Here are the seven top business stories you need to track this week — May 12 to May 16.
SENATE PASSES TAX REFORM BILLS
The Senate has passed the four tax reform bills proposed by President Bola Tinubu.
On May 7, the upper legislative chamber began considering the tax reform package and passed two of the bills: the Nigeria revenue service establishment bill and the tax administration bill.
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A day after, the remaining two — the Nigeria tax bill 2024 and the joint revenue board establishment bill — were passed during plenary.
However, the upper chamber rejected a proposal to increase the value-added tax (VAT) to 10 percent, opting to retain the current rate at 7.5 percent.
‘NIGERIA CLEARED $3.4BN COVID-19 LOAN — BUT $30M CHARGES TO BE PAID YEARLY’
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The International Monetary Fund (IMF) says Nigeria will pay $30 million annually as special drawing rights (SDR) charges for the loan the country obtained to mitigate the impact of COVID-19 and the steep drop in oil prices in 2020.
The repayments, according to the IMF data, were made as follows: SDR613.62 million in 2023, SDR1.22 billion in 2024, and SDR613.62 million in 2025.
In a statement on May 8, the fund confirmed that Nigeria has fully repaid the financial support.
WALE EDUN SAYS PROGRESS ON NAIRA-FOR-CRUDE DEAL WILL BE REVEALED SOON
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Wale Edun, the minister of finance and coordinating minister of the economy, has promised to provide further updates on the naira-for-crude deal in due course.
In a statement on May 9, Mohammed Manga, the ministry’s director of information and public relations, said a meeting of the technical subcommittee on the crude and refined product sales in naira initiative was convened on Thursday.
Speaking at the meeting, Edun commended the “continued collaboration across agencies and partners, promising to provide further updates in due course”.
FG APPROVES ‘NIGERIA FIRST ’ POLICY TO PRIORITISE LOCAL GOODS
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The federal executive council (FEC) has approved a ‘Nigeria First’ policy to prioritise locally made goods and services in all government procurements.
Mohammed Idris, minister of information and national orientation, announced the policy while briefing journalists after the last FEC meeting, chaired by President Bola Tinubu.
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Idris said the policy would soon be backed by an executive order, with the attorney-general directed to draft the necessary legal instruments.
NIMC HIKES NIN SERVICES FEES, INCREASES DATE OF BIRTH CORRECTION PRICE
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The National Identity Management Commission (NIMC) has announced a revised price list for national identification number (NIN) issuance and other related services.
In its report on May 10, the commission said the cost of correcting the date of birth on a NIMC slip has increased to N28,574, reflecting a 74.87 percent rise from the previous fee of N16,340.
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According to the new price list, modifying other details such as name or address now costs N2,000 per transaction, up by 31.41 percent from the earlier fee of N1,522.
COURT AFFIRMS MULTICHOICE’S RIGHT TO RAISE SUBSCRIPTION RATES
A federal high court in Abuja has upheld the hike in DStv and GOtv subscription rates following a suit filed by MultiChoice Nigeria Limited against the Federal Competition and Consumer Protection Commission (FCCPC).
James Omotoso, the leading judge, on May 8, said the FCCPC has no right to fix or suspend prices.
While delivering the judgement earlier today, Omotoso noted that while the FCCPC has investigative powers under its establishing Act, it lacks the authority to fix or suspend prices unless specifically delegated by the President through a gazetted instrument.
EXEMPT PETROLEUM PRODUCTS FROM IMPORT BAN, PETROAN TELLS FG
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has asked the federal government to exempt petroleum products from the new “import ban” policy to sustain supply across the nation.
According to a statement from the association, Billy Gillis-Harry, president of PETROAN, applauded President Bola Tinubu, but warned against possible disruptions.
He was said to have asked the government to apply caution in implementing the new import policy to avoid economic setbacks.
