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NLC, Nigerians rejects 6% Tenancy, Lease stamp duty agreement

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NLC mobilizes workers for industrial action in Rivers

The Nigeria Labour Congress (NLC) has joined other Nigerians, in urging the Federal Government to reverse the six percent tenancy and lease stamp duty agreement in the country.

Nigerians, mostly elderly maintained the federal government shouldn’t be eyeing how to pilfer from the little food baskets of the landlords, in a country totally lacking in any welfare package for the elderly, either in health or any palliative benefits.

Echoing this on Saturday, Mr. Ayuba Wabba, NLC President said in a statement in Abuja said the Congress noted with dismay the new policy by the Federal Government through the Federal Inland Revenue Service (FIRS) stipulating a six percent stamp duty fee for every tenancy and lease agreement in Nigeria.

He said that the Congress condemned the agreement as the new policy came at a time when the socio-economic pressure arising from COVID-19 dislocations was affecting many of Nigerians.

Also Read: NLC Kaduna rejects 25% Workers’ Salaries Deductions, threatens to seek lawful redress

According to him, the NLC rejects this new stamp duty policy on rents and leases as it will worsen the situation faced by Nigerian workers most of whom, unfortunately, are tenants.

“It is also alarming that we are having hike in taxes and user access fees when other countries are offering palliatives to their citizens.

“We call on the Federal Government and the Federal Inland Revenue Service to rescind this harsh fiscal measure as it is boldly insensitive to the material condition of Nigerians which has been compounded by the Covid-19.

“Nobody would want to be a tenant if they had an alternative. This means that tenants which this new policy targets are some of the most vulnerable people in our society.

“It would be illogical, insensitive and inhuman to churn out laws that make our poor go to bed at night with tears in their eyes,” he said.

Wabba noted that the principle of public taxation especially progressive taxation all over the world was that the rich subsidies for the poor and that every tax policy that would be enforceable must create a safety net for the poor.

“Accommodation is a fundamental right guaranteed by Nigeria’s constitution. It is unimaginable that tenants who are in the most vulnerable group would be expected to pay 6 percent tax for accommodation when sales tax is 1.5 percent.

“This is indeed a great injustice against the Nigerian poor. The government must take deliberate steps to avoid institutionalizing the widespread belief that it is a crime to be poor in Nigeria.

“We understand that the government needs money to run the business of governance especially at this time of economic challenges all over the world.

“But the answer is not in further exploiting the already exploited. There is no doubt that there are other painless ways of mobilizing funds to deal with the exigency of the times,” he said.

He, therefore, said that one of such ways of mobilising funds was to reduce official graft and corruption.

Wabba said that it does not make sense to ask Nigerians to make sacrifices when they are daily regaled of putrid stories of how public officials are accused of swallowing money in billions and making a comic of ‘fainting’ afterward.

“Second, there are thousands of unoccupied houses in different parts of the Federal Capital Territory and indeed many cities in Nigeria belonging to very affluent members of the society.

“As we have always demanded and canvassed, Government should tax such property in order to relieve Nigeria’s daunting housing deficits and to generate the needed funds to run government business.

“While we expect the reversal of the 6 percent tenancy and lease stamp duty policy, we remind government that its highest responsibility is to ensure the security and welfare of every Nigerian,” he said.

Speaking in the same vein, an aged landlord in Ibadan, Mr. Salawu said: “This government would steal, even from the dead, if allowed. A government that has never accorded me any benefits throughout my life now wants to come and raid from my sweat, at old age. They have devoured the commonwealth; and now they are short of where to turn to, it is to the elders!”, he said, asking, is it the six-bedroom apartment at Agugu, that they sweating for like this?”, the aged bricklar quipped.

Two other landlords spoke in like manners.

 

Banking & Finance

BOI To Disburse N1bn Single-digit Interest Loan To 140 Manufacturers

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The Bank of Industry (BOI) has announced plans to disburse loans of up to N1 billion to 140 manufacturing companies across Nigeria under the Federal Government’s N75 billion Manufacturing Sector Fund.

BOI Managing Director, Olasupo Olusi, made this disclosure at the bank’s inaugural annual public lecture series on Wednesday in Abuja.

He explained that the loan aimed to foster production, ensure economic growth, and boost job creation. 

“About 140 manufacturing companies will receive loans of up to N1 billion at single-digit interest rates.

“The funds under this programme have been fully allocated to successful applicants across the six geopolitical zones of the country, and disbursements have commenced.

“For transparency, the programme is working with the Manufacturers Association of Nigeria (MAN) to ensure all beneficiaries are genuine manufacturers, providing additional validation of loan applicants.”

Olusi stated that by offering low-interest loans, BOI aims to boost production, enhance job creation, and promote sustainable growth in the manufacturing industry.

According to the BOI boss, the Bank has disbursed N77.65 billion in loans to almost 1,000 MSMEs across various sectors in the country.

He noted that these interventions align with the Federal Government’s efforts to alleviate poverty and enhance food security by supporting enterprises that drive economic growth and create jobs.

Olusi restated the inauguration of the BOI PriceSense NG platform, a price intelligence dashboard providing real-time data on price trends across Nigeria.

“The platform aims to stabilise markets, protect consumers, and inform policy decisions related to food insecurity.

“We are unveiling the BOI PriceSense NG, a price intelligence dashboard and mobile app for real-time monitoring of price variations of food commodities nationwide.

“These initiatives demonstrate our commitment to impactful research, innovative solutions, and transparency in all endeavours,” Olusi said.

Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, reaffirmed the government’s commitment to drive economic growth through MSMEs, pledging improved access to financing, innovation, and policy support.

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Banking & Finance

NGX: Investors Lose N267bn, As FTN Cocoa, Caverton Lead Gainers Table

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NGX: Investors Lose N267bn, As FTN Cocoa, Caverton Lead Gainers Table

The stock market, on Thursday, reversed some gains from its previous sessions, indicating a loss of N267 billion from the portfolios of investors.

Selloffs in MTN Nigeria, Oando Plc, United Bank For Africa (UBA), Fidelity Bank, and FCMB Group, alongside Cadbury and United Capital, amongst other declined stocks, drove the market to a negative terrain.

Specifically, the market capitalisation closed at N56.615 trillion, having lost N267 billion or 0.47 per cent from an opening of N56.882 trillion.

The All-Share Index also declined by 0.47 per cent or 464 points to settle at 98,523.56 points, against 98,987.42 points reported on Wednesday.

Consequently, the Year-To-Date return fell by 31.76 per cent.

However, the market breadth closed positive with 29 gainers and 26 losers.

On the gainers’ log, FTN Cocoa led 28 other advanced stocks by 9.82 per cent to close at N1.79 per share.

Also, Caverton led 25 other declined stocks on the losers’ log by 9.83 per cent to close at N2.97 per share.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 47.44 per cent.

A total of 344.36 million shares valued at N6.61 billion were exchanged in 9,005 deals, compared to 603.31 million shares valued at N12.58 billion, traded in 9,723 deals posted in the previous session.

Meanwhile, UBA led the activity chart in volume and value with 29.18 million shares worth N756.09 million. 

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Banking & Finance

NGX: Market Cap Gains N248bn, Daar Communications, PZ Lead Losers’ Table

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NGX: Market Cap Gains N248bn, Daar Communications, PZ Lead Losers' Table

The Nigerian Exchange Ltd. (NGX) market capitalisation, on Friday, closed positive with a N248 billion gain.

Specifically, the market capitalisation added N248 billion or 0.44 per cent to its opening of N55.754 trillion to close at N56.002 trillion.

The All-Share Index also gained 0.44 per cent or 432 points to close at 97,456.62 points, against 97,025.17 points reported on Thursday.

As a result, the  Year-To-Date(YTD) return increased by 30.34 per cent.

Investors’ interest in Guaranty Trust Holding Company (GTCO), Zenith Bank, FBN Holdings, Access Corporation, Fidelity Bank, as well as Transnational Corporation, and Nigerian Breweries, among other advanced stocks, lifted the market.

The market breadth also closed positive with 33 gainers outnumbering 20 losers on the floor of the Exchange.

Flour Mill led the gainers’ chart by 9.99 per cent to close at N54.50, and Caverton followed by 9.96 per cent to close at N2.54 per share.

Ecobank Transnational Incorporated gained 9.95 per cent to close at N23.75, RT Briscoe advanced by 9.94 per cent to close at N3.65 and UPDC went up by 9.88 per cent to close at N1.78 per share.

Conversely, Daar Communications led the losers’ chart by 9.72 per cent to close at 65k, Deap Capital Management and Trust Plc trailed by 8.82 per cent to close at 93k per share.

PZ also lost 8.48 per cent to close at N15.65, Custodian dropped 8.45 per cent to close at N13, while McNichols decreased by 8.44 per cent to close at N1.41 per share.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 18.90 per cent.

A total of 412.90 million shares valued at N6.47 billion were exchanged in 8,803 deals, in contrast to 390.55 million shares valued at N7.97 billion traded in 9,615 deals posted in the previous session.

Meanwhile, Japaul Gold led the activity chart in volume with 105.65 million shares, while FBN Holdings led in value of deals worth N1.24 billion.

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