April 12, 2025

Private school owners in Edo State staged a peaceful protest in Benin on Friday, voicing their concerns over what they described as an “alarming increase” in personal income taxes imposed by the state government. Operating under the Coalition of Associations of Private Schools (CAPS), the school proprietors gathered at the Ministry of Education, carrying placards and banners to express their grievances. CAPS includes the Association of Private School Owners of Nigeria (APSON), Association of Formidable Education Development (AFED), National Association of Proprietors of Private Schools (NAPPS), and the Association of Islamic Model Schools. The protesters called for the reversal of a tax hike they claimed ranged from 200% to 400%, labeling it as punitive and unsustainable. Dr. Ohis-Olakhe Emmanuel, Chairman of the coalition and leader of the protest, explained that the group had explored all avenues for dialogue before resorting to the demonstration. Emmanuel stated, “Private schools not only complement government efforts in the education sector, but also serve as major employers of labor. With this increase, over 300,000 teachers could lose their jobs, along with many vendors and service providers who rely on schools for their livelihoods.” He criticized the tax calculation method, which was based on a per-student estimate of N30,000 to N35,000, despite many schools charging much less. Emmanuel emphasized that taxes should be based on profit, not gross income, given the operational expenses schools face. Dr. Austin Igbasan, Secretary of the coalition, warned that the tax increase could have far-reaching consequences, including school closures, job losses, and a rise in out-of-school children, particularly in low-income families. Oladele Ogundele, Secretary of AFED, echoed these concerns and called for a unified tax system for school owners. He pointed out various levies on schools, such as personal income tax, PAYE for staff, renewal fees, environmental and health certificates, signage fees, and tenement rates. Ogundele remarked, “Education is a social service and should be supported, not taxed to extinction. The Nigerian Constitution and the Universal Basic Education Act emphasize free and compulsory education, and this level of taxation contradicts that principle.” In response, the Edo State Commissioner for Education, Paddy Iyamu, assured the protesters that the government would review their concerns. He promised to arrange a meeting with the Edo State Internal Revenue Service (EIRS) to address the issues raised. “Taxes are essential for the government to fulfill its obligations, but we will ensure that schools are not overburdened,” Iyamu said. He also urged schools failing to meet minimum standards to take corrective actions, warning that strict enforcement measures would soon be implemented. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.

The Nigerian naira made a slight gain against the US dollar in the official foreign exchange market, closing the week at N1,626.00/$1 on Friday. This marks an improvement compared to Thursday’s rate of N1,630.50/$1, according to data from the Central Bank of Nigeria (CBN). The week ended on a relatively positive note after a period of volatility, with the local currency experiencing fluctuations between gains and losses. At the start of the week, the naira opened at N1,629.00/$1 on Monday, strengthened slightly to N1,615.00/$1 on Tuesday, but weakened to N1,644.00/$1 by Wednesday. It recovered to N1,630.50/$1 on Thursday before closing stronger at N1,626.00/$1 on Friday. Despite some mid-week depreciation, the naira managed to recover some of its losses, reflecting a slight but positive sentiment among investors in the official market. Parallel Market Movement In the parallel (black) market, the naira saw mild fluctuations but remained largely stable throughout the week. It closed at N1,624.35/$1 on Friday, a slight drop from N1,621/$1 on Thursday. The naira opened the week on Tuesday at N1,585/$1, appreciated slightly to N1,580/$1 on Wednesday, but weakened to N1,621/$1 on Thursday, before further depreciating to N1,624.35/$1 on Friday. The divergence between the official and parallel market rates is attributed to ongoing demand pressures, FX illiquidity, and speculative trading behavior. Cross-Currency Performance At the close of trading on Friday, the naira was valued at N1,591.85/$1 according to the CBN. Against other major currencies, the naira traded at N2,090.57/£1 and N1,815.82/€1. The CBN continues to implement intervention measures to stabilize the foreign exchange market, including weekly sales to Bureau De Change operators and efforts to increase FX supply from non-oil sources. Experts’ Insights Alhaji Aminu Gwadabe, President of the Association of Bureau De Change Operators of Nigeria (ABCON), attributes the ongoing forex volatility to a mix of local and global uncertainties. Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise (CPPE), links the naira’s recent struggles to both global factors and speculative pressures. Other analysts suggest the naira may continue to trade within a narrow range in the coming week, depending on the level of FX liquidity provided by the CBN and foreign inflows into the Nigerian economy. However, they emphasize that sustained efforts to unify rates and curb speculation are critical for achieving long-term currency stability. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.