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FG suspends cybersecurity levy

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The federal government confirmed on Tuesday the suspension of the implementation of the cybersecurity levy, the imposition of which was recently announced.

Minister of Information and National Orientation Mohammed Idris told correspondents after the meeting of the Federal Executive Council (FEC) presided over by President Bola Tinubu at the Presidential Villa in Abuja that the 0.5% levy on electronic transactions has been put on hold to enable the government to review it.

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However, when asked to confirm the status of the levy, Idris affirmed that the issue was discussed at the FEC meeting and it was resolved that it should be suspended pending a review.

 

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WHY DO PETROL COME IN DIFFERENT COLOURS, DOES THE COLOUR MATTER ?

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The real name of petrol is PMS (premium motor spirit). Reason for this name is because theybelong to family of spirits like your alcohol and other volatile solvents.

Petrol can come in different colors because of the type of additives used in refining it and there are reasons for that.

Some of the reasons are:

1. EASE OF IDENTIFICATION :

We have about 3 popular categories of petrol, they are:

i) PREMIUN = this one is a high grade and normally comes in pink/ wine red colour.

ii) REGULAR = this one is normally greenish in colour.

iii) The Mid grade, this one is in between the premium and the regular.

The best grade of petrol suppose be the Premium and thats why they named petrol Premium Motor Spirit but its unfortunate we hardly see this grade in this country because they prefer importing the lower grades because they are cheaper.

2. DYE ADDITIVES :

During refining, they normally add dye additives to help indentify the type of fuel and its octane rating for specific uses.

3. OCTANE RATING :

Petrol with higher octane ratings are usually differenciated from the ones with lower octane rating by colour. Different types of engines are built to use specific type of petrol just the way they use different ratings of engine oil. Turning your engine to anything goes fuel is very dangerous to the engine. Always stick to manufacturers recommendation.

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4. ADDITIVES AND TREATMENT :

Some petrol contains additives and detergents for cleaning of the internal components of the engine for improved performance, reduction in emissions and engine lubrication. This is why when you open an engine that comes from abroad no matter how old the car is the engine still looks very clean without sludge but once the car stays here and use our fuel for few months the engine and fuel pump colour changes from gold to dirty brown or black.

5. REGULATION AND CONTROL :

Some countries use different petrol colours for differenciation in areas of control and regulation.

You cant expect a heavy duty petrol engine to use lowest rating of fuel and give you same result, no way.

DIFFERENT COLOURS AND THEIR MEANING.

▪︎ RED = Premium or higher octane fuel.

▪︎ GREEN = Higher octane fuel with additives.

▪︎ Yellow = Regular unleaded fuel.

▪︎ Clear/ water like = Ethanol blended. This is the most common in this country. This is suppose to be for very light engines but see where we are today. Fill your tank, weather you drive or not the fuel will keep evaporating.

 

First thing I  consider before i buy fuel in any filling station is the quality of fuel they sell. Most of our people here are only concerned on the ones selling at cheaper rate without knowing that when you buy white fuel from them at cheaper rate you ended up short changing yourself because its combustion rate will keep you wondering if you actually bought fuel or not.

 

 


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How much do Nigerians pay on electronic charges?

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Here are five charges Nigerians pay for electronic transactions:

1. Cybersecurity levy (0.5% on every transaction)

N5 is charged on the transaction of N1,000

N50 is charged on the transaction of N10,000

N500 is charged on the transaction of N100,000

N5,000 is charged on the transaction of N1,000,000

N50,000 is charged on the transaction of N10,000,000

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2. Transfer fee

N10 is being charged on the transaction below N5,000

N25 is being charged on the transaction between 5,001 and N50,000

N50 is being charged on transactions above N50,000

3. Stamp duties

 

N50 is being charged on transactions between N10,000 and N10,000,000

 

4. Short Messaging Service (SMS)

N4 is being charged on each electronic transfer notification

Note: This is only applicable to customers on eligible electronic transactions. Those who opt for e-mailing services are not charged the same.

 

5. Value Added Tax (VAT)

N0.75 is being charged on the N10 transfer fee

N1.875 is being charged on the N25 transfer fee

N3.75 is being charged on the N50 transfer fee.

 

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Cybersecurity: CBN, CAC orders registration of POS operators before July 7.

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In line with legal requirements and the directives of the Central Bank of Nigeria, the Registrar-General/Chief Executive Officer, CAC, Hussaini Magaji (San) and Fintech on Monday has agreed to compel all points of sale (POS) operators to register their businesses with CAC within two months that will expire on July 7.

The CAC boss statement read: “The Corporate Affairs Commission and Fintech companies in Nigeria, better known as PoS operators, have agreed to a two-month timeline to register their agents, merchants, and individuals with the CAC in line with legal requirements and the directives of the Central Bank of Nigeria.

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“The Corporate Affairs Commission and Fintech companies in Nigeria, better known as PoS operators, have agreed to a two-month timeline to register their agents, merchants, and individuals with the CAC in line with legal requirements and the directives of the Central Bank of Nigeria.

“The agreement was reached today during a meeting between Fintechs and the Registrar-General, CAC, Hussaini Ishaq Magaji, in Abuja.”

 

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