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The Chairman Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele has said the committee is proposing a law to the National Assembly to increase valued added tax from the current 7.5% to 10%.

Speaking with Channels Television, Oyedele said that his committee is working to consolidate multiple taxes in Nigeria to ensure a reduction, adding that the draft tax law will be submitted to the National Assembly

”We have significant issues in our tax revenue. We have issues of revenue generally which means tax and non-tax. You can describe the whole fiscal system in a state that is in crisis.

When my committee was set up, we had three broad mandates. The first one was to look at governance: our finances as a country, borrowing, coordination within the federal government and across sub-national.

The second one was revenue transformation. The revenue profile of the country is abysmally low. If you dedicate our whole revenue to fixing roads it will be insufficient. The third is on government assets.

The law we are proposing to the National Assembly has the rate of 7.5% moving to 10% from 2025. We don’t know how soon they will be able to pass the law. Then subsequent increases are also indicated in terms of the year they will kick in.

While we are doing that, we have a corresponding reduction in personal income tax. Anybody that is earning about N1.5 million a month or less, they will see their personal income tax come down. Companies will have income tax rate come down by 30% over the next two years to 25%. That is a significant reduction.

Other taxes they pay are quite many: IT levy, education tax, etc. All these we are consolidating into a single one. They will pay 4% initially. That will go down to 2& in the next few years,” he said.

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Warren Buffett, the legendary value investor known as the “Oracle of Omaha” and longtime CEO of Berkshire Hathaway (BRK.A, BRK.B), turned 94 on Friday. 

Berkshire Hathaway hit a market capitalization of $1 trillion earlier this week, making it the first U.S. company outside of the tech sector to hit that milestone, and Buffett played a key role in making Berkshire the financial giant it is today.

Here are some of the investing rules Warren Buffett is most famous for.

One of Buffett's most famous sayings is "Rule No. 1: Never lose money. Rule No. 2: Never forget Rule No. 1."

Buffett hasn’t always followed his own advice in this regard, notably losing about $25 billion in the 2008 financial crisis—though he's known for taking a risk-averse approach, and only investing in companies that he thoroughly researches and understands.

Also known for his long-term approach to investing, Buffett’s investment philosophy is based on the principle of acquiring shares of what he believes are well-managed, undervalued companies—and holding them for an extended time.

Buffett has famously said that you shouldn't own a stock for 10 minutes if you don't feel comfortable owning it for 10 years. Some of Berkshire's largest holdings are ones the firm has maintained a stake in for several decades.

Some of Berkshire's recent changes to its portfolio in the second quarter included adding stakes in beauty products retailer Ulta Beauty (ULTA) and aerospace and electronics manufacturing company Heico Corp. (HEI).

Meanwhile, Berkshire has significantly trimmed its position in Apple (AAPL), though the tech giant still represents Berkshire's largest holding.

Berkshire also reduced its holdings in Bank of America (BAC) in July after the bank's shares surged following an earnings beat.

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Major U.S. equities indexes moved higher on Friday as the latest Personal Consumption Expenditure (PCE) data showed cool inflation in July, which was in line with expectations. The latest signal of moderating price pressure supports the likelihood of an interest rate cut by the Federal Reserve next month.

The S&P 500 jumped 1.0% on the final trading day of August. The Dow added 0.6%, ending the month with its first-ever close above 41,500. The Nasdaq was up 1.1%.

Intel (INTC) shares notched the best performance in the S&P 500, soaring 9.5% following reports that the chipmaker is considering a possible spinoff or sale of its foundry business. According to , people familiar with the matter said Intel is exploring multiple options for the section of the company that makes semiconductors for other firms. However, it may take time for Intel to make a move, with board members likely to discuss the possibilities at their meeting in September.

Shares of GE Vernova (GEV), the energy-focused business that spun off from General Electric in April, jumped 4.8% to an all-time high. Brokerage firm William Blair initiated coverage of the stock on Thursday with an "outperform" rating. According to analysts, the high demand for energy to power artificial intelligence (AI) technology will likely require more natural gas and natural gas turbines. GE Vernova is well-positioned to benefit from turbine service contracts.

Western Digital (WDC) shares were up 4.1% on the day. Earlier this week, analysts at Citi boosted their sales estimates for solid-state drives, predicting favorable supply-and-demand dynamics. Western Digital also received approval this week for a project to expand hard disk production in Thailand.

Shares of networking and IT services provider Hewlett Packard Enterprise (HPE) gained 3.7% ahead of the company's upcoming earnings report, which is set for release on Wednesday afternoon. Following HPE's most recent quarterly report in June, the stock surged to a record high, boosted by strong sales of AI-optimized servers.

Ulta Beauty (ULTA) shares dropped 4.0%, losing the most ground of any S&P 500 stock after the cosmetics retailer's quarterly sales and profits came in below estimates. Ulta reported an unexpected decline in comparable store sales amid restrained discretionary spending and heightened competition. The makeup seller also reduced its full-year forecasts, noting market share challenges.

Shares of oil and gas exploration firm APA Corp. (APA) sank 2.9% on Friday. Although APA beat quarterly sales and profit estimates in its most recent report, released at the end of July, the stock plunged following those results and has been trending downward since then. Last quarter's strong performance reflected increased production following the acquisition of Callon Petroleum, which closed on April 1, and APA boosted its forecast for cost synergies while noting it was ahead of schedule with the integration.

Super Micro Computer (SMCI) shares dropped 2.5%, extending steep losses posted earlier this week after the server and data storage firm said it would postpone its annual filing with the Securities and Exchange Commission (SEC). Supermicro's move to delay its 10-K came a day after a report by activist investment firm Hindenburg Research flagged irregularities in the company's accounting practices, particularly relating to revenue recognition processes.

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Afrobeat musician Seun Kuti has shared his understanding of a chapter of the Bible as it relates to Africans.

Speaking on the Zero Conditions podcast, Kuti said: “If your God doesn’t look like you, he’s not your God.

If you’re closing your eyes and imagining that your God is a white man on white hair, white beards with white robe, you’re lost.

Genesis 7 to 14 has already made it clear that African people will never enter Heaven.

Only 12,000 people from the 12 tribes of Judah will enter Heaven. Meaning, it’s only 144,000 people that will enter the real Heaven, the rest of you will go there to serve in the temple.

So sl@very has already been secured for you again.”

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Reality TV Star Kim Oprah has taken a swipe at medical doctors, by revealing that they don’t make good romantic partners.

She took to her social media page to express her reservations about people who work as medical practitioners .

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A fashion designer has recounted how her acrobatic efforts saved her 55-inch TV from getting damaged after it was about to fall.

According to her, she fell with it, diving in a way that made her  feel like she might have been a goalkeeper in a past life.

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