115 |
| 18 | Empowering the People: President Tinubu on the Supreme Court's Landmark Judgement Granting Autonomy to Local Governments.
#PBATQuoteOfTheDay | 100 |
| 19 | BREAKING: The Supreme Court has, today, delivered judgement in the case brought to it against the 36 state Governors by the President Bola Ahmed Tinubu-led Federal Government .
1. The court held that it is illegal for Governors to dissolve democratically elected Local Governments.
2. It orders the Federal Government to henceforth withhold allocations to Local Governments governed by unelected officials appointed by the Governor.
3. The apex court barred the Federal Government from further paying LG allocations through the State Governments since the practice has been abused by Governors.
More Details later…. | 102 |
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