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Author: Yetty
Withholding Tax Tightrope: Nigeria Gambles on Revenue Boost, But Businesses Brace for Impact
The Nigerian government has ignited a debate with its recent approval of a new withholding tax (WHT) system. Touted as a means to bolster national revenue, the move has sent ripples of concern through the business community, raising questions about its effectiveness and potential downsides. A Familiar Tool, a New Strategy Withholding tax is not a new concept in Nigeria. It has been used for years to collect a portion of income tax at source, primarily on dividends, interest, and royalties. However, the government’s plan involves a broader application of WHT, potentially impacting a wider range of business transactions. The…
The Nigerian Naira is facing renewed pressure, depreciating against the US Dollar at the official Foreign Exchange Market (NAFEM). This recent decline adds to a string of losses, sparking anxieties about the nation’s economic stability and its impact on Nigerians’ wallets. A Slow Slide, a Sudden Drop: Naira’s Trajectory The Naira’s depreciation has been a gradual process over the past few months. In April 2024, data from FMDQ Securities Exchange showed the official exchange rate closing at N1,309.39 per dollar. However, by July 2nd, 2024, the Naira had weakened further, closing at N1,500.79 per dollar, a depreciation of over 14.5%…
Legislative Logjam or Busy Beehive? Unpacking the Numbers Behind Nigeria’s House of Representatives Activity
House of Representatives Speaker, Tajudeen Abbas, recently announced that the body had introduced a staggering 1,351 bills in its first legislative session. While this number might sound impressive on the surface, a closer look reveals a more nuanced picture of the House’s legislative activity. A Flood of Bills, a Trickle of Progress? Speaker Abbas touted the high number of introduced bills as a sign of the House’s commitment to legislative productivity. However, the real story lies in the number of bills that actually made it through the legislative process. Out of the 1,351 bills introduced, only 89 successfully passed the…
Akwa Ibom State, often hailed as the “Land of Promise,” finds itself shrouded in an unsettling darkness when it comes to its air travel potential. The Victor Attah International Airport, a project initiated with grand ambitions, remains hobbled by a critical omission – the lack of landing lights. This seemingly minor detail has cascaded into a major setback, with former Governor Obong Victor Attah himself lamenting the lost revenue and stunted growth the state is facing. Attah, who spearheaded the airport’s construction during his tenure, recently expressed his disappointment. The continued absence of landing lights at the airport is a…
EDUCATION IN PERIL: Bandits Murder Lecturer, Abduct Children, Terrorize Katsina Community In a brazen display of violence that has plunged a Katsina community into mourning, bandits launched a midnight raid on Tuesday, July 2nd, 2024, leaving a trail of devastation in their wake. Dr. Tiri Gyang, a lecturer and Deputy Dean of the Faculty of Agriculture at the Federal University Dutsinma (FUDMA), was brutally murdered in his residence. The attackers, wielding sophisticated weapons, did not stop there. They abducted Dr. Gyang’s two young children, inflicting unimaginable pain on his family. The attack, which occurred around 1:00 AM at Dr. Gyang’s…
A recent social media exchange between Big Brother Naija alumna Ka3na Jones and controversial social critic Martins Otse, widely known as VeryDarkMan (VDM), has reignited discussions about the consequences of online behavior. Ka3na’s pointed message – “Your multiple arrests can ruin you” – following VDM’s third arrest this year, raises important questions about the potential real-world impact of online actions, particularly for public figures. VDM’s Online Persona and Offline Struggles Martins Otse, known for his outspoken social commentary and often aggressive tactics, has garnered significant online attention. However, his online presence has been overshadowed by his legal troubles. VDM has…
Kanye West, the American rapper and fashion designer known for his outspoken personality and musical innovation, sent shockwaves through the entertainment world with a surprise visit to Moscow last month. While the official purpose of the trip remains unclear, it has ignited a firestorm of speculation and debate. News of West’s visit broke on social media, with Russian state media outlets like TASS leading the charge. Reports claimed West had arrived for the birthday celebration of fashion designer Gosha Rubchinsky, who serves as head of design for West’s brand, Yeezy. However, the timing of the visit, coinciding with heightened tensions…
England’s World Cup hero, Mary Earps, has switched clubs, signing a two-year deal (with the option for an additional year) with French giants Paris Saint-Germain (PSG). This move marks a significant moment for both Earps and the ever-evolving landscape of women’s football. Earps, a 31-year-old goalkeeper known for her agility, reflexes, and commanding presence, leaves Manchester United after a successful five-year stint. During her time with the Red Devils, she established herself as a fan favorite and a crucial part of the team. However, whispers of a potential move grew louder after Earps declined a contract extension at United, citing…
The stage is set for a clash of titans as Major League Soccer (MLS) unveiled its All-Star roster, headlined by the legendary Lionel Messi and a contingent of his Inter Miami teammates. This year’s All-Star Game, taking place on July 24th at Lower.com Field in Columbus, Ohio, promises to be a spectacle as MLS’s finest go toe-to-toe with their counterparts from Liga MX, the top division of Mexican football. Messi, the eight-time Ballon d’Or winner, needs no introduction. After a historic career in Europe, his arrival in MLS with Inter Miami has revitalized the league, drawing record-breaking crowds and global…
Nigeria’s National Youth Service Corps (NYSC) Director-General, Brigadier General Yushau Dogara Ahmed, has issued a strong call for a shift in attitude towards corps members. Speaking at a pre-orientation workshop for critical stakeholders, Brigadier General Ahmed emphasized the importance of treating corps members with respect and understanding. This directive comes amid ongoing concerns about the treatment of these young graduates who dedicate a year of service to the nation. The NYSC scheme, established in 1973, is a mandatory one-year service program for all Nigerian graduates under the age of 30. During this period, graduates participate in a three-week orientation camp,…