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Business News
Government should create favourable tax policies for SMEs – Tony Elumelu
Nigerian businessman, Tony Elumelu, has advocated the need for the Nigerian Government to provide favourable tax policies for Small and Medium Enterprises.
Published
2 years agoon
By
Amaka Obioji
Nigerian business mogul and Chairman of United Bank for Africa Plc, Tony Elumelu, took to his Twitter page, yesterday, to advocate the need for the Nigerian Government to provide favourable tax policies for Small and Medium Enterprises.
According to Mr. Elumelu, this has become imperative considering the fact that an average Nigerian business owner typically takes up the role of a local government by providing his or her own electricity, water supply, and waste disposal.
1. An average business owner in Nigeria plays the role of a local government; providing his own electricity, borehole & waste disposal. Govt. can make it easier by creating favourable tax policies for SMEs #TOETaxReform #TOEWay pic.twitter.com/lO6Yb89m7x
— Tony O. Elumelu, CON (@TonyOElumelu) April 24, 2019
He continued by saying that the Government should make things easier for entrepreneurs by creating favourable tax policies for Small and Medium Enterprises.
Nigeria pays more tax compared to other countries
He further noted that the average amount of taxes businesses pay in Nigeria is 48, compared to 33 in other Sub-Saharan countries. Meanwhile, in Hong Kong, it’s just 3.
2. The average amount of taxes businesses pay in Nigeria is 48, compared to 33 in other Sub-Saharan countries. In Hong Kong, it's just 3 #TOETaxReform #TOEway pic.twitter.com/IhAPhqiRVs
— Tony O. Elumelu, CON (@TonyOElumelu) April 24, 2019
Nigeria needs more taxation treaties
Still on taxes, Mr Elumelu noted that Nigeria has 14 taxation treaties while a country like South Africa has 79 double taxation treaties.
He continued that Nigeria’s tax to GDP ratio is approximately 6%. Rwanda, which is a much smaller country, has a tax to GDP ratio of about 16%.
4. Nigeria’s tax to GDP ratio is approximately 6%, Rwanda, a much smaller country’s tax to GDP ratio is about 16%. Imagine if we are able to get our tax to GDP ratio to 10%? #TOETaxReform #TOEWay pic.twitter.com/EGRwxoAyLv
— Tony O. Elumelu, CON (@TonyOElumelu) April 24, 2019
Nigerians’ reactions
Some Nigerians reacted to Mr Elumelu’s Twitter thread, with many agreeing with what he said. Some even shared their experiences about the unfavourable things many small businesses owners have to go through in the country.
One of his followers briefly narrated how he provides borehole water, power, and waste disposal for his palm oil mill in Etinan. Now, this is something that the Government is supposed to do. But the small business owner does it himself.
God Bless you for this observations sir..I run a Palm Oil Processing Mill in Etinan,Nigeria. I provide my mill with borehole water,electric and waste disposal. The community uses the water too for free. I am #TEF2018 beneficiary and You are truly a leader.
— Abasiodiong samuel (@Abasiodiong11) April 24, 2019
Another follower opined that the Government run down these small businesses through the amount of tax they charge and still leave them to provide all the basic amenities themselves. This situation often causes some of these small businesses to shut down.
Yes, Government @ all levels only come & reap where they did not sow, by demanding all sorts of taxes. Thereby running most of these SMEs down.
— Isaiah Kanu (@Isaiah_Kanu) April 25, 2019
Someone else also opined that the Nigerian Government is dead and that’s why it cannot provide these basic amenities for its citizens.
Another person also wondered why many small businesses never complain about the situation, despite the outrageous bills they are subjected to pay in the name of taxation.
In spite the outrageous bill, if it is available Nigerians won't complain
— Adewunmi Olugbenga (@catalystgbenga) April 25, 2019
Coronavirus
COVID-19: FG to disburse N10 billion for local vaccine production
The Minister of Health has disclosed that Nigeria is exploring options for the licensed production of COVID-19 vaccine.

Published
2 hours agoon
January 19, 2021
The Federal Government, through the Ministry of Finance, has announced the sum of N10billion for the production of vaccines in Nigeria, to fight the coronavirus.
This was disclosed by the Minister of Health, Dr Osagie Ehanire, at the daily Covid-19 briefing by the Presidential Task Force on Monday in Abuja.
- “The Ministry of Finance has released N10billion to support domestic vaccine production. While we are working to develop our own vaccines, Nigeria is exploring options for licensed production, in collaboration with recognised institutions. We are also exploring the option of local production of the vaccines in the country.”
He also warned Nigerians to ignore news about vaccines being for sale in Nigeria, as the procedures to acquire vaccines have to pass through due process.
- “I advise all citizens to disregard these claims, as they are criminal. There are procedures for vaccine acquisition and use, which include appropriate regulations and certification by National Agency for Food and Drug and Administration and Control (NAFDAC).
- “I advise against fake vaccines, as there is no one approved for use in the country. The National Primary Health Care Development Agency (NPHCDA) is the only authorised vaccine administrator in Nigeria.”
He also stated that as Nigeria is experiencing the second wave, the FG needs to change its response procedures through infection mitigations and vaccines.
- “There is no doubting the fact that we are deeply into the second wave of the pandemic which requires that PTF and FMoH review our strategies to respond to the challenge. The Federal Ministry of Health has outlined three approaches to confront the pandemic – Infection mitigation, Therapeutics and Vaccines.”
What you should know
- Nairametrics reported in November 2020, that the Health Minister announced Nigeria’s plans to set up a vaccine production company in Nigeria to boost local COVID-19 vaccine production.
Coronavirus
COVID-19 Update in Nigeria
On the 18th of January 2021, 1,617 new confirmed cases and 14 deaths were recorded in Nigeria

Published
9 hours agoon
January 19, 2021
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 112,004 confirmed cases.
On the 18th of January 2021, 1,617 new confirmed cases and 14 deaths were recorded in Nigeria.
To date, 112,004 cases have been confirmed, 89,939 cases have been discharged and 1,449 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 1.17 million tests have been carried out as of January 17th, 2021 compared to 1.15 million tests a day earlier.
COVID-19 Case Updates- 18th January 2021,
- Total Number of Cases – 112,004
- Total Number Discharged – 89,939
- Total Deaths – 1,449
- Total Tests Carried out – 1,172,234
According to the NCDC, the 1,617 new cases were reported from 18 states- Lagos (776), Kaduna (147) Kwara (131), FCT (102), Plateau (78), Edo (59), Ogun (53), Osun (45), Rivers (37), Taraba (36), Nasarawa (34), Adamawa (33), Kano (26), Delta (20), Ebonyi (16), Bayelsa (11), Gombe(11) and Borno (2).
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 41,400, followed by Abuja (14,700), Plateau (6,831), Kaduna (6,325), Oyo (4,695), Rivers (4,429), Edo (3,320), Ogun (2,912), Kano (2,617), Delta (2,122), Ondo (2,070), Katsina (1,723), Kwara (1,697), Enugu (1,583), Gombe (1,500), Nasarawa (1,335), Ebonyi (1,275), Osun (1,260), Abia (1,134), and Bauchi (1,107).
Borno State has recorded 867 cases, Imo (857), Sokoto (677), Akwa Ibom (667), Benue (657), Bayelsa (619), Adamawa (573), Niger (547), Anambra (515), Ekiti (473), Jigawa (425), Taraba (294), Kebbi (251), Yobe (211), Cross River (169), Zamfara (162), while Kogi state has recorded 5 cases only.
READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government
Lock Down and Curfew
In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.
The movement restriction, which was extended by another two weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.
On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.
On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.
Governor Babajide Sanwo-Olu of Lagos State announced the closed down of the Eti-Osa Isolation Centre, with effect from Friday, 31st July 2020. He also mentioned that the Agidingbi Isolation Centre would also be closed and the patients relocated to a large capacity centre.
Due to the increased number of covid-19 cases in Nigeria, the Nigerian government ordered the reopening of Isolation and treatment centres in the country on Thursday, 10th December 2020.
READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous
Around the World
US Capitol complex temporarily shut down
The US Capitol complex was shut down temporarily on Monday as a precautionary measure after a small fire broke out nearby.

Published
13 hours agoon
January 18, 2021
The US Capitol complex was shut down temporarily for about an hour on Monday as a precautionary measure after a small fire broke out nearby, highlighting the security concerns that are being raised days before the inauguration of President-elect Joe Biden.
The security concerns and the lockdown follows the January 6 attack on the US Capital by supporters of the outgoing US President, Donald Trump, after his encouragement and inciting comments, calling the Presidential election a fraud without any proof of evidence.
READ: President Trump says he won’t attend Joe Biden’s inauguration
Some of them even called for the death of the US Vice President, Mike Pence for presiding over the certification of Joe Biden’s November election victory.
While making the disclosure in a statement, the Capitol Police said that the lockdown has been lifted and the nearby fire contained.
The Acting Chief of the Capitol Police had said that the complex which comprises of the Capitol, its grounds and several buildings were shut down as a precautionary measure.
READ: US Supreme court dismisses Texas bid to overturn presidential election results
The US Secret Service in a tweet post on its official Twitter handle said, “Out of an abundance of caution the U.S. Capitol complex was temporarily shutdown. There is no threat to the public.’’
The city’s fire department in its tweet post said that firefighters put out a fire outside near the Capitol complex.
The fire department said, “There were no injuries. This accounts for smoke that many have seen.”
READ: Huawei accuses the United States of hacking
What you should know
- President-elect, Joe Biden is expected to be sworn in at the US Capitol on Wednesday amid an unprecedented cordon of security, with strict physical distancing measures in place due to threats of violent attacks in Washington and the rising cases of coronavirus infections.
- Donald Trump, who is just fresh from a historic second impeachment from the congress had said he would not attend, although his deputy, Vice President Mike Pence, had given an indication that he would attend.
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