Barring any unforeseen, the Federal Government is set to proceed with its implementation of a five per cent excise duty tax on mobile telephone services, fixed telephone, and Internet services. This is despite a recent communication by the Minister of Communications and Digital Economy, Isa Pantami, that the government has exempted the telecoms sector from excise duty tax. It would be recalled that the Federal Government had in September last year suspended the proposed excise duty on telecommunication services for the first time. The suspension was announced by Pantami during the inaugural meeting of the Presidential Committee on Excise Duty for…
Author: Elvis Eromosele
The Association of Licensed Telecommunications Operators of Nigeria (ALTON), the body of licensed telecommunications services providers, have asked the National Assembly to exclude them from any regulatory powers that will be given to the National Information Technology Development Agency through the new NITDA Bill. The bill which is currently before the Joint Committee of the Senate and House of Representatives on ICT and Cyber Security seeks to give NITDA the power to administer, implement, and regulate information technology systems and practices as well as the digital economy of the country. According to the operators, the bill will lead to the…
By Elvis Eromosele Recently, I had the task of sending prescription glasses in a case to Benin City. After considering all the available options, it became clear that taking it to a park and paying one thousand naira was the best way to get it delivered, on the same day. It was cost-effective, and timely and ensured that I met my goal. I spoke to a driver, he very reluctantly revealed that he made, on average, N12, 000.00 daily, from, “help me deliver this”. Imagine this: one driver in one park makes an average of N12, 000.00 daily. Multiply this by the…
I would like to talk about my experience as an HSE professional with a Level 3 Certification from the Chartered Institute of Environmental Health and Safety UK and someone who has dealt with depression at various times in his life. Man has evolved from the time of being a hunter-gatherer to a more sedimentary lifestyle, where we spend almost half our lives sleeping or sitting and if you are a city dweller with an office job, daily commute, and desk work makes that number goes up. But our bodies were built for mobility and the more of that we have…
By Elvis Eromosele Access to clean water, sanitation, and hygiene is essential for human health and well-being. The Sustainable Development Goal (SDG) 6 is about “clean water and sanitation for all”. However, in many developing countries, these necessities remain out of reach for a significant portion of the population, particularly those living in suburban and rural areas. The popular thinking is that local governments can play a critical role in scaling up interventions to improve access to water, sanitation, and hygiene. Take Nigeria. It is easily the most populous country in Africa with a rapidly growing population that is…
The accumulated debt from Unstructured Supplementary Service Data, USSD, which Deposit Money Banks owe telecommunication firms has risen to over N100bn. As a result, banks and telcos are expected to hold another round of meetings with a view to resolving the deadlock. The debt was put at N80bn a few months ago. The Head of Operations of the Association of Licensed Telecoms Operators of Nigeria, Gbolahan Awonuga, in a conversation with the media, confirmed that USSD debts had grown from N80bn as of November 2022 to over N100bn In April. According to him, much progress regarding repayment has not been…
The Nigerian Ports Authority (NPA) has said that Tin-Can Island and the Lagos Port Complex, Apapa, need urgent rehabilitation that may cost around $800 million as the country’s major ports are on the verge of collapse. The NPA Managing Director, Mohammed Bello-Koko, who spoke in an interview on television said that the Port of Tin-Can is collapsing, and if nothing is done in the coming years, there will be many problems related to doing business there. He said also, Escravos, Calabar, and Onne Ports are in need of significant rehabilitation alongside Tin Can to the tune of $800 million. He…
The Pension Funds Administrators reduced the funds under the Contributory Pension Scheme that was invested in fixed deposits and bank acceptance to N1.6tn in February. This was as the total funds under the scheme hit N15.49tn in the period under review, according to the National Pension Commission. PenCom disclosed this in its unaudited report on the pension funds industry portfolio for the period ended February 28, 2023. The data provided information on the approved existing schemes, Closed Pension Fund Administrators, and Retirement Savings Funds (including unremitted contributions at the Central Bank of Nigeria and legacy funds). At the end of…
The Board of Directors of the African Development Fund (ADF) has approved $8 million in funding toward the establishment of a digitally interoperable unique bank identification system and harmonised customer identification framework for The Gambia, Guinea, Liberia and Sierra Leone. Implementation of the project will commence in July 2023, led by the West African Monetary Institute (WAMI), working with central banks of the participating countries and in close collaboration with banking and non-banking financial service providers. The project is expected to enhance financial sector efficiency within the participating countries, leading to increased access to finance and further regional integration efforts.…
By Elvis Eromosele Nigeria, the most populous country in Africa, boasts a youthful population. According to the National Population Commission, about 64 per cent of Nigeria’s population is under 25. This presents an opportunity for the country to harness the energy and creativity of its youth towards building a digital and innovative future. The world is experiencing a rapid digitalisation shift, and Nigeria cannot afford to be left behind. To move the country forward, there is a need to focus on new technologies, social media, digital marketing, agriculture, fintech, and other emerging industries. We must proactively explore ways for Nigeria…