Top 5 Stories Of The Day | National Assembly Considers Approving Bill Raising VAT From 7.5% To 10% By 2025

• National Assembly considers approving bill raising VAT from 7.5% to 10% by 2025
• Cooking gas price rises to ₦1,500/kg
• Togo, Benin and Niger owe Nigeria ₦9.4 billion over electricity bill for 2024 Q2
• Dangote to meet marketers over new fuel price
• Three Nigerian Billionaires rank in the Top 10 Richest Black People in the World in 2024

Across Nigeria’s 36 states and the Federal Capital Territory, these are the five top Nigerian news stories you shouldn’t miss.

National Assembly considers approving bill raising VAT from 7.5% to 10% by 2025

The National Assembly is poised to approve a new bill demanding the increment of the Value Added Tax (VAT) from its current rate of 7.5% to 10% by 2025.

VAT is a consumption tax placed on goods and services by both suppliers, and in the executive bill, by the year 2025, the new VAT will be 10%.

The National Assembly is also expected to increase the VAT to 12.5% from 2026 through 2029.

Cooking gas price rises to ₦1,500/kg

Nigeria continues to become an unbearable country to live in as cooking gas prices have now risen to ₦1,500 per kilogram.

As Nigerians are dealing with the rise in petrol prices across the nation, they are now saddled with the burden of purchasing cooking gas at nearly the foreign exchange rate.

However, the Managing Director and Chief Executive Officer of NIPCO Plc, Suresh Kumar affirmed that Dangote Refinery will come to save the day and reduce the price as over 60% of cooking gas in Nigeria is often being imported.

Togo, Benin and Niger owe Nigeria ₦9.4 billion over electricity bill for 2024 Q2

The Nigerian Electricity Regulatory Commission (NERC) has revealed in a report that international and neighbouring countries like Benin Republic, Niger and Togo are owning the country about ₦9.4 billion ($5.79 million) for the electricity supply provided to them in the Q2 of 2024.

The debt was calculated to equate ₦9.4 billion with the current naira-to-dollar exchange rate which is ₦1,626/$.

“In 2024/Q2, the four (4) international bilateral customers serviced by the MO made a cumulative payment of $9.81 million against the $15.60 million invoice issued to them for services rendered in 2024/Q2,” the report reads.

“Similarly, the domestic bilateral customers made a cumulative payment of ₦1,295.90 million against the cumulative invoice of ₦1,991.30 million issued to them by the MO for services rendered in 2024/Q2.”

Dangote to meet marketers over new fuel price

Dangote Refinery is expected to have a meeting with the Independent Petroleum Marketers Association of Nigeria on October 15 and 16, to discuss the agreements on expenses and lifting of fuel from the refinery.

According to sources, the Petroleum Retail Outlet Owners Association of Nigeria was asked to resend their request for permission to lift petrol from Dangote Refinery.

This development is due to the federal government approving the lifting of petrol from Dangote Refinery directly without needing the intervention of the Nigerian National Petroleum Company Limited (NNPCL) to promote healthy competition and reduction in the fuel prices sold nationwide.

Three Nigerian Billionaires rank in the Top 10 Richest Black People in the World in 2024

Forbes has included three Nigerian billionaires who have ranked among the top 10 Richest Black People in the World in 2024, joining names like Oprah Winfrey and Jay Z.

The Nigerian billionaires are Aliko Dangote ($11.3 billion), Mike Adenuga ($6.7 billion), and Abdulsamad Rabiu ($4.8 billion).

Although Femi Otedola is also a billionaire, his wealth’s net worth was recently updated to $1.6 billion which places him out of the top 10.