President Bola Tinubu has signed an executive order, abolishing the 5% telecom Excise tax as well as Excise Duty taxes on locally manufactured goods and services.
The move was announced by the Special Adviser to the President on Special Duties, Communications, and Strategy, Dele Alake, on Thursday during a media briefing at the State House in Abuja.
The president also signed three other executive orders, addressing tax policy concerns. They are as follows:
(I) The Finance Act (Effective Date Variation) Order, 2023, which has now deferred the commencement date of the changes contained in the Act from May 28, 2023, to September 1, 2023. This is to ensure adherence to the 90 days minimum advance notice for tax changes as contained in the 2017 National Tax Policy.
(II) The Customs, Excise Tariff (Variation) Amendment Order, 2023. This has also shifted the commencement date of the tax changes from March 27, 2023, to August 1, 2023, and also in line with the National Tax Policy.
(III) The President has given an Order suspending the 5% Excise Tax on telecommunication services as well as the Excise Duties escalation on locally manufactured products.
(IV). Further to his commitment to creating a business-friendly environment, the President has ordered the suspension of the newly introduced Green Tax by way of Excise Tax on Single Use Plastics, including plastic containers and bottles. In addition, the President has ordered the suspension of the Import Tax Adjustment levy on certain vehicles.
The federal government said these decisions are in line with the President’s promise to run a government that will not make life difficult for Nigerians or asphyxiate corporate entities.
The move comes on the heels of the government’s decision to raise taxes and its efforts to curb multiple taxation.
“We wish to state that the intentions behind upward adjustments of some of these taxes are quite noble. They were designed to raise revenue as well as address environmental and public health concerns. However, they have generated some significant challenges for affected businesses, and elicited serious complaints amongst key stakeholders and in the business community,” Aleke said.
Manufacturers and business owners have decried the government’s decision to raise and expand the tax net amid growing economic headwinds orchestrated by fuel subsidy removal and the floating of the foreign exchange market.
Inflation, which stood at 22.41% as of May, is estimated to rise to 30% soon as a result of the policy reforms. This is expected to further squeeze the meager spending power of Nigerians.
Against this backdrop, the federal government has seen itself caught between the devil and the deep blue sea as it pushes to generate more revenue through taxation. The government has introduced an N1,000 Proof of Ownership Certificate levy for vehicles and has announced a partnership with the Market Traders Association of Nigeria (MATAN) to collect VAT from traders and the informal sector.
To ameliorate the impact of these policy reforms, the federal government has been advised to conduct an upward review of the minimum wage to boost spending power through a living wage. The government, however, said it is working with Civil Society Organizations to develop a workable framework for sustainable minimum wage.
Who Cares About Your Comment?
In today’s digital landscape, social media platforms have revolutionized the way we communicate and connect with others. Commenting on posts and engaging in conversations has become an integral part of our online experience. But have you ever wondered why some comments seem to carry more weight than others? This piece delves into the psychological factors that influence who cares about your comment in the world of social media.
The Complex Web of Online Interactions
Within the vast realm of social media, every comment is a thread that weaves a complex web of conversations. When someone posts content, they share their thoughts, ideas, or experiences with others. This act of encoding their message through words, images, or symbols sets the stage for subsequent interactions.Deep within our psyche lies a fundamental need for validation. When someone leaves a comment on our post, whether positive or negative, it serves as a form of acknowledgment. This validation satisfies our longing to be seen, understood, and accepted. It strengthens our sense of social connection, reminding us that our thoughts matter and that we are part of a larger online community.
The Contextual Puzzle and Psychological Factors at Play
Decoding a comment is not a straightforward process. The meaning we derive from a comment depends on various factors, including the social, cultural, and personal contexts in which we find ourselves. Comments that resonate with our beliefs and values are more likely to be positively decoded, reinforcing our existing perspectives. Conversely, comments that challenge or contradict our views may be met with resistance or dismissal.
The significance we attach to comments is influenced by a range of psychological factors. Our self-esteem plays a vital role, as individuals with higher self-worth may place more importance on comments, seeing them as affirmations of their value. Social comparison also enters the picture, as we compare the quantity and quality of comments we receive with those of others. This comparison triggers a sense of validation or competition. Additionally, the fear of missing out (FOMO) drives us to actively seek comments and engagement, avoiding the feeling of being left out or ignored.
Riding the Emotional Rollercoaster
Comments have the power to elicit strong emotional responses. Positive comments can evoke joy, satisfaction, and a boost in self-confidence. Conversely, negative comments can trigger feelings of rejection, inadequacy, or anger. These emotional reactions further shape our interpretation of comments and influence our subsequent behavior in online interactions.
While we may seek validation and connection, we must also recognize that the meaning of comments is subjective and contextual. By cultivating self-awareness, empathy, and respect for diverse perspectives, we can navigate the comment section with greater understanding. Recognizing the psychological intricacies of comment engagement contributes to building healthier and more meaningful online communities, where comments are vehicles for constructive dialogue and connection rather than sources of division.
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