News
FEC Approves Bill to Amendment Company Income Tax
Federal executive committee (FEC) has approved the economic stabilisation bill seeking amendment of tax policies, according to Wale Edun, minister of finance and coordinating minister of the economy.
Edun, who spoke on Monday while briefing state house correspondents after the council’s meeting, which was presided over by President Bola Tinubu, said the council passed the economic stabilisation bill which is largely based on the recommendations of the fiscal policy and tax reform committee.
The minister said the bill is aimed at implementing the committee’s recommendations which include amendments to the company income tax (CIT).
Edun was however silent on the expected amendments, on June 4, Taiwo Oyedele, chairman of the fiscal policy and tax reform committee, said the committee proposed the reduction of the company income tax by 5 percent.
Oyedele said the tax rate should drop from 30 percent to 25 percent, as it would go a long way to encourage businesses and investors.
“We are proposing that the company’s income tax rate be reduced by about 5% over the next two years. Nigeria’s CIT is one of the highest in the world. We are in the top 10,” the chairman said.
He said the committee also seeks to reduce the number of taxes in the country to a single-digit tax system through its proposed reforms.
Oyedele said the taxes would be shrunk to just seven, namely: income tax, value-added tax (VAT), property tax, customs duties, excise duty, stamp duties, and special levy.
The Securities and Exchange Commission has revealed plans to commence investigation into the activities of an entity operating under FF Tiffany, allegedly running a fraudulent investment scheme that has defrauded citizens.
A statement by the SEC on Tuesday in Abuja said preliminary information revealed that the scheme, which promised investors unusually high and unrealistic returns, had resulted in the loss of several billions of naira.
The SEC said it viewed the activity as a threat to investor confidence and the overall integrity of the financial system.
The commission assured the public that it was working closely with law enforcement agencies and other relevant bodies to bring everyone involved in the unlawful operation to justice.
According to SEC, those found culpable will be prosecuted in accordance with the Investment and Securities Act and regulatory provisions.
SEC reiterated its earlier warnings to the general public to desist from engaging in Ponzi or unregistered investment schemes that promised guaranteed or exaggerated returns.
“These schemes are not registered with the SEC and do not offer investor protection under the law.
“The commission is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation,” the SEC said.
The commission encouraged investors to conduct due diligence and verify the registration status of any investment firm or product by visiting the SEC website or contacting the commission directly through official channels.
SEC said it remained committed to its mandate of protecting investors, ensuring fair practices, and maintaining confidence in Nigeria’s capital market.
The Ogun Tech Hub in Abeokuta, Nigeria received a significant step towards increasing digital access and empowering young people as US Embassy in Nigeria launched the ‘Window on America’ facility.
The newly opened centre will offer free high-speed internet, computer access, and targeted programs to help young Nigerians build essential skills in technology, entrepreneurship, and leadership.
In a post on X (previously Twitter), the US Embassy described the hub as a modern ICT and resource centre meant to promote digital inclusion and provide youths with skills.
“Hello Abeokuta! We’re thrilled to announce the opening of the Ogun Tech Hub Window on America. This dynamic space offers free high-speed internet, computers, and programs to help young people gain tech, leadership, and entrepreneurial skills,” the Embassy wrote.
The facility was established in collaboration with the Ogun State and GFA Technologies, a software solutions provider for startups and SMEs.
The Embassy said the facility is part of its wider network of 29 American hubs across Nigeria, designed to empower youth and broaden access to global knowledge and opportunities.
Speaking during the launch, Ogun State governor Dapo Abiodun urged young people to use the ICT industry for self-sufficiency and competitiveness globally.
He lauded the program as a public-private cooperation that connects Nigerian youngsters with global innovations.
The governor said: “The Ogun Tech Hub serves as a collaborative space for technologists, startups, and social entrepreneurs to develop tech-driven solutions for societal challenges. The partnership is aimed at positioning Ogun State as a leading tech hub in Africa, supporting creative problem-solving and commercial innovation.”
With the ‘Window on America’ program fully operational, Ogun State is well-positioned to boost youth empowerment and digital literacy.
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