Nigeria: Press spotlights tax holiday offer to Dangote, 106 firms, others

The report that about 107 firms together with Dangote and Mikano Worldwide are at the moment having fun with tax exemption from the Nigerian Authorities regardless of its insistence to discontinue the programme and drastic steps to enhance its income base is without doubt one of the trending tales in Nigerian newspapers on Monday.
The Punch studies that about 107 firms, together with Dangote and Mikano Worldwide are at the moment having fun with tax exemption from the Federal Authorities regardless of its insistence to discontinue the programme and drastic steps to enhance its income base.
In line with the findings by The PUNCH newspaper, it additionally elevated the variety of beneficiaries having fun with Pioneer Standing underneath the Industrial Improvement Revenue Tax Act by 24 from 83 within the first quarter of 2023 to 107 corporations by the fourth quarter of 2023.
This was disclosed within the newest Pioneer Standing Incentive studies launched by the Nigerian Funding Promotion Fee and obtained by our correspondent on Sunday.
An evaluation of the PSI report confirmed that whereas the requests of 79 corporations had been newly acquired, 211 corporations are pending; 56 firms had their functions accredited in precept, whereas 19 corporations had been granted incentive extensions for an additional three years to 2026.
“Approvals-in-principle are topic to the fee of software charges and solely take impact after the fee of such charges,” the report acknowledged.
The pioneer standing is an incentive provided by the Federal Authorities, which exempts firms from paying revenue tax for a sure interval. This tax exemption will be full or partial.
Supplied underneath the Industrial Improvement Revenue Tax Act with tax reliefs for a three-year interval, the motivation is usually considered an industrial measure geared toward stimulating investments within the financial system.
The merchandise or firms eligible for this pioneer standing are these that don’t exist already within the nation.
The newspaper says that the Nigerian Authorities has adopted a digital technique of evacuation of crude oil that includes the utilisation of barges and vehicles for the transportation of crude from the purpose of manufacturing to injection/storage factors for eventual transportation to export terminals.
It stated the Various Crude Oil Evacuation Methods was carried out to keep away from manufacturing deferment, losses and different undesirable penalties on account of pipeline disruption and outages.
That is contained in a brand new presentation by the Nigerian Upstream Petroleum Regulatory Fee on “Stability within the Nigerian Power Sector: Built-in Methods for Infrastructure, Transportation and Safety,” obtained by our correspondent in Abuja on Sunday.
Nigeria loses trillions of naira to crude oil theft and pipeline vandalism yearly, a improvement that made the federal government contemplate digital technique of transporting the commodity.
In October 2023, The PUNCH reported that the Senate ordered a complete probe into the actions of safety forces and organised teams using refined strategies to steal crude oil within the nation.
The report acknowledged that the choice was prompted by a movement put forth by Senator Ned Nwoko (PDP, Delta North), who reeled out knowledge on what Nigeria loses to pipeline vandalism and oil bunkering.
Nwoko had identified that Nigeria misplaced N2.3tn to grease theft in 2023 alone.
“In March 2023, Nigeria incurred a considerable lack of 65.7 million barrels of crude oil, valued at $83 per barrel, translating to a staggering income lack of N2.3tn on account of oil theft,” the senator acknowledged.
To deal with this, the NUPRC stated the federal government needed to promote the Various Crude Oil Evacuation Methods by transporting the commodity by means of vehicles and barges as an alternative of pumping them by means of pipelines.
The Vanguard studies that the Nigerian financial system recorded $1.5 billion influx inside every week after the Central Financial institution of Nigeria (CBN) raised the Financial Coverage Fee (MPR) by 200 foundation factors to 24.75 % on Tuesday.
The Financial institution’s Appearing Director of Company Communications Division, Mrs. Hakama Sidi Ali, stated in Abuja, yesterday, that the event was an indicarion that CBN financial coverage efforts had been working positively.
She famous that knowledge obtainable to the Financial institution indicated that the inflows resulted from the Financial institution’s concerted effort to stabilise the international change market.
In line with her, the Naira has additionally continued to file positive factors within the Autonomous International Change market because it traded at N1,309/$1 as towards N1,611/$1 within the second week of March 2024.
Whereas noting that Thursday’s fee signified that the Naira was headed in the suitable route, she assured that the Cardoso-led CBN would stay dedicated to making sure the soundness of the market and the suitable pricing of the Naira towards different main currencies worldwide.
It will likely be recalled that the CBN’s Financial Coverage Committee (MPC) introduced a two-percent improve in its benchmark fee from 22.75% to 24.75% on Tuesday.
Throughout his post-meeting briefing, the Governor, Mr. Olayemi Cardoso, additionally reiterated that the CBN had cleared all verified international change backlog, underscoring the truth that liquidity would enhance within the international change market.
The newspaper says that the period the place individuals absorb younger family, elevating them together with their kids is regularly coming to an finish.

The restricted buying energy of each Nigerian in the intervening time fuels that.
Financial system and life-style found that one in every of such new methods is popping down the adoption or lodging of shut family or returning those that had been underneath their care.
Prior to now, Nigerians take turns aiding numerous members of the family, significantly these with low financial energy.
However immediately, a mean household of 5 can hardly fend for themselves, not to mention, including a relative. Due to this fact, an extra member to them is like committing suicide.
Mrs. Amanda Odudu, a dressmaker, complained bitterly about how her niece had returned her daughter, who had stayed with them for six years.
“Final month, my niece referred to as, saying that my daughter, who had stayed with them for six years, could be returning dwelling.

“I believed she was joking, not till I noticed her at my doorstep the following day.
“My niece’s motion was primarily based on her husband’s request who complained bitterly in regards to the state of the financial system.
“She famous that she had no job to help her husband which might have made her hold my daughter.

“She needed to succumb.”
On her half, Mr Onokoya Samson, a businessman, stated his son was returned to him after spending three years along with his brother.
“It’s nonetheless like a dream. I’ve a household of six.
“My brother was the one who requested I permit my son to stay with him in order that he can cut back my duty.
“My brother simply introduced my son to the home with out informing me.
“He stated that he and his household are travelling overseas for greener pastures and have bought all they’ve to amass their Visa and flight tickets.
“He has two kids and a spouse.
“I didn’t blame him however was grateful that he even helped me for 3 years.
“Now I’m confronted with an additional duty.
“Enterprise isn’t profiting anymore. However my hope is in God. I consider he’ll save Nigerians from this horrible scenario now we have discovered ourselves in.”

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