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Finally, FG to Tax First, Business Class Tickets

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  • Finally, FG to Tax First, Business Class Tickets

Finance Minister, Mrs. Kemi Adeosun, said Thursday that the federal government would begin to tax first and business class flight tickets in line with the new tax drive aimed at boosting revenue.

The move is coming almost three years after the previous administration rolled out the initiative among a cocktail of measures to boost revenue with the precipitous decline in oil price from mid-June 2014.

Adeosun said the new drive followed the signing of a policy to tax first and business class tickets as well as other luxury goods.

She made these disclosures in a Facebook interaction with Nigerians, where she was asked whether or not there was a plan to tax both classes of tickets as well as sundry luxury items. She simply responded: “I think yes. We signed something yesterday on luxury goods: champagne, brandy, whiskey, wine, jewellery, high-end jewellery.

“We’ve signed something that will bill access charge on first class and business class tickets; we are just doing the final part of the implementation and we also want to try and amend the tax payer book on high-end cars, luxury cars.”
She assured Nigerians that the proceeds would be deployed into turning Nigeria into what it was in the past.

According to her, “If we move our tax-to-GDP ratio up, it means two things: One, we will be able to provide more services to our people. Many of the things we are not able to do are a function of the fact that we don’t have enough money.

“We need to build more schools, we need to build more hospitals, we need to build more roads. This is not rocket science. Every country has challenges, there is nothing we are facing that other countries haven’t faced.

“Every poor nation has very poor tax compliance rate and every rich nation has high compliance rate. So we want to be a prosperous nation. So what is in it for the citizens? If everybody pays, there will be far more money in the pool to be spent on the services that we need.

“These things are what we call public goods, and they are funded from taxes. If you have been all around the country, you’ve seen the need, you’ve seen the number of people that are living in poverty. We can lift people from poverty if we have the right money.

“We could do so much more in the economy if we had the money. If our public school system improves, many people who are currently paying school fees will move their children back into the public schools.”

The minister noted that a lot of people that were very successful today were educated in public schools because such schools were good, stressing: “We can recreate that; same with the health system. A lot of people die needlessly because we don’t have the right health facilities.”

However, she clarified that Nigerians living and working abroad, and paying taxes in those countries do not have to pay taxes in Nigeria.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Appointments

Siemens Energy Nigeria Appoints Seun Suleiman as Managing Director

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Seun Suleiman is the New Managing Director of Siemens Energy Nigeria

Mr. Seun Suleiman is the new managing director of Siemens Energy Nigeria, the company announced on Wednesday.

According to the statement released by the energy company, Suleiman will be responsible for the entire management of operations and decisions on business policies and corporate strategy.

Commenting on his appointment, Suleiman said, “It is an absolute honor to lead the business for Siemens Energy Nigeria and I look forward to delivering on the brand’s promise of excellence.

Suleiman joined Siemens Energy in 2014, bringing over 15 years’ experience and deep expertise in the private sector across Europe and West Africa.

The statement said, “He is an accomplished business strategist and success-driven leader with strong business acumen. Suleiman has also been a core member of the executive management team at Siemens Energy serving in roles as Sales Director West Africa – Service Distributed Generation Oil & Gas and Vice President Service & Digital.

“Prior to this, he also held various functional and managerial positions with ABB Ltd UK, ABBNG Nigeria, Schneider Electric Nigeria and Dresser-Rand Nigeria Ltd.

It added that Suleiman was experienced in establishing operational excellence with specific competence in the power, oil and gas sectors.

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FG Reopens Osubi Airport Warri for Daylight Operations

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FG Reopens Osubi Airport Warri for Daylight Operations

The Federal Government on Monday said the Osubi Airport in Warri has been reopened for daylight operations.

The Minister of Aviation, Hadi Siriki, disclosed this in a tweet.

The airport was closed in February 2020 over mismanagement and debt allegation involving aviation service providers and airport management.

However, Oberuakpefe Afe, a lawmaker representing Okpe/Sapeie/vaie federal constituency, recently moved a motion for the Federal Government through the ministry of aviation and relevant authorities to reopen the airport for flight operations.

On Monday, Hadi Siriki said “I have just approved the reopening of Osubi Airport Warri, for daylight operations in VFR conditions, subject to all procedures, practices and protocols, including COVID-19, strictly being observed. There will not be need for local approvals henceforth.

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Nigerian Brand, JR Farms Acquires 11% Stake in Rwandan Firm

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Nigerian Brand, JR Farms Acquires 11% Stake in Rwandan Firm

JR Firms, an agribusiness firm with headquarters in Nigeria, has announced partnership with Sanit Wing Rwanda through the acquisition of 11 per cent stake in the company.

The CEO of the company, Mr Rotimi Olawale, explained in a statement that the partnership was in furtherance of its goals to ensure food security, create decent jobs and raise the next generation of agrarian leaders in Africa.

The stake was acquired through Green Agribusiness Fund, an initiative of JR Farms designed to invest in youth-led agribusinesses across Africa.

Sanit Wing Rwanda is an agro-processing company that processes avocado oil and cosmetics that are natural, quality, affordable, reliable and viable.

The vision of the company is to become the leading producers of best quality avocado and avocado by-products in Africa by creating value across the avocado value chain.

With focus on bringing together over 20,000 professional Avocado farmers on board and planting of three million avocado trees by 2025 through contract farming, the company currently works with One Acre Fund in supply of avocado to its processing facility.

The products of the company which include avocado oil, skin care (SANTAVO), hair cream and soap are being sold locally and exported to regional market in Kenya.

With the new partnership with JR Farms- the products of the company will enjoy more access to markets focusing on Africa and the European Union by leveraging on partnerships and trade windows available.

Aside funding, the partnership comes with project support in areas of market exposure, capacity building, exposure and other thematic support to grow the business over the next four years.

JR Farms has agribusiness operations in Nigeria, Rwanda, United States and Zambia respectively.

In Nigeria, the company deals in cassava value chain processing cassava to national staple “garri” which is consumed by over 80 million Nigerians on daily basis, while in Rwanda, it works in the coffee value chain with over 4,000 coffee farmers spread across the East Central African country.

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