Social media giant, Facebook has said Nigerians will from January 1st 2022 pay 7.5 percent value-added tax (VAT) on all ad placements.

The company which announced this in a statement issued on Thursday, said the charge will apply to those buying ads for businesses or personal purposes.

Facebook (now META) is the parent company of Instagram, FB Messenger, and Facebook social media channel. The new 7.5 percent VAT charge will also apply to Instagram ads.

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The statement added that those exempted from VAT would be able to recover the fund if they provided their tax ID.

The federal government is currently working on modalities to tax the digital economy and improve revenue. President Muhammadu Buhari had transmitted the 2021 Finance Bill to the national assembly.
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Telecommunications operators in Nigeria yesterday frowned at the federal government’s decision to peg the reserve bid price of 5G license at N75 billion (approximately $197.4million). The Commission also announced that the auction for the slots will happen on December 13, 2021.

NCC made the revelations at a stakeholders’ engagement forum on draft information memorandum for 3.5 Hgz Spectrum auction, it held at Ikeja Lagos. In spectrum auctioning, reserved price means the starting point at which those interested in acquiring the slots could bid.

Meanwhile, NCC has scheduled December 10 for the mock auction, while the actual auction is fixed for December 13, 2021. Interested operators are expected to pay 10 percent of the reserved price of $197.4 million to qualify to participate in the auction.

Kicking against the price, the Chairman, Association of Licensed Telecom Operators of Nigeria, Alton, Engineer Gbenga Adebayo, expressed concern that the price came a bit high for the operators, considering the huge investments they needed to make to ensure a robust 5G roll out in the country.

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Adebayo believed that the best government should have done was to make the spectrum license as affordable as possible, so the country could maximize all the potentialities of 5G technology when rolled out.

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The Minister of Communications and Digital Economy Isa Pantami have assured that the challenge encountered by MTN users through the Unstructured Supplementary Service Data (USSD) channel will be resolved soon.

Earlier: Banks disconnected MTN customers from Banking Channels

Millions of MTN customers on Friday were stranded as they were disconnected from banking channels including the Unstructured Supplementary Service Data (USSD) and banking apps.

According to Nigerian Communications Commission (NCC), MTN has up to 77.35 million subscribers.

Customers complain on Friday of being unable to recharge their MTN lines using USSD and other banking methods

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This also affected other banking services with USSD.

It is said that banks wrote back to aggregators to revert back to the old commission or face being blocked from banking service.

The channels were blocked at midnight leaving MTN customers stranded, as they face declined transactions.

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