Top 5 Stories Of The Day| ASUU Opens Up About the Consequences of the Tax Reform Bill on Universities

• ASUU opens up about the consequences of the Tax Reform Bill on universities
• Reps contemplate granting tax relief to underperforming companies
• Nigeria acquires pre-owned alpha jets from France Air Force
• Naira strengthens in the official exchange market, rises to ₦1,587/$
• Dele Farotimi’s book becomes one of Amazon’s bestselling 48 hours after his arrest

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

ASUU opens up about the consequences of the Tax Reform Bill on universities

The President of the Academic Staff Union of Universities (ASUU) has shared his opinion on the consequences of passing the Tax Reform Bill into law.

The national president, Prof Emmanuel Osodeke, stated that the bills, if eventually passed, would eliminate the TETFund, a primary source of infrastructure funding for Nigerian universities.

Prof Osodeke claimed that Tinubu’s Tax Reform Bill did not have good intentions for public universities as they rely on TETFund for funding and upkeep.

Reps contemplate granting tax relief to underperforming companies

The Senate has passed a bill seeking to exempt companies recording losses from paying tax for a second reading.

The bill aimed to amend the Companies Income Tax Act to “provide adequate security and guarantee” for industries and businesses that record losses in every assessment year.

Sponsored by Oboku Oforji, the bill goes against the initial act which states that companies with no taxable profits for the year must pay a minimum tax.

Nigeria acquires pre-owned alpha jets from France Air Force

Olusegun Dada, the special assistant to President Bola Tinubu on social media, revealed that 12 aircraft were acquired through SOFEMA, a French military and aeronautics company.

According to the information released by Dada, Nigeria Air Force had only 11 Alpha jets in service as of 2023. Still, it had now acquired more from the French to boost its military firepower.

Dada also added that the Nigerian Air Force was expecting the arrival of 24 M-346FA light attack aircraft ordered by the previous administration under former President Muhammadu Buhari.

Naira strengthens in the official exchange market, rises to ₦1,587/$

The naira has seen a substantial increase in value, to ₦1,587/$, due to the Central Bank of Nigeria’s (CBN) EFEMS efficiency.

The naira has recorded significant growth against the U.S. dollar in the official market section of the foreign exchange as the CBN launched the Electronic Foreign Exchange Matching System (EFEMS).

The EFEMS was established to facilitate spot foreign exchange transactions between the naira and the U.S. dollar. 

While the official exchange rate is recorded at ₦1,587$, the black market trades at ₦1,640/$.

Dele Farotimi’s book becomes one of Amazon’s bestselling 48 hours after his arrest

Nigerian author Dele Farotimi had his book “Nigeria and its Criminal Justice System” enter Amazon’s bestseller list 48 hours after his arrest on charges over the publication.

Upon last review, the book was ranked 555 on the Amazon Books list and is number one in the ‘elections’ section.

The author published the book on July 2, writing and detailing how affluent Nigerians consistently evade court punishments by manipulating Nigeria’s judicial system for their gain.

Dele Farotimi was arrested and faced legal action in the magistrate court of Ado Ekiti for allegedly criminally defaming Afe Babalola, a senior advocate of Nigeria (SAN), who was mentioned in the book.

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