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Proposed Bill Mandates TIN for Access to Financial Services in Nigeria

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A new bill has been introduced in Nigeria that will require individuals involved in banking, insurance, stock-broking, and other financial services to provide a Tax Identification Number (TIN) before opening or operating accounts.

The bill, dated October 4, 2024, aims to enhance tax compliance and increase revenue collection across federal, state, and local governments.

The legislation also mandates non-residents earning income from Nigeria to register for a TIN, while those with passive investment income must provide details to tax authorities.

Penalties for non-compliance include fines of ₦50,000 for the first month and ₦25,000 for each subsequent month.


 

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Nigerian Student Wins 2026 Spelling Bee World Championship

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It has been reported that a Nigerian won the 2026 Spelling Bee World Championship, which was held in Shanghai, China. The winner, Chinedu Great Okdediachi, has now returned home to Delta State after his victory.

It can be noted that the student had already emerged as one of the Gold Award winners in the Middle School Group category.

“Congratulations once again, Chinedu! Your success continues to inspire young Nigerians to pursue excellence through education. Welcome home, Champion!”

The young star has made Nigeria proud by winning the international competition.


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‘My Reforms Have Stabilised Nigeria’s Economy’ — President Tinubu

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President Bola Ahmed Tinubu has stated that his administration’s economic reforms have helped stabilise Nigeria’s economy and placed the country on a path toward steady growth.

He said “My reforms have stabilised Nigeria’s economy and put it on a path of steady growth.”

The President added that the reforms are creating more opportunities for development across the country.

However, many Nigerians reacted online, with some questioning the impact of the reforms and saying they have yet to experience the positive effects.


 

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Nyesom Wike Says He Knows Civil Servants Don’t Like Him

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Nigerian politician and FCT Minister, Nyesom Wike, has said that he is aware many civil servants do not like him.

He shared that he understands why he is unpopular among some civil servants, explaining that funds previously spent on unnecessary conferences are now being redirected to road construction projects.

He said “Some people say conferences for corruption and I say what is that? You are going for conferences to do what? These are ways government funds are being diverted. I say put this money in this road here and the people will get the impact.”


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