TechBookyBusiness
No Result
View All Result
Thursday, July 7, 2022
  • Login
  • Home
  • TechBooky
  • Africa
  • TV
  • Startup
  • Earnings
  • Crypto Price
  • Submit Article
  • Contact Us
  • About Us
Subscribe
TechBooky Business
No Result
View All Result
Home Government

Nigeria’s FG Creates New Tax On Phone Calls To Fund Free Health Care Scheme

Ibhadojemu Lucky Emmanuel by Ibhadojemu Lucky Emmanuel
May 23, 2022
in Government
Share on FacebookShare on Twitter

Nigeria’s Federal Government has created a new tax on phone calls with the aim of raising funds to fuel a free healthcare scheme intended for people who cannot afford healthcare; vulnerable people as they were referred to by the government.

People who fall under this category called “vulnerable people” include children below the age of five, senior citizens, mentally challenged people, pregnant women, and anyone deemed to be under the category.

The new law which enables taxes on phone calls is embedded in the recent National Health Authority Act 2021, which the President of the Federal Republic of Nigeria, Muhammadu Buhari signed just last week. Per the provisions of Section 26 sub-section 1c of the act declared that the source of money for the Vulnerable Group Fund includes “telecommunications tax, not less than one kobo per second of GSM calls.”

The act also cited other sources of income for the Vulnerable Group Fund to include health insurance levies, donations, grants, gifts, the Basic Health Care Provision Fund, and any other voluntary contributions. The law also requires that Nigerians are expected to obtain health insurance.

By calculation, phone calls will be taxed at least 9 percent every second with average call rates of 11 kobo per second.

According to information obtained from the Nigerian Communications Commission in a report it issued, Nigerians made 150.08 billion minutes of phone calls in 2020, which is the same as 9.05 trillion seconds of calls. Using this as a base, it means that at least ₦90.49 billion can be generated in phone call tax for the Vulnerable Group Fund every year.

For now, no date has been set for the phone call tax to take effect or how much it will be but one thing that’s bound to happen is a hike in call rates in Nigeria as it doesn’t look like telecommunications companies will be willing to cover the costs.

Total
0
Shares
Share 0
Tweet 0
Pin it 0
Share 0

Related Posts:

  • Africa Health Holdings Secures $18 Million In Series A Funding, To Scale Its Health-tech Operations
    Africa Health Holdings Secures $18 Million In Series A…
  • Nigeria Lifts Twitter Ban As She Celebrates Her Independence
    Nigeria Lifts Twitter Ban As She Celebrates Her Independence
  • Nigeria’s Reliance Health Secures $40 Million In Series B Round Led By General Atlantic
    Nigeria’s Reliance Health Secures $40 Million In Series B…
  • Health-tech startup CarePoint Secures $10 Million In Funding To Scale Operations Across Africa
    Health-tech startup CarePoint Secures $10 Million In Funding…
  • WhatsApp Adds Voice And Video Calls For Personal Computers And Laptops
    WhatsApp Adds Voice And Video Calls For Personal Computers…
  • Twitter Will Start Working In Nigeria Without VPN Starting 12 a.m On The 13th Of January
    Twitter Will Start Working In Nigeria Without VPN Starting…
  • The Nigerian Federal Govt Relaxes The No SIM Card Sale Rule
    The Nigerian Federal Govt Relaxes The No SIM Card Sale Rule
  • Nigeria Loses N247.61 Billion In 100 Days Of Twitter Ban
    Nigeria Loses N247.61 Billion In 100 Days Of Twitter Ban
Tags: FGgovernmentHealthcarePhone call tax
Previous Post

European Central Bank President Christine Lagarde Says Crypto Is Worth Nothing

Next Post

Snap Shares Decline 30 Percent After CEO Says The Company Will Miss Revenue And Earnings Estimates

Next Post
Snap Inc Falls Short On Estimates For Its First Quarter, Blames Inflation And Other Challenges

Snap Shares Decline 30 Percent After CEO Says The Company Will Miss Revenue And Earnings Estimates

No Result
View All Result

Get top tech business news in your inbox

subscription from
Loading

Crypto Price List

  • USD
  • EUR
  • GPB
  • AUD
  • JPY
  • TadpoleTadpole(TAD)
    $7.32-1.74%
  • SEENSEEN(SEEN)
    $2.05-2.27%
  • EvedoEvedo(EVED)
    $0.082301-0.80%
  • MarginswapMarginswap(MFI)
    $0.184213-2.11%
  • SakeTokenSakeToken(SAKE)
    $0.0127135.28%
  • WTF TokenWTF Token(WTF)
    $0.0113500.17%
  • BNSD FinanceBNSD Finance(BNSD)
    $0.005461-5.83%
  • RobotinaRobotina(ROX)
    $0.00266138.50%
  • CageCage(C4G3)
    $0.005010-3.67%
  • YAM v2YAM v2(YAMV2)
    $4.70-1.41%

Recent Posts

  • Nigeria’s AutoChek Makes A New Acquisition In Francophone-focused Classified Ad Marketplace CoinAfrique
  • South African Crypto-focused Company H20 Water Securities Secures $150 Million Funding Via The Sale Of Its H20N Token
  • Financial Inclusion In Nigeria Grew To 45 Percent In 2021 – World Bank
  • Meta Is Shutting Its Novi Digital Wallet By September 1st
  • Crypto Is The Answer To Financial Inclusion, Central African Republic’s President Says Amid Huge Aversion For Its Adoption Of Bitcoin

Categories

  • Acquisition
  • Acquisition & Merger
  • App
  • Banking
  • Capital
  • Cryptocurrency
  • Earnings
  • Ecommerce
  • Economy
  • Enterprise
  • Event
  • Funding
  • Gadget
  • Government
  • internet
  • Investment
  • Market
  • Merger
  • Money
  • Partnership
  • Personnel
  • Service
  • Social Media
  • Startup
  • Stocks
  • telecom
  • Venture Capital

Get top tech business news in your inbox

subscription from
Loading

Popular Tags

Acquisition africa amazon apple bitcoin cbn china coinbase company crypto cryptocurrency e-commerce earnings earnings season elon musk facebook fintech Funding gadget google government india internet Investment ipo kenya microsoft money netflix nigeria payment payments Q1 revenue russia service shares social media Startup Stock tech tesla twitter Ukraine whatsapp

Calendar

July 2022
M T W T F S S
 123
45678910
11121314151617
18192021222324
25262728293031
« Jun    

Categories

  • Acquisition
  • Acquisition & Merger
  • App
  • Banking
  • Capital
  • Cryptocurrency
  • Earnings
  • Ecommerce
  • Economy
  • Enterprise
  • Event
  • Funding
  • Gadget
  • Government
  • internet
  • Investment
  • Market
  • Merger
  • Money
  • Partnership
  • Personnel
  • Service
  • Social Media
  • Startup
  • Stocks
  • telecom
  • Venture Capital

Recent News

  • Nigeria’s AutoChek Makes A New Acquisition In Francophone-focused Classified Ad Marketplace CoinAfrique
  • South African Crypto-focused Company H20 Water Securities Secures $150 Million Funding Via The Sale Of Its H20N Token
  • Financial Inclusion In Nigeria Grew To 45 Percent In 2021 – World Bank
  • Meta Is Shutting Its Novi Digital Wallet By September 1st
  • Crypto Is The Answer To Financial Inclusion, Central African Republic’s President Says Amid Huge Aversion For Its Adoption Of Bitcoin
  • Popular Bitcoin Family Reveals They’ve Had Bitcoin Losses Of Up To $1 Million This Year

© 2021 Techbooky Business - Design by Techbookyelite.

No Result
View All Result
  • Home
  • TechBooky
  • Africa
  • TV
  • Startup
  • Earnings
  • Crypto Price
  • Submit Article
  • Contact Us
  • About Us

© 2021 Techbooky Business - Design by Techbookyelite.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)$20,425.001.40%
  • ethereumEthereum(ETH)$1,186.654.48%
  • tetherTether(USDT)$1.00-0.08%
  • usd-coinUSD Coin(USDC)$1.00-0.03%
  • binancecoinBNB(BNB)$235.98-0.56%
  • Binance USDBinance USD(BUSD)$1.00-0.01%
  • rippleXRP(XRP)$0.3295812.17%
  • cardanoCardano(ADA)$0.4642881.73%
  • SolanaSolana(SOL)$37.003.29%
  • dogecoinDogecoin(DOGE)$0.0691912.62%
  • polkadotPolkadot(DOT)$6.991.47%
  • Shiba InuShiba Inu(SHIB)$0.0000111.80%
  • AvalancheAvalanche(AVAX)$19.285.67%
  • matic-networkPolygon(MATIC)$0.532.01%
  • Terra Luna ClassicTerra Luna Classic(LUNC)$0.000071-5.36%
Posting....