The national assembly has proposed a five percent excise duty on telecommunications services, gaming, betting, and lottery activities.

On July 6, 2023, President Bola Tinubu signed four executive orders, including the suspension of the 5 percent excise tax on telecommunication services to ameliorate the negative impact of tax adjustments on businesses and households.

According to an executive bill, titled ‘Nigeria Tax Bill 2024,’ the national assembly is seeking reintroduction of the excise duty.
The bill proposed that the amount of an excisable transaction is the amount chargeable for the service by the service provider, “both in money or money’s worth”.

“Services, including telecommunications, gaming, gambling, betting, and lotteries however described, provided in Nigeria shall be charged with duties of excise at the rates specified under the Tenth Schedule to this Act in a manner as may be prescribed by the Service,” the document reads.

Also, where an exchange of currency transaction involving the naira is conducted within or outside Nigeria, the national assembly suggested that the exchange rate must not exceed the prevailing rate at the official market, authorised by the Central Bank of Nigeria (CBN).

The legislature said where the exchange rate of the transaction exceeds the prevailing exchange rate at the official market authorised by the CBN, the excess should be payable as excise duty by the seller on a self-assessment basis as provided in the Nigeria Tax Administration Act.

The Nigerian Railway Corporation (NRC) has appointed Ben Iloanusi as acting managing director (MD) following the completion of Fidet Okhiria’s tenure as MD.

In a statement on Sunday, Yakub Mahmood, deputy director of public relations at NRC, said Okhiria, who completed his second four-year tenure on October 18, has handed over to Iloanusi.

Mahmood said Iloanusi, who joined the NRC in 2011, is the most senior executive director in the corporation and has served as deputy director of procurement since 2019.

Iloanusi, according to Mahmood, holds a degree in political science from the University of Nigeria, Nsukka, and a master of business administration (MBA) in international management from South Bank University, London, United Kingdom.

In his farewell speech, Okhiria thanked the entire corporation for their support throughout his tenure and urged them to extend the same support to his successor.

“I enjoin the management and staff of the corporation to extend same co-operation and understanding to the acting managing director,” Okhiria said.

Iloanusi also requested the support of NRC staff and welcomed constructive criticism to help move the organisation forward.

The Enugu State Government, on Thursday 17 October 2024, in collaboration with key stakeholders, unveiled the Enugu State Security Trust Fund (ESSTF) at the Old Government Lodge, Enugu. This historic initiative aims to enhance security across the state, creating an enabling environment for sustainable economic growth and development through a robust Public-Private Partnership (PPP) model. Participants at the event include Prof. Chidiebere Onyia, Secretary to the State Government who represented His Excellency, Governor Peter Mbah, Dr. Ike Chioke, Chairman of the ESSTF Board of Trustees, Engr. Chinedu Ani, ESSTF’s Executive Secretary/CEO, ESSTF board members, government dignitaries, as well as dignitaries from the private sector, security agencies, religious institutions community representatives, and the media, all in their commitment to building a safer Enugu State.

The ESSTF, inaugurated in February 2024 by His Excellency, Governor Peter Mbah, represents a strategic response to the pressing security challenges that have hindered the state’s growth. With an ambitious ₦20 billion fundraising target, the ESSTF is set to be raised in tranches of ₦5 billion annually over the next four years. The Fund aims to provide critical support to security agencies by equipping them with essential tools, technology, and resources needed to combat crime and ensure the safety of all residents.

Speaking at the launch, Governor Mbah, represented by Prof. Onyia, emphasised the role of the ESSTF as a cornerstone of the administration’s efforts to secure the state. “The establishment of the Enugu State Security Trust Fund is a fulfillment of our promise to the people—to make Enugu State one of Nigeria’s top three states by GDP. This vision is driven by private sector investment, which can only thrive in a secure environment. The ESSTF is a major step towards creating that foundation of safety and stability,” he said. The PPP approach of the ESSTF enables seamless collaboration between the state government and the private sector, offering a platform where resources, expertise, and strategies are pooled to address security challenges. This model ensures that both public and private entities have a stake in the safety and prosperity of the state.

Dr. Chioke, in his presentation, highlighted ESSTF’s unique role in coordinating security resources across the state: “Security is the bedrock of any thriving economy. The ESSTF is designed as a central coordination point, allowing us to work effectively with our partners in law enforcement and the private sector. By pooling resources and leveraging our collective expertise, we will strengthen Enugu’s security infrastructure and restore a sense of safety across our communities.”

Transparency and accountability are at the core of the ESSTF’s operations, ensuring that every contribution is used effectively to enhance the security of Enugu State. The Board of Trustees, which includes respected leaders from the public and private sectors, religious institutions, and security agencies, is committed to upholding these principles. The Board oversees the strategic direction of the Fund and ensures the responsible management of resources.

Key measures to ensure transparency include annual independent audits to be conducted by a leading audit firm, ensuring that the Fund’s financials are transparent and available to the public, a digital platform will provide updates on fund allocation and project progress, regular town hall meetings that will allow stakeholders to engage directly with the Fund’s management, and other measures put in place for the success of the initiative.

“We are committed to making sure that every naira donated to the ESSTF is effectively used to enhance security in Enugu State,” Dr. Chioke assured. “Our approach is built on openness, accountability, and a genuine commitment to the well-being of our people.”

The funds raised through the ESSTF will be strategically allocated to address the most critical security needs in Enugu State. Dr. Chioke outlined key areas of focus, including security technology and surveillance systems, tools and equipment support for law enforcement, empowerment of community vigilante groups with training and resources to ensure grassroots safety and quick response to security incidents, and personnel welfare such as insurance coverage for security personnel and support for the families of those who serve the state and risk their lives in the line of duty.

The success of the ESSTF is anchored on the collective contributions from stakeholders, including the state and local governments, corporate entities, NGOs, religious bodies, individual donors, and the Enugu diaspora community. Contributions can be made through the Fund’s user-friendly digital crowdfunding platform at www.esstf.ng, allowing for seamless donations from people in Nigeria and the Diaspora.

Dr. Chioke called on businesses and individuals to take an active role in supporting the Fund: “We believe that a secure Enugu is a prosperous Enugu. We urge everyone to join us in this mission. Your support, no matter the size, is a step towards making our state a model of safety and investment. Together, we can achieve our ₦5 billion target for 2024 and build a safer future for all.”

The ESSTF is a collaborative PPP aimed at transforming the security landscape of Enugu State.

Through strategic funding, stakeholder engagement, and innovative security solutions, the ESSTF seeks to enhance law enforcement capabilities, support community safety initiatives, and create a conducive environment for economic growth. By fostering transparency, accountability, and communal spirit, the ESSTF is committed to making Enugu a safer and more attractive destination for investors, residents, and visitors alike.