Tinubu Welcomes Brazilian Delegation For Bilateral Talks

Tinubu welcomes Brazilian delegation for Bilateral talks. A Brazilian delegation led by Minister of Foreign Affairs Mauro Viera visited Abuja to strengthen cooperation between Nigeria and Brazil.

The visit included delivering an official invitation from Brazilian President Luiz Inácio Lula da Silva for President Bola Tinubu to visit Brazil soon.

Discussions focused on trade, investment, and cultural collaboration, with both nations signing agreements to enhance bilateral relations.

Viera praised Tinubu’s participation in the G-20 summit in Brazil last November and emphasized the need for deeper ties in culture, economics, and education.

Tinubu

Nigeria’s Minister of Foreign Affairs, Ambassador Tuggar, highlighted Brazil’s historic support, recalling its participation in Nigeria’s independence celebrations, underscoring the long-standing relationship between both countries.

Gov. Fubara Calls For Lasting Peace In Rivers, Reaffirms Commitment to Education

Gov. Fubara calls for lasting peace in Rivers, reaffirms commitment to education. Rivers State Governor, Siminalayi Fubara, has emphasized the need for lasting peace in the state, urging members of the Rivers State House of Assembly to fully comply with the Supreme Court ruling in the interest of stability and development.

Speaking on Thursday during the inauguration of the renovated Okrika Grammar School in Okrika LGA, Fubara reiterated his commitment to peaceful governance, stating, “For me to govern effectively, there must be peace. The Supreme Court has ruled, and we must abide by it.”

He also highlighted the government’s intervention in revamping the school, following a request from the Diocese of Okrika Anglican Communion.

The renovation aligns with his administration’s focus on education, healthcare, and food security.

Rivers State Commissioner for Education, Dr. Ovy Chukwuma, described the project as a testament to Fubara’s dedication to quality education.

The renovations included modern classrooms, hostels, an ICT library, laboratories, an administrative block, perimeter fencing, and improved sports facilities.

Governor Fubara

Fubara assured the Anglican Church that experts would assess erosion threats to the school’s land, ensuring its long-term sustainability.

The event saw praise from the Old Boys Association, community leaders, and religious figures, who commended the governor for restoring the institution’s legacy.

House Of Reps Retain 7.5% VAT, Reject Proposed 15% Increase By 2030

House of Reps retain 7.5% VAT, reject proposed 15% increase by 2030. The House of Representatives has upheld the 7.5% Value Added Tax (VAT) rate, dismissing a proposed gradual increase to 15% by 2030.

It also rejected the reintroduction of inheritance tax under the guise of family income taxation.

Key Highlights of the Tax Reform Bills:
The Nigeria Revenue Service (NRS) Bill will focus on federal revenue collection, with a 4% cost-of-collection rate and restricted borrowing powers requiring government approval.

The Joint Revenue Board (JRB) Bill enhances the Tax Ombud’s independence and ensures the Tax Appeal Tribunal (TAT) operates separately from the Federal Inland Revenue Service (FIRS).

Taxpayer Identification Number (TIN) processing will now take five working days instead of two, while companies ceasing operations must file returns within three months (previously six).

Petroleum Gains Tax reduced from 85% to 30%, and excise duty provisions were removed due to economic concerns.

Higher turnover threshold for small businesses: Now classified as small if annual turnover is ₦100 million or less.

Reps

New penalties for Virtual Asset Service Providers (VASPs), including stricter fines and potential license suspensions for non-compliant crypto and digital asset businesses.
Judicial oversight on asset seizure: Tax authorities must now obtain court orders before confiscating assets.

The amendments impact several laws, including the Companies Income Tax Act, VAT Act, Personal Income Tax Act, Petroleum Industry Act, and more.

The House will deliberate further on the report in the coming weeks.