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  The Finance Act 2020 recently signed into law by President Muhammadu Buhari, imposes N50 levy on electronic transfer of money deposited in any bank or financial institution on any account on sums of N10, 000 or more. The revenue, according to the Act, is to be shared based on derivation 15% to FG & FCT and 85% to states. The new law which introduces over 80 amendments to 14 different laws and takes effect from 1st January 2021, however, cancels out stamp duty charge on electric transfers. The Act, among other provisions, notably exempted workers who earn N30,000 minimum wage or less from personal income tax and excempted commercial airline ticket from value added tax (VAT) These are some of the key highlights of the Act as identified by the PricewaterhouseCoopers (PWC). The notable changes introduced by the Act, as identified by the firm include: “Compensation for loss of office up to N10m exempted from capital gains tax. Tax due on excess above N10m is to be deducted by the ...

  The Federal Road Safety Corps (FRSC) says the issuance of the National Identification Number (NIN) is compulsory for all categories of vehicle registration. In a statement issued on Saturday, the Corps Public Education Officer, Bisi Kazeem, said the move, which is in total compliance with the presidential directives, would commence from the second quarter of the year. “Beginning from the second quarter of this year (2021), if you want to register your vehicle, it is going to be compulsory for you to provide your NIN. This is part of the security checks,” FRSC Corps Marshal, Dr Boboye Oyeyemi, was quoted as saying. “So once you provide your NIN, it makes the matter easier and helps the government in national planning, critical decision making and also enhance adequate Intelligence gathering for the security of lives and properties.” The FRSC had mandated all applicants of the National Driver’s Licence in the country to present their National Identification Number before they could...

The National Identity Management Commission, NIMC, announced on Wednesday that it would cost National Identification Number holders N15,000 to correct their dates of birth in the commission’s database. Mrs Funmi Opesanwo, the commission’s Regional Coordinator,  revealed this at the NIMC’s office in the Alausa area of Lagos State. According to her, NIN holders are also required to pay a processing fee of N5,000 for card renewal or card replacement as well as an address modification fee of N500. She said there are different services that the commission offers, noting that NIN enrolment is free but there are fees attached to card renewal, correction of date of birth and change of address. Opesanwo said, “For the date of birth correction, there is a processing fee of N15,000. For card renewal or card replacement, there is a processing fee of N5,000. For the modification of address or name, it is N500. So, people misconstrue this to mean that in NIMC they are asking them to pay money. N...

  My fellow countrymen and women, First, I would like to thank and praise the Almighty who saw us through the year 2020 and has given us the opportunity to witness the start of another new year. We especially thank God because the year 2020 was one of the most trying years since our existence as a Nation. This can also be said about all other nations around the world, due to the challenges posed on our collective humanity by the novel COVID-19 pandemic.While acknowledging that 2020 was a very tough year, we saw this year put to test our national resilience and ability to survive these tough times and also gave renewed hope that we will again brave any storms that lay ahead in 2021 and beyond. As we celebrate the opportunity before us in this New Year 2021, we must also acknowledge the passing away of our brothers and sisters who didn’t make it into this New Year. May their souls rest in perfect peace.We must remember that we also celebrated the historic occasion of our sixty years ...

  Nigeria's public debt hit a total of N32.2tn at the end of September, the Debt Management Office announced on Thursday. The figure implies that the nation’s debt profile rose by N1.19tn between the second and third quarter of 2020. According to a breakdown provided by the DMO on its website, the Federal Government’s total debt stood at N28tn as of September 2020 while the debt of the states and the Federal Capital Territory stood at N4.19tn. Further disaggregation of Nigeria’s public debt showed that the domestic debt is 20tn or 62.18 per cent of the total debt while foreign debt is 37.82 per cent.‌ In dollar terms, Nigeria’s total debt is $84.57bn. Your time is appreciated. What do you think about this article? Kindly pen down your thoughts in the comments section below. It will only make us better.  Do you have stories to share with us or you want to advertise your legitimate business, products or services ? You can reach us on  WhatsApp +2349097679797. You can al...

It's often said that life is a journey! Would you set out on a major journey with no real idea of your destination? Probably no. Many people feel as if they're adrift in the world. They work hard, but they don't seem to get anywhere worthwhile. A key reason they feel this way is that they haven't spent enough time thinking about what they want from life, and haven't set themselves formal goals. Goal is simply a written down decisions about what you want to achieve in life, business or venture. HOW TO SET WORKABLE SMART GOALS  According to Professor Robert S. Rubin, who wrote about SMART in an article for The Society for Industrial and Organizational Psychology. He stated that SMART has come to mean different things to different people, as shown below: SPECIFIC (simple, sensible, significant). MEASURABLE (meaningful, motivating). ACHIEVABLE (agreed, attainable). RELEVANT (reasonable, realistic and resourced, results-based). TIME BOUND (time-based, time limited, time/...

  Former Minister of Finance, Ngozi Okonjo-Iweala recently narrated how she was embarrassed, and kicked out of the Presidential Villa, Abuja. She also narrated that she was further embarrassed when she fixed a meeting between then President Goodluck Jonathan, and the head of the International Moneyary Fund (IMF), Christine Lagarde at the Villa. The former finance minister who made this known during an event preceding the signing of the book, ‘Fighting Corruption is Dangerous: The Story Behind the Headlines’ in Washington DC, lamented that all these happened because of her stance against a policy that was being used to siphon government funds. She said, ”About six weeks into the implementation in early December 2011, I received a message that a top ranking presidential aide wanted me to stop by his office any time I was in the Villa. The Villa is the equivalent of the White House. This official was one of the important aides in the Villa. So, I went to his office the next day. “...