Index to Nigerian Newspapers

The House of Representatives has called for the immediate suspension of the new Central Bank of Nigeria policy that increased automated teller machine transaction charges and eliminated free withdrawals for customers using other banks' machines. The resolution followed a motion moved by Representative Marcus Onobun, who argued that the new fees—which include charges ranging from one hundred naira to an additional five hundred naira depending on the location—would place an unfair burden on citizens already struggling with severe economic hardships like high inflation, rising fuel prices, and increased electricity tariffs. He expressed concern that these charges contradict the bank's own financial inclusion agenda by discouraging low-income earners from accessing banking services, especially since commercial banks continue to record massive profits without improving service delivery or infrastructure. Consequently, the motion was referred to the committees on Banking, Finance, and Financial Institutions for further legislative action.

The House of Representatives has rejected a proposed staggered increase of the Value Added Tax to 15 percent by 2030, choosing instead to maintain the current rate at 7.5 percent while also dismissing the reintroduction of an inheritance tax within the ongoing comprehensive tax reform bills. Presented by the Chairman of the House Committee on Finance, the extensive legislative review introduces major amendments across four distinct bills, including redefining the operational scope of the revenue service, granting independent funding to the tax appeal tribunal, adjusting corporate and individual transaction reporting thresholds, and modifying tax rates for petroleum operations to thirty percent. While business chambers and civil society organizations have expressed cautious optimism or urged continued vigilance regarding the broader implications of the tax overhaul on the working population, the lower chamber is set to deliberate further on the committee's comprehensive report.