Nigeria Overhauls Colonial-Era Tax Rules in Pro-Business Push
Halfway into a four-year tenure, President Bola Tinubu's push to reform the floundering economy of Africa's most-populous country has received the most significant thrust yet: An overhaul of tax laws, some that date back to Nigeria's colonial past.
On Thursday, senators passed four tax bills, ending a nearly two-year push. The draft legislation, which excludes Tinubu's appeal to raise value-added tax but backs other measures he sought, will now be sent to the president for assent and may be in place later this year or in early 2026.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
12 minutes ago
- Yahoo
Musk Escalates Trump Feud, Says President Was in Epstein Files and He'd Have Lost Election Without Him: ‘Have a Nice Day, DJT!'
Tesla CEO and former special government employee Elon Musk dropped a 'really big bomb' on his relationship with Donald Trump on Thursday, alleging that the president is directly implicated in documents related to Jeffrey Epstein's crimes and is keeping those documents a secret for that reason. Musk also complained that Trump is being 'ungrateful' and would not have won the 2024 presidential election without his help. The rapidly disintegrating friendship between the two men appeared to completely fall apart Thursday morning when Trump acknowledged Musk's repeated criticisms of his Big, Beautiful Bill. 'Elon and I had a great relationship. I don't know if we will anymore,' Trump told White House reporters. 'I'm very disappointed in Elon. I've helped Elon a lot.' The president also insisted that he would have easily won the state of Pennsylvania and, therefore, last year's election even without Musk's endorsement and help. In response to a video of Trump's remarks, Musk tweeted, 'Without me, Trump would have lost the election, Dems would control the House and the Republicans would be 51-49 in the Senate.' In an additional tweet, the billionaire accused Trump of expressing 'such ingratitude.' Earlier Thursday, Trump suggested that Musk was opposing his spending bill because of its proposed cutting of the federal electric vehicle tax credit. 'Elon knew the inner workings of this bill better than almost anybody sitting here,' Trump said of Musk. 'He only developed [a] problem when he found out that we're going to have to cut the EV mandate.' In the same press conference, Trump noted that Musk has not yet said anything bad about him personally, but remarked, 'I'm sure that'll be next.' Musk has disputed Trump's claims about both his knowledge of the spending bill's details and his purported, self-interested reasons for opposing it. 'This bill was never shown to me even once and was passed in the dead of night so fast that almost no one in Congress could even read it!' Musk wrote in one tweet. The billionaire spent part of Thursday morning retweeting and quote-tweeting 12 and 13-year-old tweets from Trump, in which he criticized the national debt and deficit under President Obama. Musk even created a poll on X asking users, 'Is it time to create a new political party in America that actually represents the 80% in the middle?' In response to a tweet from far-right personality Laura Loomer asking whether Republican officials will choose to side with Trump or Musk, the latter also replied, 'Some food for thought as they ponder this question: Trump has 3.5 years left as President, but I will be around for 40+ years…' For his part, Trump indirectly addressed on Truth Social Musk's latest tweets. 'Elon was 'wearing thin,' I asked him to leave, I took away his EV Mandate that forced everyone to buy Electric Cars that nobody else wanted (that he knew for months I was going to do!), and he just went CRAZY!,' Trump posted. The president further threatened, 'The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon's Governmental Subsidies and Contracts. I was always surprised that Biden didn't do it!' The post Musk Escalates Trump Feud, Says President Was in Epstein Files and He'd Have Lost Election Without Him: 'Have a Nice Day, DJT!' appeared first on TheWrap.
Yahoo
27 minutes ago
- Yahoo
Sen. Mike Lee proposes ousting every member of Congress when inflation rises too high
WASHINGTON — Sen. Mike Lee, R-Utah, said he would introduce a constitutional amendment that would remove all members of Congress 'whenever inflation exceeds 3%,' or the deficit exceeds 3% of GDP, a proposal that has garnered support from figures such as multibillionaire Elon Musk. Under the proposal, lawmakers would be ineligible for reelection if the federal deficit increases above 3% of GDP, reviving a suggestion from Warren Buffett more than 10 years ago suggesting he could 'end the deficit in five minutes' by disqualifying lawmakers based on the nation's economic well-being. 'It's better to disqualify politicians than for an entire nation to suffer under the yoke of inflation,' Lee wrote in a post on X. 'Please let me know what you think. And share if you like the idea.' Musk later reposted Lee's proposal, stating: 'This is the way.' It's unknown when Lee could propose such an amendment, and it's not clear how much support he could garner among members of Congress. Some lawmakers could suggest it would be too complicated to remove all lawmakers from office at once depending on fluctuating inflation rates. The suggestion comes as the annual inflation rate lowered to 2.3% in April, the lowest rate since February 2021. But the inflation rate hovered at about 3% multiple times last year, according to the Bureau of Labor Statistics. Inflation rates were as high as 8.5% in 2022, raising concerns among fiscal conservatives in Congress. Lee has been among the most vocal about the national deficit, urging Republicans to submit massive changes to President Donald Trump's tax reconciliation bill to slash spending for a slate of government programs. Lee is among a handful of Senate Republicans who oppose the current reconciliation package as it is currently written, arguing it does not go far enough to reduce the national deficit. 'Federal spending has become excessive. The resulting inflation harms Americans and weaponizes government,' Lee wrote in a post on X. 'The Senate can make this bill better. It must now do so.' The Senate is set to vote on the reconciliation package in the coming weeks, with Republican leaders pushing to get the bill to Trump's desk before the Fourth of July. However, challenges remain as Republicans internally disagree on which programs to scale back on spending.
Yahoo
27 minutes ago
- Yahoo
Trump and Musk Rip Each Other to Shreds Over Budget Fight
President Trump told reporters Thursday that Elon Musk opposes his 'big, beautiful bill' because it removes the electric vehicle mandate that subsidizes Tesla. Musk responded in real time, only adding more speculation as to just how amicable their political divorce really is. Trump was asked about the status of his relationship with Musk while meeting with German Chancellor Friedrich Merz in the White House. In recent days, as Trump and Musk have gone from being attached at the hip (and pocket) to publicly feuding over the most defining legislation of Trump's second term. 'Elon's upset because we took the E.V. mandate, which was a lot of money for electric vehicles, and you know they're having a hard time, the electric vehicles. And they want us to pay billions of dollars in subsidy,' Trump told reporters in the Oval Office. 'Elon knew this from the beginning, he knew it for a long time ago, that's been.… I would say, JD, that hasn't changed,' he said, as Vice President Vance voiced his agreement. 'Whatever. Keep the EV/solar incentive cuts in the bill, even though no oil & gas subsidies are touched (very unfair!!), but ditch the MOUNTAIN of DISGUSTING PORK in the bill,' Musk replied rather bitterly on X, the platform he owns. 'In the entire history of civilization, there has never been legislation that['s] both big and beautiful. Everyone knows this! Either you get a big and ugly bill or a slim and beautiful bill. Slim and beautiful is the way.' This is the most recent installment in a somewhat surprising spat, as Musk has spent months hailing Trump and his agenda as he carried out his slash-and-burn work as DOGE head. Now, right as Musk makes his exit from the administration, he has fallen on the side of the deficit hawks, the few true fiscal conservatives left in the Senate. The Congressional Budget Office projects that the One Big Beautiful Bill Act will add $2.4 trillion to the deficit. Musk continued to rail against Trump and his bill online as Trump expressed disappointment with Musk in real life. 'Elon endorsed me very strongly, he actually campaigned for me.… I would've won Pennsylvania easily anyway, even if the governor ran, the real governor,' Trump said. 'I'm very disappointed, because Elon knew the inner workings of the bill better than almost anybody sitting here, better than you people, he knew everything about it. All of a sudden he had a problem, and he only developed the problem when he found out that we're gonna have to cut the E.V. mandate. 'He knew every aspect of this bill, and he never had a problem until right after he left. And if you saw the statements he made about me, which I'm sure you can get very easily, it's very fresh … he said the most beautiful things about me,' Trump continued. 'And he hasn't said bad about me personally, but I'm sure that'll be next. I'm very disappointed in Elon. I've helped Elon a lot.' 'False, this bill was never shown to me even once and was passed in the dead of night so fast that almost no one in Congress could even read it!' Musk replied. 'Without me, Trump would have lost the election, Dems would control the House and the Republicans would be 51-49 in the Senate,' he wrote. 'Such ingratitude.' It was easy to see a rift between these two extreme personalities happen, but perhaps not over this. It would seem that Musk, given his senior role on the campaign and within the administration, would have some sense that the budget bill that Trump had been hyping up for months would impact the deficit. Or is Musk really just now realizing that Republicans don't actually care about decreasing the deficit and cutting spending unless it's for social programs and 'woke' stuff? Now the X posts are flying and the beef seems real. This caps off a tumultuous week for Musk, who pulled up to his DOGE exit press conference last Friday with a black eye, telling reporters that his 5-year-old son punched him in the face. It was also reported last week that he has a ketamine dependency and was frequently high while on the campaign trail. Politics aside, this is a man who was living at Mar-a-Lago for months, and seemed inseparable from the president. They can't just have a meeting or a phone call instead of talking around each other on X or at press conferences?
