Nigerian newspapers review for Monday, December 2: Private sector rejects finance bill

Nigerian newspapers review for Monday, December 2: Private sector rejects finance bill

Major headlines of mainstream newspapers in Nigeria focus on the rejection of the finance bill by organised private sector who are calling on President Muhammadu Buhari not to sign it into law.

Vanguard reports that the Lagos Chamber of Commerce and Industry (LCCI), the Manufacturers Association of Nigeria (MAN) and Small Business Owners Association of Nigeria have kicked against the finance bill which is yet to be passed into law.

The organisations are claiming that increase in Value Added Tax (VAT) contained in the bill will be an unbearable burden to small businesses in Nigeria and as such called on President Buhari not to sign the bill.

Nigerian Newspapers review for Monday, December 2: Private sector rejects finance bill

Nigerian Newspapers review for Monday, December 2: Vanguard
Source: UGC

The Nation reports that according to the finance bill, customers are required to come to the bank with evidence of tax payment from 2020.

The bill states that banks will require what is called Tax Identification Number (TIN) from anyone who intends to open an account with them, including pre-existing customers who want to carry out transactions.

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Nigerian Newspapers review for Monday, December 2: Private sector rejects finance bill

Nigerian Newspapers review for Monday, December 2: The Nation
Source: UGC

The Guardian reports that stakeholders have expressed fears that Nigeria's debt servicing may sky-rocket to N3 trillion if the federal government insists on taking fresh loans.

This was in reaction to President Buhari's submission on Thursday, November 28, to the ninth Senate for the approval of $26.96 billion loan, which, if approved, will increase the nation's debt from a yearly average of N290 billion to N870 billion.

Nigerian Newspapers review for Monday, December 2: Private sector rejects finance bill

Nigerian Newspapers review for Monday, December 2: Guardian
Source: UGC

Punch reports that only a handful of senators have built functional constituency offices out of the many lawmakers that were inaugurated earlier in 2019.

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Among the very few that have complied with the directive of establishing offices in their constituents is Ahmad Babba-Kaita who represents Katsina North. He is one of the three senators who represent the state.

Nigerian Newspapers review for Monday, December 2: Private sector rejects finance bill

Nigerian Newspapers review for Monday, December 2: Punch
Source: UGC

This Day reports that northern members of the National Assembly are under the radar of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) over alleged diversion of constituency projects funds.

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According to the investigation of the ICPC, the northeast is seriously suffering due to the refusal of the senators to execute constituency projects.

Nigerian Newspapers review for Monday, December 2: Private sector rejects finance bill

Nigerian Newspapers review for Monday, December 2: This Day
Source: UGC

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