Here’s a look into
each of the major headlines in Nigeria and globally at this time:
Nigeria News
Tax Reform Bills Ready for Tinubu’s
Assent
The
Senate and House of Representatives have adopted the harmonized conference
committee report on four tax reform bills, which are now awaiting President
Tinubu’s assent. These bills aim to modernize Nigeria’s tax system and improve
revenue generation. The reforms include a four percent development levy
on company profits, with allocations to education, technology, and security
sectors.
Abuja Ground Rent Increase
Federal
Capital Territory Minister Nyesom Wike has hinted at increasing ground rent in
Abuja due to widespread non-payment. Many property owners owe 20 to 30
years’ worth of ground rent, and the government is now enforcing payments
by sealing properties of defaulters, including the PDP Secretariat and several
businesses.
Lagos Building Collapse
A two-story
building under construction collapsed in Ikorodu, Lagos, killing three people,
including two siblings and their uncle. Eleven people were rescued, and
authorities suspect the use of substandard materials contributed to the
disaster. The Lagos State Emergency Management Agency (LASEMA) has urged
developers to adhere to safety standards.
Naira Exchange Rate Fluctuations
The naira
appreciated to ₦1,610 per dollar in the parallel market but depreciated
to ₦1,592 per dollar in the Nigerian Foreign Exchange Market. The
fluctuations reflect ongoing economic challenges, despite government efforts to
stabilize the currency.