Following approval by the Federal Executive Council, the #FinanceBill2020 that seeks to provide more tax incentives for Nigerian businesses & individuals was yesterday formally presented to State governors at a National Economic Council Meeting presided over by VP @ProfOsinbajo.
Some highlights of the proposed bill which is now headed to the National Assembly include:

1. Reduction in duties on tractors from 35 to 10 per cent

2. Reduction in duties on motor vehicles for the transportation of goods from 35 to 10 per cent.
3. Reduction of levy on motor vehicles for the transportation of persons (cars) from 35 per cent to 5 per cent.

4. Exemption of small companies from payment of education tax under the Tertiary Education Trust fund (TETFUND) - companies with less than N25m turnover are eligible
5. 50 per cent reduction in minimum tax; from 0.5% to 0.25% for gross turnover for financial years ending between Jan 1st, 2020 and Dec 31st, 2021.

6. Granting of tax relief to companies that donated to the COVID-19 relief fund under the private sector coalition (CACOVID).
7. Clarification that only compensation for loss of office up to N10million would be tax exempt. (Clarification that it is the employer’s obligation to account for tax on payments relating to compensation for loss of office.)
8. Introduction of software acquisition as qualifying capital expenditure to improve the ease of doing business.

• • •

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More from @NGRPresident

23 Oct
President @MBuhari today held a Virtual Meeting with all living former Heads of State and Presidents: Gen. Yakubu Gowon, former President Olusegun Obasanjo, Gen. Ibrahim Badamasi Babangida, Chief Ernest Shonekan, Gen. Abulsalami Abubakar, and former President Goodluck Jonathan.
The President recounted the initial concessions made by his administration on the demands of youths protesting against excesses of some SARS members: “We accepted all the demands and proceeded immediately to scrap SARS and started the process of addressing the other demands.”
“Unfortunately, the protesters refused to call off the protest and engage the Government to address their grievances. Instead, they became emboldened and gradually turned violent.” — President @MBuhari
Read 5 tweets
4 Oct
Vice President @ProfOsinbajo today met with the Inspector General of Police, on issues of police reform.

“We reviewed several of these issues. The President and I have had discussions on this, he is very concerned about it. He wants to see a reform.” — VP @ProfOsinbajo
“...the IG of @PoliceNG has issued a statement looking at all these issues, in particular, the warning against the use of these tactical units such as SARS for purposes of doing anything other than anti-robbery.” — VP @ProfOsinbajo
“[The IG has] specifically said that you cannot have a situation where SARS says they are investigating Cybercrime by arresting young men and women carrying their laptops and phones.” — VP @ProfOsinbajo
Read 4 tweets
4 Oct
All FSARS, STS, IRT & other Tactical @PoliceNG Squads operating at Federal, Zonal & Command levels are hereby BANNED from carrying out routine patrols & other conventional low-risk duties - stop & search duties, checkpoints, roadblocks, traffic checks, etc - WITH IMMEDIATE EFFECT
Henceforth, no @PoliceNG personnel is authorized to embark on patrols or tactical assignments in mufti.

All Police Force personnel must always appear in their police uniforms or approved tactical gear.
All Tactical Squads must also desist from the invasion of the privacy of citizens particularly through indiscriminate and unauthorized search of mobile phones, laptops and other smart devices.
Read 6 tweets
25 Sep


President @MBuhari has renewed the appointments of Chief Executive Officers of agencies under the Ministry of Petroleum Resources.
Following recommendations to the President by @HETimipreSylva, Minister of State Petroleum Resources, Dr Bello Aliyu Gusau gets another nod as the Executive Secretary of Petroleum Technology Development Fund @PTDF_Nigeria ...
... Ahmed Bobboi as Executive Secretary/Chief Executive Officer of Petroleum Equalization Fund (PEF), while Engineer @wabote_simbi is reappointed Executive Secretary, Nigerian Content Development and Monitoring Board @OfficialNCDMB
Read 7 tweets
25 Sep
President @MBuhari received the Governor of Edo State @GovernorObaseki today at the State House. #AsoVillaToday

Excerpts from the President’s Remarks:
“I thank you for bringing your deputy and supporters to come and see me after beating my party. I am supposed to preside over all Nigerian interests whether I like it or not, but my single desire is to make sure that innocent people don’t suffer.” — President @MBuhari
“I am supposed to preside over all Nigerian interests whether I like it or not, but my single desire is to make sure that innocent people don’t suffer. That message I got across to the Inspector General of Police, that elections must be free and fair.” — President @MBuhari
Read 8 tweets
24 Sep
President @MBuhari in Bissau today to attend ceremonies celebrating the 47th National Day of the Republic of Guinea Bissau. He will join the Heads of State and Government of Senegal, Cote d’ Ivoire, Rwanda, Mauritania, Togo and Liberia to mark the independence anniversary.
In Bissau, President @MBuhari will also commission a road named in his honour by the government of Guinea Bissau.

He will in addition join other invited Heads of State to attend an official lunch hosted by President Umaro Sissoco Embaló.
Nigeria and Guinea Bissau established diplomatic relations in 1974.

Following a military coup in that country, Nigeria in 2012 deployed troops under the auspices of ECOWAS Mission in Guinea Bissau (ECOMIB), to maintain peace.
Read 8 tweets

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