Clarified Information
  • STORIES
  • VIDEOS
  • PODCASTS
  • EXPLAINER
  • WRITE FOR US
No Result
View All Result
Clarified Information
  • STORIES
  • VIDEOS
  • PODCASTS
  • EXPLAINER
  • WRITE FOR US
No Result
View All Result
Clarified Information
No Result
View All Result
ADVERTISEMENT
Home A MENU Editor`s Pick

Federal government makes U-turn on proposed tax regime, as Minister takes credit

Pantami who spoke in Abuja, during the inauguration of a committee to review the proposed policy, said he personally rejected the policy and advised president Muhammadu Buhari against it in view of the effects it would have on the digital economy.

Clariform Media by Clariform Media
3 years ago
in Editor`s Pick, Explainer, Technology
0
Federal government makes U-turn on proposed tax regime, as Minister takes credit
ADVERTISEMENT
Share on FacebookShare on Twitter

The Federal Government has suspended the introduction of five percent excise duty in the digital economy sector, a tax which was earlier proposed by the Minister of Finance, and Isa Pantami is taking credit for this development.

RELATEDSTORIES

Portugal’s Tax Reforms Could Make it a Magnet for High-Net-Worth Immigrants

How President Tinubu’s Tax Reform is Streamlining Nigeria’s Fiscal Policy for a Brighter Future

Smart Savings Plan that Helps You Reduce Payment of Taxes in Canada, Even for Foreigners, Non Residents

Nigeria’s Manufacturing Sector Battles Mounting Debt and Tax Woes

The Minister of Communications and Digital Economy, Isa Pantami disclosed this in Abuja during the inauguration of a committee that will review the policy.

ADVERTISEMENT

BASIC FACTS

  • The FG on Monday announced the suspension of a proposed 5% tax on phone calls.
  • The suspension was announced by the Minister of Communication and Digital Economy.
  • The 5% was earlier proposed by the Minister of Finance and was roundly rejected by Nigerians.

WHAT WE KNOW

The Minister of Communication and Digital Economy, Isa Pantami on Monday said the FG have suspended the 5% excise duty on the telecommunication, information and communication, and technology sector proposed by the Minister of Finance.

Pantami who spoke in Abuja, during the inauguration of a committee to review the proposed policy, said he personally rejected the policy and advised president Muhammadu Buhari against it in view of the effects it would have on the digital economy.

According to Pantami, the introduction of excise duty in the telecommunication and information and communications technology industry would jeopardise the successes already recorded within the industry.

ADVERTISEMENT

The Minister noted that currently the ICT sector is over-burdened with multiple taxations both at the federal and state level.

He further disclosed that there are more than 41 taxes that telecommunication and ICT companies are paying and that it would be unfair to subject them to payment of excise duty.

The committee inaugurated in Abuja on Monday, has the Minister of Communications and Digital Economy, Isah Pantami as chairman and the Minister of Finance, Mrs Zainab Ahmed as a member.

Other members are the Executive Secretary of the Nigerian Communications Commission (NCC), Professor Umar Danbatta, the Executive Chairman of the Federal Inland Revenue Service, Muhammad Nami and representatives of the telecommunication industries.

COMMENTARY

Recall that there was a general outcry against the proposed 5% excise duty on telecommunications. The duty if implemented, would have led to an increase in voice calls, SMS, data etc.

It’s ok that common sense prevailed. The burden of new tax would have been unbearable to many citizens who are already groaning under the weight of rising inflation, poor infrastructure and inherent poor standard of living.

There is no doubt that Nigeria is in dare need of new sources of revenue, owing to the almost cash strapped situation the current administration has found itself.

ADVERTISEMENT

The Buhari administration has been running the Nigerian economy on loans, borrowed from within and outside the country. Currently the federal government is unable to service these loans and still carry out capital projects in the country.

This is because the current rate of loan servicing have surpassed the country`s revenue, which has become a waring situation and of great concern to everyone concerned.

Therefore, in effort to sure up revenue, the Buhari administration is seeking ways to generate income. One of this is the proposed introduction of the additional 5 per cent tax on ICT related services.

However, those who opposed this criticized the federal government for its lack of mindfulness and empathy to the sufferings that Nigerians are currently going through under the economic hardship foisted on them.

Watchers of events have related the revenue crisis under the current administration to massive treasury looting, wastes and corruption, which President Buhari have failed to curb for the past 7 years.

For instance, the Nigerian economy runs mostly on the income generated from oil and gas productions, as the sector counts for the greatest GDP and the nation`s revenue.

This income have in the recent time substantively dwindled due to the drop in oil production. Currently, Nigeria has been unable to meetup with her OPEC quota of crude to the international oil market due to brazen corruption in the sector.

Over 400 barrels of crude are stolen on daily bases by persons within the corridors of power in politics, the Nigeria military and other security forces. The Buhari administration knows and very well understands what is happening, but have been accused of looking the other way.

For enquiries about this report, or to write for Clariform please send email to [email protected], or click here.

Tags: ICTIsah PantamiTax
Share188Tweet117

For any enquiries please, email our editorial team at [email protected]. If you want to write for Clariform, sign up here.
Please subscribe to our YouTube channel, and join thousands of Clariformers on Facebook, Twitter and Instagram.

Previous Post

ASUU STRIKE: Group charges the university lecturers and federal government on the “grave danger for the country”

Next Post

INSECURITY: Kidnappers demand up N90m ransom from families of 9 kidnap victims

READ MORE STORIES

Explainer

UK Care Worker Visa Reforms: What Immigrants Must Know and Do Before 2028

May 13, 2025
Biafra suporters on the match
Analysis

How IPOB’s Sit-at-Home Order Continues to Shape the Southeast: History, Impact, and Resistance

May 13, 2025
Home Office, Lunar House
Explainer

UK Immigration Reforms 2025: What Nigerians at Home and Abroad Must Know

May 13, 2025
UK STUDENT VISA: A reminder of the advice by UK High Commissioner to Nigeria to intending visa applicants
Explainer

UK Court of Appeal rules detention at Heathrow unlawful, setting a precedent for travelers facing deportation

May 12, 2025
The Opportunities From Erasmus+ 2024 Call, Benefits to Nigerian and African Students
News

UK Court of Appeal Rejects Student’s Attempt to Switch to Skilled Worker Visa

May 12, 2025
How to Invest in Nigeria’s Short-Let Market
Explainer

Your Ultimate Guide to Investing in Nigeria’s Short-Let Property Market

April 3, 2025
Next Post
INSECURITY: Kidnappers demand up N90m ransom from families of 9 kidnap victims

INSECURITY: Kidnappers demand up N90m ransom from families of 9 kidnap victims

SUBSCRIBE

Get the latest news, insights about immigration, career, financial security and how to get there. Join many others and learn the secrets right inside your personal inbox.
ADVERTISEMENT

TRENDING

New Shortage List Could be a Possible Pathway for Low-Skilled Foreign Workers to the UK
News

New Shortage List Could be a Possible Pathway for Low-Skilled Foreign Workers to the UK

May 13, 2025
REVEALED: Nigerian Celebrities who join NSPPD prayers every morning
Editor`s Pick

REVEALED: Nigerian Celebrities who join NSPPD prayers every morning

August 22, 2022
Explainer

UK Care Worker Visa Reforms: What Immigrants Must Know and Do Before 2028

May 13, 2025

HOME

LATEST NEWS

CLARIFORM TV

NEWS LETTERS

ABOUT CLARIFORM

Clariform is a UK-based independent media platform dedicated to providing in-depth analysis, expert insights, and well-researched reports on issues that matter to Nigerians at home and in the diaspora. Founded by a Nigerian immigrant, our mission is to bridge the information gap on immigration, business, investment, personal finance, and governance, offering clarity on opportunities and challenges in both the UK and Nigeria.

READMORE

QUICK LINKS

  • Home
  • Clariform TV
  • Video
  • Write for Clariform
  • Money
    • Property Investing
    • Stock Investing
    • Crypto Investing
    • Banking
    • Digital Asset
    • Side Hustles
    • Retirement
    • Savings & Budgeting
    • Startups
  • Migration
    • Pathways
    • Settling Down
    • Jobs & Career
    • Starting a Business
    • Life Abroad
    • Personal Finance
  • Newsroom
    • Politics
    • Economy
    • Health
    • Sports
    • Entertainment
    • Leadership
    • Features
    • Opinion
    • Analysis
    • Explainer
    • World News
    • News
  • More
    • Careers
    • About Clariform
    • Partner with us
    • Contact us
  • Home
  • Clariform TV
  • Video
  • Write for Clariform
  • Money
    • Property Investing
    • Stock Investing
    • Crypto Investing
    • Banking
    • Digital Asset
    • Side Hustles
    • Retirement
    • Savings & Budgeting
    • Startups
  • Migration
    • Pathways
    • Settling Down
    • Jobs & Career
    • Starting a Business
    • Life Abroad
    • Personal Finance
  • Newsroom
    • Politics
    • Economy
    • Health
    • Sports
    • Entertainment
    • Leadership
    • Features
    • Opinion
    • Analysis
    • Explainer
    • World News
    • News
  • More
    • Careers
    • About Clariform
    • Partner with us
    • Contact us

QUICK LINKS

  • STORIES
  • VIDEOS
  • PODCASTS
  • EXPLAINER
  • WRITE FOR US
  • STORIES
  • VIDEOS
  • PODCASTS
  • EXPLAINER
  • WRITE FOR US

NEWSLETTERS

Stay updated with News and Events. Subscribe to our newsletters

Disclaimer: All information on this website, our social media accounts and all platforms are of a general nature only. They do not take your specific needs or circumstances into consideration. You should look at your own personal situation and requirements, and seek independent professional advice, before making any decisions. For more T&C, Click Here.
  • ADVERTISE
  • TERMS & CONDITIONS
  • ADVERTISE
  • TERMS & CONDITIONS

Copyright 2023 © Clariform

No Result
View All Result
  • Home
  • Clariform TV
  • Video
  • Write for Clariform
  • Money
    • Property Investing
    • Stock Investing
    • Crypto Investing
    • Banking
    • Digital Asset
    • Side Hustles
    • Retirement
    • Savings & Budgeting
    • Startups
  • Migration
    • Pathways
    • Settling Down
    • Jobs & Career
    • Starting a Business
    • Life Abroad
    • Personal Finance
  • Newsroom
    • Politics
    • Economy
    • Health
    • Sports
    • Entertainment
    • Leadership
    • Features
    • Opinion
    • Analysis
    • Explainer
    • World News
    • News
  • More
    • Careers
    • About Clariform
    • Partner with us
    • Contact us

© 2023 Clariform Media