POPE LEO XIV TO UNDERGO LUNG SURGERY. (PHOTO).

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 POPE LEO XIV TO UNDERGO LUNG SURGERY Pope Leo XIV has announced that he will undergo surgery in the coming days to remove a lump on his lung, which was detected at a very early stage. During his weekly Angelus address in St Peter’s Square on Sunday, the 71-year-old pontiff told the crowd that a lung nodule had been discovered during recent medical checks and was highly localised. The statement by the Vatican press office adds that Doctors had recommended an operation to remove it, and that the procedure had already been planned.  It further confirms that his recovery was expected to take about one week. Born in Chicago, Leo became the first American pope in May 2025, following the death of his Argentine predecessor, Pope Francis, on 21 April 2025. He was elected on 8 May 2025 to lead the world’s 1.4 billion Catholics. Since assuming office, the former Robert Francis Prevost has gradually established his leadership style, speaking out on major global issues, including conflict...
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NEW BILL MANDATES TAX ID FOR OPENING BANK ACCOUNTS. (PHOTO).

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 New bill mandates tax ID for opening bank accounts


A new bill has been proposed in Nigeria that will require individuals engaged in banking, insurance, stock-broking, or other financial services to provide a Tax Identification Number as a precondition for opening a new account or operating an existing one.

According to the bill, titled “A Bill for an Act to Provide for the Assessment, Collection of, and Accounting for Revenue Accruing to the Federation, Federal, States, and Local Governments; Prescribe the Powers and Functions of Tax Authorities, and for Related Matters”, this legislation aims to enhance tax compliance and improve the country’s revenue collection process.

The bill, obtained from the National Assembly and dated October 4, 2024, stated, “A person engaged in banking, insurance, stock-broking, or other financial services in Nigeria shall make the provision of a tax ID, a precondition for opening a new account or operating an existing account.”

This requirement is part of broader efforts to ensure that all individuals and entities participating in financial activities are properly registered for tax purposes.

The bill also outlines that any non-resident person supplying taxable goods or services to any individual in Nigeria or deriving income from the country must register for tax purposes and obtain a Tax ID.

However, non-resident individuals who derive only passive income from investments in Nigeria will not be required to register, although they must provide relevant information as prescribed by the relevant tax authority.

The proposed legislation also empowers the relevant tax authority to automatically register and issue a Tax ID to individuals who should apply for one but fail to do so.

In such cases, the tax authority is required to promptly notify the individual of their registration and the issuance of the tax ID.

Failure to comply with these requirements may result in administrative penalties. According to the bill, a taxable person who fails to register for tax will incur a penalty of N50,000 in the first month of non-compliance, followed by N25,000 for each subsequent month.

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