Five things to know to start your Monday

National Assembly considering VAT raise 

Consumption tax, also known as value-added tax (VAT) may soon become higher in Nigeria.

According to a report by The Cable, the National Assembly is reportedly considering a bill to increase value-added tax (VAT) from 7.5% to 10% by 2025. The legislature also intends to increase VAT to 12.5% by 2026 through 2029.

“VAT shall be charged on the value of all taxable supplies at the following rates (a) 2025 year of assessment 10%; (b) 2026, 2027 2028 and 2029 years of assessment 12.5% (c) 2030 year of assessment and thereafter, 15%,” the document reads.

Zimbabwe reports first two mpox cases of unspecified variant

Zimbabwe has reported its first two cases of mpox, one in the nation’s capital, Harare, and another in Mberengwa, a district located in the mineral-rich Midlands province.

The first case involves an 11-year-old boy who visited South Africa in August and returned to Zimbabwe in early September. The second case is a 24-year-old man who traveled to Tanzania last month. Both individuals have been diagnosed with the infectious disease, according to a statement issued Sunday by the Presidency on X, citing the Health ministry.

“Both cases are in isolation and are receiving appropriate care,” the health ministry said. “Both cases are stable and recovering.”

Zimbabwe’s first mpox cases come shortly after neighboring Zambia reported its first diagnosis on Oct. 10. The outbreak in Zimbabwe is part of a larger trend across Africa. So far this year, more than 34,000 suspected cases of the disease have been reported across the continent, more than triple the number recorded at the same time in 2023. Notably, as many as 95% of these cases are concentrated in Congo and Burundi.

Renewable energy jobs hit 16.2 million – ILO

A new study shows that jobs in the renewable energy industry have surged to 16.2 million. This marks the highest annual growth rate on record.

The International Renewable Energy Agency and the International Labour Organisation recently released their “Renewable Energy and Jobs—Annual Review 2024” report. It indicates that 2023 saw the largest-ever increase in renewable energy jobs, rising from 13.7 million in 2022 to 16.2 million.

The report highlighted an 18 per cent year-on-year leap. This growth reflects the strong increase in renewables generating capacity and the continued expansion of equipment manufacturing.

However, a closer look at the report’s data reveals an uneven global picture. Nearly two-thirds of new global solar and wind capacity installed last year were in China.

China leads with an estimated 7.4 million renewable energy jobs, or 46 per cent of the global total. The European Union follows with 1.8 million jobs. Brazil comes next with 1.56 million jobs. The United States and India each have close to one million jobs.

FG finalises talks with Italiy over acquisition of 34 new fighter jets

The Nigerian Air Force is set to acquire another set of fighter jets and helicopters to boost its combat capabilities. The aircraft consist of 24 M-346 Fighter Ground Attack jets and 10 AW-109 Trekker helicopters.

In June, the service had disclosed plans to acquire 50 new aircraft to strengthen its capabilities against armed gangs and terrorists. This latest acquisition is part of that initiative.

Over the past two years, the Nigerian Air Force has already taken delivery of several aircraft, including 12 Super Tucano, two additional DA-62 surveillance aircraft, T-129 ATAK helicopters, two Diamond-62 Multi-Purpose aircraft, among others.

Air Commodore Olusola Akinboyewa, Director of Public Relations and Information for the Nigerian Air Force, disclosed this via a statement on Sunday. He announced that the Chief of Air Staff, Air Marshal Hasan Abubakar, along with officials from the Ministries of Defence and Finance, were in Italy to finalise the acquisition of the jets.

IMF slashes borrowing costs by 36%

The International Monetary Fund (IMF) has announced a reduction in borrowing costs for countries that use its funds, with cuts of up to 36%.

The global lender issued a statement on the review of its charge and surcharge policy. It cited the challenging global environment and high interest rates as reasons for the reduction.

According to the IMF, changes to loan charges will lower borrowing costs by 36%, resulting in annual savings of about $1.2 billion for borrowing countries.

The impact of this reduction will be concentrated among fewer countries. The number of affected nations is expected to decrease from the current 20 to 13 by 2026.

The fund stated that the changes include reducing extra charges on loans and raising the threshold for when these charges apply.