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The federal government has introduced a new bill that could drastically reshape the financial services sector, requiring all individuals involved in banking, insurance, and stockbroking to provide a tax identification number (TIN) before opening or operating any account.

Submitted to the National Assembly, the bill seeks to enhance tax compliance and streamline revenue collection across Nigeria. The bill, dated 4 October, is titled “A Bill for an Act to Provide for the Assessment, Collection of, and Accounting for Revenue Accruing to the Federation, Federal, States, and Local Governments; Prescribe the Powers and Functions of Tax Authorities, and for Related Matters.”

“A person engaged in banking, insurance, stockbroking, or other financial services in Nigeria shall make the provision of a tax ID a precondition for opening a new account or operating an existing account,” the document reads.

Additionally, the bill stipulates that any non-resident supplying taxable goods or services to any individual in Nigeria or deriving income from the country is required to register for tax purposes and obtain a tax ID. However, non-resident individuals who derive only passive income from investments in Nigeria will not be obliged to register; instead, they will need to supply the relevant data as directed by the appropriate tax authority.

The bill under consideration confers jurisdiction upon the applicable tax authority to automatically register and issue tax IDs to individuals who are required to apply for one but choose not to do so.In such cases, the bill states that the tax authority is required to promptly notify the individual of their registration and the issuance of the tax ID. According to the document, failure to comply with the requirements may result in administrative penalties. The bill states that if a taxable individual does not register for taxes, they will be penalised ₦50,000 in the first month of non-compliance and ₦25,000 for each subsequent month.

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A lady has offered advice to her peers on why they should consider alternative opportunities to being solely independent.

She said women should jump at any opportunity to becoming not independent such as full house wife. She added that they should not follow they do feminism, hard girl and independent woman because all these are stressful and stress k#lls.

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Major U.S. indexes climbed to fresh highs Friday as a reading on wholesale inflation came in lower than expected, and banks kicked off earnings season with strong results. The Dow and S&P 500 hit all-time highs, while the Nasdaq also gained.

JPMorgan Chase (JPM) shares surged after the financial giant reported a jump in net interest income (NII). Shares of Wells Fargo (WFC) also climbed as the bank posted better-than-expected profit on higher fees.

Fastenal (FAST) shares were higher after the maker of fasteners and other industrial supplies reported growing revenue even as disruptions caused by Hurricane Helene cut into sales.

Tesla (TSLA) shares sank after the electric vehicle (EV) maker’s Cybercab and Robovan unveiling Thursday failed to impress investors. However, the news lifted shares of Uber Technologies (UBER) and Lyft (LYFT), which are working on their own autonomous vehicles. 

Shares of Stellantis (STLA) slumped after the automaker announced it was shaking up its management team, including the ouster of its CFO.

A.O. Smith (AOS) shares tumbled as the maker of water heaters and boilers cut its forecast on lower demand in North America and China.

Oil futures fell and gold prices rose. The yield on the 10-year Treasury note edged lower. The U.S. dollar rose versus the yen, but lost ground to the euro and pound. Most major cryptocurrencies traded in the green.

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Delta State PRO, Bright Edafe, has shared how he intervened to assist someone who was stopped by a police officer over a minor vehicle particulars issue.

He said someone called him that he was taking his children to school and he’s being delayed by the police over a minor vehicle particulars issue, Hmmmm. Well he said, give the policeman the phone and he asked him, do you have children, he said yes, how old, he said 12. He then asked him a deep question, “so do you think your child will be proud to say outside that his father is a policeman, he said no. He asked why? He said it’s because of the way the people see us. He then told him, start changing that narrative by being a little nicer to the people”. He said oga thank you sir. He will allow him to go.

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Peter Obi has tackl£d the federal government.

As Nigerians continue to groan under extremely difficult economic conditions, largely caused by the Federal Government’s wrong policy choices, the NNPCL has once again raised the price of fuel (PMS) without providing any explanation.

This is both unfortunate and insensitive, considering the wide-ranging negative consequences for our economic survival and well-being.

This is neither how an economy’s resources should be managed nor how a nation should be governed. In this new measure, there is neither sound economics nor necessary compassion. We are told that the NNPCL is now a limited liability company, regulated by agencies such as the NUPRC and NMDPRA, yet there seems to be growing confusion about the roles and responsibilities of the NPCL and these regulating bodies.

Interestingly, both the NPCL and the regulatory agencies are supposed to be under the supervision of the Federal Ministry of Petroleum Resources, with the President of the Federal Republic of Nigeria serving as the substantive Minister. Who, in arrangement, is regulating who?

With the unprecedented but avoidable hardship that Nigerians are enduring, the responsibility for providing a full explanation, offering alternative options, and most importantly, reversing the sudden price hike falls squarely on the Honorable Minister of Petroleum Resources/President of the Federal Republic of Nigeria.

We hope and pray that he acts in the best interest of the majority of Nigerians, who are living under unnecessarily precarious conditions, and that he does so before his return from his working vacation.

To casually inflict such a draconian measure on the populace from the comfort of an annual vacation amounts to taking the people’s welfare lightly and for granted.

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