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$750m World Bank Loan:  FG May Reintroduce Telcoms, Gambling Taxes

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Federal government may reintroduce the controversial telecom tax and other fiscal measures to fulfill one of the conditions for The World Bank’s fresh $750 million loan to Nigeria.

$750m World Bank Loan:  FG May Reintroduce Telcoms, Gambling Taxes

Experts have however strongly opposed new taxes, calling them harmful to the sector’s survival and the larger economy.

But The World Bank in programme appraisal document, dated May 17, 2024, on the loan disbursement to Nigeria, said that $750 million loan to Nigeria will support the federal government’s policy reforms.

A copy of the plan’s document posted on the World Bank website indicated that the government might reintroduce the excises on telecom services, and EMT levy on electronic money transfers through the Nigerian Banking System among other taxes.

Recall that on June 13, Wale Edun, minister of finance and coordinating minister of the economy, announced the approval of two financial support packages by the World Bank valued at $2.25 billion.

The loan consists of $1.5 billion for Nigeria’s reforms for economic stabilisation to enable transformation (RESET) development policy financing program (DPF) and $750 million for Nigeria’s accelerating resource mobilisation reforms (ARMOR) program-for-results (PforR).

In the programme appraisal document, the World Bank said the ARMOR programme contains revenue policy measures such as raising pro-health taxes on tobacco, and alcohol.

The Bretton Woods institution also said the programme contains the introduction of taxes on online betting and gambling, as well as new excise on telecommunication services.

Experts have however warned that these taxes would have severe consequences for investment and the operational viability of telecom companies.

According to them, higher taxes would hinder digitalization efforts, which are crucial for economic growth.

The proposed tax measures, according to the industry, are not only damaging to the telecom sector but also to the broader economy.

 

 


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BudPay to Powering African Businesses with BudPay Business

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BudPay, a provider of business payment solutions for local and global enterprises in Africa, has reiterated its commitment to connecting African businesses to global opportunities.

BudPay in a statement said its payment infrastructure is uniquely designed to cater to the constantly evolving needs of the African market has been instrumental in enabling corporates, SMEs, and startups to accept payments in 100-plus countries.

Commenting on the company’s achievements, Wale Hassan, CEO of BudPay, stated, “We are humbled and at the same time proud to have earned the trust of over 20,000 businesses across 3 markets in the last 2 years.

“While the payment industry is already quite robust, we identified a distinctive opportunity to redefine the global payments landscape for African businesses.

“The astounding feedback from our merchants on the business impact of integrating BudPay into their payment systems has been very validating. Despite these milestones, we remain relentless. Our mission is to power global trade and drive economic growth beyond borders.”

“BudPay Business boasts a suite of unique solutions that streamline payment processes and enhance business efficiency. These include Invoicing and Payment Links, which allow businesses to generate and share digital invoices and secure URLs for customers to make payments online without needing a dedicated e-commerce website.

“The platform also offers a versatile Payment Gateway/Checkout Modal with various payment options, including Cards, Bank Transfers, USSD, and Mobile Money. Additionally, BudPay Business provides team collaboration features enabling businesses to add team members to delegate payment operations effortlessly.

BudPay is committed to global best practices for the security and compliance of its infrastructure. This has been a key factor in the success of its operations over the years.


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Peter Oluka, 604 others Inducted as Members of NIPR

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Peter Oluka, the editor of Techeconomy, was among the 605 new members inducted into the Nigerian Institute of Public Relations (NIPR) during its 60th anniversary celebration.

The induction ceremony, held as part of a week-long event culminating in an International Colloquium on June 20, 2024, took place in Garki, Abuja.

Speaking at the event, Dr. Ike Neliaku, the president, Nigerian Institute of Public Relations (NIPR), emphasized the need for qualified individuals to speak for organisations.

He noted that the induction aims to reinforce professionalism and end quackery in Public Relations.

Out of 605 inductees, 353 joined online while 198 attended in person. The new members were largely drawn from the media spectrum as a way of strengthening effective collaborative efforts between NIPR and members of the media in shaping public discourse.

The inductees were charged to join efforts in creating a new narrative for Nigeria and guarding our nation’s reputation.

The event was graced by the minister of Information and National Orientation, Alhaji Mohammed Idris Malagi, represented by the director-general of Voice of Nigeria, Mr. Jibril Baba Ndace.

The Minister urged the inductees to collaborate with the Ministry to restore trust in public discourse, stressing the importance of positive and assertive communication about the country.

The induction ceremony marked a significant chapter for both Peter Oluka and Techeconomy, which stands apart for its commitment to truth and accuracy, in the quality of its reportage of technology, business, and economy-related events.

Oluka, a multi-award-winning communications expert, holds a degree in Mass Communication from the prestigious Institute of Management and Technology (IMT) Enugu. He also obtained a PGD in Journalism from the National Open University of Nigeria (NOUN).

His professional development includes participation in various training programs, such as the MTN Nigeria Media Innovation Programme curated by the School of Media and Communications (SMC) Pan Atlantic University (PAU), ‘Multimedia, Mobile and Social Media Journalism Programme Facilitated by renowned new media experts Dan Mason Media hosted by Journalism Clinic, Lagos, Nigeria, among other training and achievements.

Oluka also serves on the Executive Board of Directors for the Nigeria Internet Registration Association (NiRA), and a member of the Guild of Corporate Online Publishers (GOCOP).

“We congratulate our editor for adding another feather in his cap. His induction into the NIPR represents what we do as a media startup that offer our readers Content-as-a-Service (CaaS) by accurately telling you what is new in technology, business and Economy; reflecting on why it matters, how it works and the benefits.

“Our team works round-the-clock to explore and explain the changing world around us, tilting the lenses on the emerging market.

“Our audience is part of the Techeconomy’s family, and the strength of our relationship with you is the ultimate test of our success”, said Joan Aimuengheuwa, the acting editor of Techeconomy said.

Established in 1963, the Nigerian Institute of Public Relations (NIPR) attained the status of a Chartered Institute in June 1990 through Decree No. 16 (now an Act of the National Assembly).

The Act confers on NIPR the power and responsibility to register members, set parameters of knowledge for qualifications to practise, regulate the practice and development of the PR Profession, as well as monitor professional conducts through an established Code of Ethics, amongst others.


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Bonny Youths Shut Down 2 Oil Companies over Alleged Neglect

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Finima Youths in the Bonny Local Government Area of Rivers State on Tuesday shut down two major oil service companies: Saipem Construction Nigeria Limited and Daewoo Engineering and Construction Limited, protesting against perceived neglect and marginalisation.

Bonny Youths Shut Down 2 Oil Companies over Alleged Neglect

These companies are key contractors in the ongoing Train Seven Project of the Nigeria Liquefied Natural Gas Limited (NLNG). Braving heavy rain, the youths barricaded the gates, halting the entry and exit of staff.

The protesters demanded the enforcement of the Local Content Development Act of 2017 which mandates the inclusion of host communities in significant projects.

They claim their community has been sidelined in the Train Seven Project, a major venture aimed at boosting the nation’s gas production and economic growth.

Reacting to these accusations, Charles Epelle, acting general manager, External Relations and Sustainable Development, Nigeria LNG Limited (NLNG) emphasized that the matter is between the workers and the contractors and not directly with the firm.

He disclosed that engagements to resolve the issue amicably are underway. Epelle added that NLNG prioritises inclusiveness and calls for a peaceful resolution to expressed grievances.

 

 

 

 

 


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