Index to Nigerian Newspapers

The National Assembly has passed the Investment and Securities Service Bill 2023, which includes provisions for possible jail sentences for those who promote Ponzi schemes in Nigeria. The bill is expected to protect investors, regulate the market, reduce systemic risks, and provide for more stringent punishment for operators of Ponzi schemes. It also prohibits Ponzi/Pyramid schemes, which have led to the loss of billions of naira on victims and affected confidence in the investment climate in Nigeria. The passed bill prohibits Ponzi/pyramid schemes as well as other illegal investment schemes and prescribes a jail term of not less than 10 years for promoters of such schemes. According to Nigeria's Securities and Exchange Commission, three million Nigerians lost N18bn when the popular Ponzi scheme, Mavrodi Mundial Movement, crashed in 2016.

The National Economic Council (NEC) has hinted that the provision for petrol subsidy in the 2022 budget will end in June. Nasarawa State Governor Abdullahi Sule and Edo State Governor Godwin Obaseki both said that the decision on what to do next is the prerogative of the Nigerian National Petroleum Corporation (NNPC). Former Head of State Gen. Abdulsalami Abubakar warned against removal of petrol subsidy, saying it would push more Nigerians into poverty. Organised Labour maintained that its proposed protest against subsidy removal would go on as scheduled on January 27. The Nigerian government has been unable to remit N200 billion into the Federation Account Allocation Committee (FAAC) due to the payment of subsidy for petroleum products

The National Economic Council (NEC) has hinted that the provision for petrol subsidy in the 2022 budget will end in June. Nasarawa State Governor Abdullahi Sule and Edo State Governor Godwin Obaseki both said that the decision on what to do next is the prerogative of the Nigerian National Petroleum Corporation (NNPC). Former Head of State Gen. Abdulsalami Abubakar warned against removal of petrol subsidy, saying it would push more Nigerians into poverty. Organised Labour maintained that its proposed protest against subsidy removal would go on as scheduled on January 27. The Nigerian government has been unable to remit N200 billion into the Federation Account Allocation Committee (FAAC) due to the payment of subsidy for petroleum products.

In order to address the concerns of stakeholders on multilateral taxes by the immediate past administration of President Muhammadu Buhari, President Bola Tinubu has signed four new Executive Orders (EOs) to suspend the implementation of some tax policies. This was disclosed by presidential spokesman, Dele Alake, in an interaction with State House Correspondents yesterday morning. According to him, the action was a direct response to the need for clarity and adequate notice for tax adjustments as specified in the 2017 National Tax Policy. He disclosed that the first Executive Order signed by the President was the Finance Act (Effective Date Variation) Order, 2023.

In addition to these suspensions, the President has also ordered the halting of the newly introduced Green Tax, an Excise Tax on Single-Use Plastics, including plastic containers and bottles. Alake said the Import Tax Adjustment levy on certain vehicles has been suspended.