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No VAT Increase: Nigerian Governors Forum Endorses Presidential Tax Reform Bills

By
Samuel Nwite
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0

In a meeting held on January 16, 2025, the Nigeria Governors’ Forum (NGF), in collaboration with the Presidential Tax Reform Committee, appeared to have reached a consensus on the controversial tax reform bills.

The meeting was necessitated by the critical need to overhaul Nigeria’s tax framework to ensure equitable resource allocation, enhance fiscal stability, and align with global best practices.

The Nigeria Governors’ Forum reaffirmed its unwavering support for comprehensive reforms of Nigeria’s outdated tax laws. Governors and committee members acknowledged the urgent need to restructure the tax system, which many described as archaic and inefficient.

The Chairman of the NGF, Governor AbdulRahman AbdulRazaq of Kwara State, noted: “We, members of the Nigeria Governors’ Forum (NGF) and Presidential Tax Reform Committee, convened on the 16th of January, 2025, to deliberate on critical national issues, including the reform of Nigeria’s fiscal policies and tax system, and arrived at the following resolutions.

“The Forum reiterated its strong support for the comprehensive reform of Nigeria’s archaic tax laws.

“Members acknowledged the importance of modernising the tax system to enhance fiscal stability and align with global best practices.”

A significant outcome of the meeting was the endorsement of a revised VAT-sharing formula aimed at promoting fairness in resource distribution among states. The new structure allocates 50% of VAT proceeds based on equality, 30% based on derivation, and 20% based on population. This formula, the governors noted, strikes a balance between equity and the recognition of states’ contributions to VAT revenue.

The Chairman of NGF also said: “The Forum endorsed a revised Value Added Tax (VAT) sharing formula to ensure equitable distribution of resources: 50% based on equality, 30% based on derivation, and 20% based on population.

“Members agreed that there should be no increase in the VAT rate or reduction in Corporate Income Tax (CIT) at this time, to maintain economic stability.”

This change is seen as a response to long-standing concerns about the inequitable distribution of VAT revenues, which some states argued disproportionately favored others.

In the interest of economic stability, the Forum agreed to maintain the current VAT rate and Corporate Income Tax (CIT) levels. There was a collective acknowledgment that raising VAT or reducing CIT in the current economic climate could exacerbate inflationary pressures and hinder business activities. The Forum further emphasized the importance of protecting citizens’ welfare by continuing to exempt essential goods and agricultural produce from VAT.

The communiqué noted: “The Forum advocated the continued exemption of essential goods and agricultural produce from VAT to safeguard the welfare of citizens and promote agricultural productivity.

“The meeting recommended that there should be no terminal clause for TETFUND, NASENI, and NITDA in the sharing of development levies in the bills.”

The governors and the committee unanimously supported the continuation of development levies allocated to key institutions such as the Tertiary Education Trust Fund (TETFUND), the National Agency for Science and Engineering Infrastructure (NASENI), and the National Information Technology Development Agency (NITDA). They recommended that these levies should not have terminal clauses in the proposed bills.

The Forum reiterated its support for the ongoing legislative process in the National Assembly aimed at passing the Tax Reform Bills. Members highlighted the need for comprehensive stakeholder engagement to ensure that the bills address both national and subnational concerns. This process, they argued, would create a robust framework for tax administration and revenue generation.

COMMUNIQUE ISSUED AT THE END OF THE SUBNATIONAL CONSULTATIONS AND ENGAGEMENT WITH THE PRESIDENTIAL TAX REFORM COMMITTEE

We, members of the Nigeria Governors’ Forum (NGF) and presidential tax reform committee, convened on the 16th of January 2025 to deliberate on critical national issues, including the reform of Nigeria’s fiscal policies and tax system, and arrived at the following resolutions:

1. The Forum reiterated its strong support for the comprehensive reform of Nigeria’s archaic tax laws. Members acknowledged the importance of modernizing the tax system to enhance fiscal stability and align with global best practices.

2. The Forum endorsed a revised Value Added Tax (VAT) sharing formula to ensure equitable distribution of resources: – 50% based on equality, – 30% based on derivation, and – 20% based on population.

3. Members agreed that there should be no increase in the VAT rate or reduction in Corporate Income Tax (CIT) at this time to maintain economic stability. The Forum advocated for the continued exemption of essential goods and agricultural produce from VAT to safeguard the welfare of citizens and promote agricultural productivity.

4. The meeting recommended that there should be no terminal clause for TETFUND, NASENI, and NITDA in the sharing of development levies in the bills.

5. The meeting supports the continuation of the legislative process at the National Assembly that will culminate in. the eventual passage of the Tax Reform Bills.

??????
H.E. AbdulRahman AbdulRazaq
Chairman, Nigeria Governors’ Forum & Governor of Kwara State.

Overcoming Regulatory Barriers to Cross-Border Payments in Africa

By
Ojukwu Emmanuel
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0

Cross-border payments are a critical component of Africa’s economic landscape, driving trade, investment, and financial inclusion across the continent.

However, the regulatory landscape in Africa poses significant challenges to cross-border payments, despite the continent’s rapid adoption of digital financial solutions. The report on “Emerging Trends in Cross-Border Payments”, reveals that Businesses and payment service providers face numerous hurdles that hinder the seamless flow of funds across borders.

Below Are The Key Regulatory Barriers

Fragmented Regulatory Environment

Africa’s regulatory framework is highly fragmented, with each country imposing unique compliance requirements. This lack of harmonization spans policies, licensing, and anti-money laundering (AML) regulations, making it difficult to create unified payment solutions. Payment providers must adapt their operations to meet varying national standards, increasing compliance costs and complicating cross-border operations.

Unclear Framework for Digital Assets

The lack of a clear regulatory framework for stablecoins and digital assets further complicates the ecosystem. Regulatory clarity would streamline operations and build transparency. While South Africa has made strides in embracing digital assets, regulatory ambiguity remains a major obstacle across much of the continent.

Capital Controls and Restrictive FX Policies

Strict capital controls and foreign exchange regulations in many African countries add another layer of complexity. These measures, often aimed at managing currency volatility, make it difficult to transfer funds in hard currencies like the US dollar or Euro. For example, Nigeria’s foreign exchange controls have historically limited businesses’ ability to execute smooth international transactions, creating significant bottlenecks for cross-border investments.

Policy Recommendations for Smoother Cross-Border Transactions

Stakeholders, including payment providers, regulators, and regional organizations, can drive policy changes to facilitate seamless cross-border payments through the following strategies:

Advocating for Harmonized Regulations

Collaboration with regional blocs such as ECOWAS and COMESA can lead to standardized payment regulations. The Single Euro Payments Area (SEPA) in Europe serves as an example of how harmonization can make cross-border payments as seamless as domestic transactions.

Public-Private Partnerships for Financial Infrastructure

Public-private partnerships (PPPs) can support the development of real-time payment systems. For instance, Nigeria’s NIBSS Instant Payment (NIP) platform demonstrates the efficiency of PPPs in processing millions of transactions rapidly. Regional initiatives like the World Bank’s “Regional Payments Integration Initiative” can further enhance interoperability between national payment systems, reducing costs and delays.

Engaging Central Banks to Ease Currency Controls

Collaborating with central banks can result in more flexible currency exchange policies and improved liquidity. Innovations like Singapore’s Project Ubin, a blockchain-based multi-currency payment system, offer a blueprint for simplifying cross-border payments while ensuring compliance.

Building Products that Inspire Advocacy

Creating innovative and user-friendly payment products can drive grassroots support for regulatory changes. For example, Uber leveraged its loyal user base to influence policymakers in San Francisco to relax anti-ride-hailing regulations. A similar approach could be applied to cross-border payment solutions in Africa.

By addressing these regulatory barriers and leveraging collaborative efforts, Africa can unlock the full potential of cross-border payments, fostering economic growth and regional integration.

Burwick Law Sues PumpDotFun on behalf of Rugpull Victims

By
Paul Ugbede Godwin
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0

Burwick Law is indeed pursuing legal action, but it is against Pump.fun itself, not its victims. According to recent updates, Burwick Law announced its intention to represent investors who have lost money due to investments in Pump.fun memecoins, alleging unethical practices by the platform. They are focusing on claims of fraud, market manipulation, and the facilitation of rug pulls where developers abandon projects after raising funds.

Pump.fun is a decentralized platform on the Solana blockchain that allows users to create and trade memecoins with ease. Launched in January 2024 by a pseudonymous figure known as Alon, PumpDotFun quickly gained popularity due to its simple interface and the ability to generate and launch tokens in minutes without requiring coding skills.
Users can create tokens by filling in basic details like the token name, symbol, and total supply. The platform allows for personalization with meme-centric elements, making tokens instantly recognizable and appealing. Tokens created on PumpDotFun are immediately tradable on Solana-based exchanges like Raydium, providing instant liquidity.
The law firm has invited affected investors to join their legal action, potentially to seek compensation for their losses. This initiative comes in the wake of Pump.fun generating significant revenue while facing criticism for hosting content that promotes harmful behaviors and for its role in the memecoin ecosystem’s volatility.
Pump.fun has been criticized for its association with scams and rug pulls within the cryptocurrency space
Rug Pulls: Many projects on Pump.fun have been accused of being rug pulls, where developers create a token, hype it up to increase its price, and then suddenly pull their liquidity, leaving investors with worthless tokens. This practice is facilitated by the ease with which tokens can be created and listed on Pump.fun.
Scams: The platform’s model, which allows for the rapid creation and deployment of memecoins, has inadvertently become a breeding ground for scams. Scammers can quickly set up tokens with misleading promises or no real backing, tricking investors into buying into these fraudulent schemes.
Lack of Oversight: Critics argue that Pump.fun does not do enough to prevent or flag potential scams. While the platform might not explicitly endorse scams, the lack of stringent checks before tokens are listed has led to an environment where fraudulent activities can thrive.
Anonymity: The anonymity provided to developers on Pump.fun can be exploited. Since developers can remain anonymous, it becomes challenging to hold them accountable after a scam or rug pull occurs.
Market Manipulation: There have been allegations of market manipulation where insiders or the developers themselves might engage in practices like pump and dump schemes, where they artificially inflate the price before selling off their holdings at the peak.

Response from Pump.fun: The platform has sometimes responded to criticisms by implementing measures like banning certain types of tokens or improving their warning systems, but whether these actions are sufficient to curb the problem is debated.

The situation has led to legal actions, like the one by Burwick Law, which aims to address these issues by representing investors who have lost funds due to these unethical practices. However, the decentralized nature of cryptocurrency and the ethos of many blockchain projects make regulation and oversight challenging, contributing to an ongoing debate about responsibility and accountability in the crypto space.

US Supreme Court upholds TikTok ban

By
Ndubuisi Ekekwe
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0

As I wrote here and was expected, TikTok has lost at the US Supreme Court: “The U.S. Supreme Court has upheld a law that requires TikTok to be sold by its Chinese parent company or face a ban from U.S. app stores starting this Sunday. This decision follows the rejection of TikTok’s First Amendment challenge, setting a significant precedent for tech firms with foreign ownership.”

It is expected because no judge in this world will rule against a parliament on national security. In other words, this is beyond the paycheck of US Supreme Court justices. TikTok was just wasting time by expecting any justice to say “The US Congress is wrong on its legislation which was anchored on NATIONAL SECURITY to ban TikTok“. That will NEVER happen because no judge will ever do that.

The Supreme Court has upheld the impending TikTok ban. The video-sharing platform, owned by China-based ByteDance, argued its case on First Amendment grounds, but the court sided with lawmakers who cited a national security risk. Although the decision means TikTok could go dark as soon as Sunday, its U.S. future remains unclear: President Biden does not plan to immediately enforce the ban on his final day in office, according to ABC News, citing anonymous sources.

Now, the only hope for TikTok USA is DONALD TRUMP.

TikTok Says It Will Shut Down US Operation If Supreme Court Upholds Ban

Major Crypto Crash: These 7 Best Crypto Coins To Buy Now Can Secure Your Portfolio From $3.2 Trillion Market Crash Threat

By
TI Partners
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0

The cryptocurrency market, known for its dramatic highs and sudden plunges, is facing the looming threat of a massive crash that could impact its $3.2 trillion valuation. In such turbulent times, securing your portfolio with reliable assets becomes paramount. While volatility is often synonymous with crypto investments, certain coins stand out for their ability to offer stability, utility, and growth potential even during market downturns.

This guide spotlights seven cryptocurrencies that present a strong case for weathering the storm. Among them, 5thScape (5SCAPE) emerges as a standout choice with its revolutionary use of blockchain technology in virtual and augmented reality. Beyond 5thScape, the lineup features established players and stablecoins known for their resilience and adaptability, such as Ethereum (ETH), Tether (USDT), and USD Coin (USDC), alongside promising contenders like Binance USD (BUSD), Cardano (ADA), and Ripple (XRP).

These cryptocurrencies not only mitigate risks associated with volatility but also offer innovative solutions that address real-world problems. Whether it’s Ethereum’s dominance in decentralized applications, Cardano’s research-driven approach, or Ripple’s focus on cross-border payments, each coin has been carefully selected for its ability to thrive amid uncertainty. Stablecoins like USDT, USDC, and BUSD further buffer against market fluctuations, offering a haven for cautious investors.

Dive into the details of these seven coins and discover how they can fortify your portfolio against the unpredictable waves of the crypto market.

7 Best Crypto Coins To Buy Now: Preparing for Stability Amid Uncertainty

Before diving into the details of each cryptocurrency, it’s essential to understand the broader context of the current market dynamics. The cryptocurrency market, while full of potential, is also fraught with unpredictability. From regulatory pressures to macroeconomic factors, a wide range of influences can lead to sharp price fluctuations. During such times, investing in coins with solid fundamentals, proven utility, and lower volatility is crucial for protecting your portfolio.

This article highlights seven cryptocurrencies that offer stability and growth opportunities in a volatile market environment:

  1. 5thScape (5SCAPE)
  2. Ethereum (ETH)
  3. Tether (USDT)
  4. USD Coin (USDC)
  5. Binance USD (BUSD)
  6. Cardano (ADA)
  7. Ripple (XRP)

Each of these assets has been selected for its ability to withstand market shocks while offering unique benefits. Whether you’re seeking innovative technology, reliable payment methods, or platforms that promote financial inclusivity, these cryptocurrencies provide viable options for diversification and risk mitigation.

As you explore the detailed analysis of each coin, consider how they align with your investment goals and risk tolerance. With the right strategy, these tokens can act as anchors in your portfolio, balancing potential losses and preparing you for the unpredictable tides of the cryptocurrency market.

1. 5thScape (5SCAPE)

As the cryptocurrency market evolves, 5thScape (5SCAPE) is emerging as a rare opportunity to invest in a project that combines cutting-edge virtual reality (VR), augmented reality (AR), and blockchain technology. With its proprietary VR equipment, including the SwiftScape VR Chair and VR Ultra Headset, 5thScape is not just creating a platform—it’s shaping the future of immersive digital experiences.

Click here to explore the 5thScape project now >>

The platform’s flagship games, Thrust Hunter and Archery Master, already demonstrate the potential of this ecosystem to capture a diverse audience of gaming enthusiasts and tech adopters. But what truly sets 5thScape apart is its commitment to user engagement and governance. Token holders influence key platform decisions, from feature updates to new game launches, giving them a direct stake in its success.

5thScape is still in its early stages, and as demand for VR and blockchain integration surges, this is your chance to get in on the ground floor. With VR technology expected to explode in popularity over the next decade, 5thScape is poised to capture a significant share of this burgeoning market. Early investors have the opportunity to benefit from substantial token appreciation as the ecosystem grows and adoption accelerates.

Don’t miss out—5thScape is not just another cryptocurrency; it’s a game-changer. Secure your position now and join the movement redefining the future of gaming and blockchain. The 5SCAPE crypto token is scheduled for its official listing on top crypto exchanges worldwide this 25th January. This time-sensitive opportunity should not be missed out on! Get maximized gains by investing in 5thScape at its current price of $0.00498.

2. Ethereum (ETH)

Ethereum continues to dominate as a platform for decentralized applications (dApps) and smart contracts, with thousands of projects built on its network. The recent upgrade to Ethereum 2.0 has significantly decreased transaction costs and increased transaction speed, making it more accessible and sustainable. The Ethereum ecosystem supports a wide range of industries, from finance to gaming to art, contributing to its strong position in the market.

Furthermore, Ethereum’s shift to a proof-of-stake consensus mechanism not only reduces its environmental footprint but also enhances its security. The network’s ability to host decentralized finance (DeFi) applications brings financial services to the unbanked and underbanked, demonstrating the platform’s commitment to financial inclusivity. Ethereum’s robust developer community and continuous improvements ensure it remains at the forefront of blockchain innovation.

3. Tether (USDT)

Tether remains the most widely used stablecoin in the cryptocurrency market, facilitating seamless transactions across various exchanges without the need for traditional fiat currencies. Its 1:1 peg to the US dollar provides predictability and ease of calculation, which is essential for both individual and institutional traders. Tether’s widespread adoption supports high liquidity across markets, making it a critical player in daily trading and hedging strategies.

USDT operates on multiple blockchains, including Ethereum and Tron, which enhances its accessibility and utility. This multi-chain approach ensures that Tether can meet high demand during peak trading times without congesting any single network. Moreover, Tether’s role extends beyond trading as it is increasingly used in digital payments, remittances, and other financial applications, making it a cornerstone of the crypto economy.

4. USD Coin (USDC)

USD Coin has emerged as a significant player in the stablecoin market, known for its full backing by US dollars and its monthly transparency reports that verify its reserves. The Centre Consortium, founded by Circle and Coinbase, manages USDC, adhering to stringent regulatory and compliance standards. This commitment to transparency and security has attracted a substantial user base, looking for stability in the digital currency space.

In addition to its role in trading, USDC is a popular choice for DeFi applications, where it is used for lending, borrowing, and earning interest in a decentralized manner. Its integration into various blockchain networks, such as Ethereum, Algorand, and Solana, enables users to transact with USDC across a broad ecosystem. The stablecoin’s scalability and regulatory compliance make it an ideal tool for businesses and consumers seeking reliable digital transactions.

5. Binance USD (BUSD)

Binance USD, approved by the New York State Department of Financial Services (NYDFS), offers a high degree of regulatory compliance, which has been crucial in its adoption by a broader range of users who require transparency and legal accountability. BUSD is increasingly used in international trade transactions, providing a stable and reliable payment method that avoids the volatility typically associated with cryptocurrencies.

The stablecoin’s integration with Binance, one of the world’s largest cryptocurrency exchanges, ensures seamless transactions for trading, savings, and even payment services. BUSD also supports a variety of blockchain-based applications, including DeFi and gaming, where its stability is paramount. The use of BUSD in these applications demonstrates its utility beyond mere trading, serving as a foundational element for building and transacting on blockchain platforms.

6. Cardano (ADA)

Cardano sets itself apart with its peer-reviewed research and evidence-based development, attracting a community that values academic rigor and technological advancement. The blockchain’s unique two-layer structure separates the ledger of account values from the reasons why values are moved from one account to the other. This separation allows for more flexibility and scalability, addressing common bottlenecks faced by older blockchains.

Recent updates have introduced smart contracts and native token functionality to Cardano, opening new avenues for developers and entrepreneurs. These features are designed to enable complex programmable transfers of value in a secure and scalable fashion. Furthermore, Cardano is exploring partnerships in various sectors, including education and government, to use its technology for societal benefit, not just financial transactions.

7. Ripple (XRP)

Ripple has been making significant strides in positioning XRP as a facilitator for international money transfers, competing with traditional banking systems like SWIFT. Its platform, RippleNet, offers a global real-time payment system that connects banks and financial institutions around the world, allowing for faster and more cost-effective transactions.

The digital currency XRP acts as a bridge currency in Ripple transactions, which can be crucial for minimizing liquidity costs and improving transaction speeds. Despite facing regulatory scrutiny, Ripple continues to expand its partnerships with financial institutions across the globe. These developments not only enhance the utility and value of XRP but also bolster its standing in the financial industry as a significant player in reshaping how money is transferred across borders.

Conclusion: Best Crypto Coins To Buy Now – Secure Your Gains

In a market as unpredictable as cryptocurrency, safeguarding your investments is more important than ever. The seven cryptocurrencies outlined in this article represent not just stability but also forward-thinking solutions that position them as valuable assets in both calm and turbulent market conditions. Among these, 5thScape (5SCAPE) shines as a beacon of innovation, seamlessly blending blockchain with virtual and augmented reality. Its focus on immersive experiences and user-driven governance makes it a standout choice for investors seeking both growth and reliability.

Stablecoins like Tether (USDT), USD Coin (USDC), and Binance USD (BUSD) offer a hedge against volatility, while established platforms such as Ethereum (ETH), Cardano (ADA), and Ripple (XRP) provide the technological backbone for decentralized applications and global transactions.

However, 5thScape’s unique approach to merging cutting-edge technology with practical utility sets it apart. By integrating gaming, VR equipment, and community-centric governance into one ecosystem, the project offers a glimpse into the future of blockchain applications. For investors looking to capitalize on innovation while maintaining a secure foothold, 5thScape represents a compelling opportunity.

By diversifying your portfolio with these resilient cryptocurrencies, you can better navigate the uncertainties of the market. Whether your priority is capital preservation, growth, or exposure to emerging technologies, these assets provide a solid foundation for long-term success. As the market evolves, having future-ready investments like 5thScape can make all the difference in securing your financial goals.

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