Nigerian Vice President Yemi Osinbajo has posited that preachers in Nigeria should make efforts to pay Pentecost Tax.
Osinbajo intimated that successful people are indebted to the society in three major forms of taxes
Osinbajo made his submission at the book launch of the biography of Pastor Folorunsho Kumuyi, Founder and General Superintendent of Deeper Christian Life Ministry.
Osinbajo noted that the first is income taxes (personal income tax), and corporation tax for company owners.
He explained the second to be the social tax or philanthropy, which is the obligation of the wealthy to give back to society.
“The third tax is a civic tax; the obligation of the successful to write their stories, to share the histories of the phenomena they have become.
“But for the successful preacher of the gospel of Jesus Christ, there is the fourth tax, this is the Pentecost Tax”,
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Meanwhile, Yemi Osinbajo recently expressed his delight in the prospects of the African Continental Free Trade Area as he made it known that that it looks promising in giving opportunities for Africa’s socioeconomic transformation.
He said: “The free trade agreement presents a major opportunity for African countries. By some estimates, if we get it right, we can bring several million out of extreme poverty and raise the incomes of 68 million others who live on less than $5.50 per day.
“There are potential income gains of up to $450bn, and just cutting red tape and simplifying customs procedures alone could drive up to $250bn of that sum.
“So, what does all this mean for the insurance industry in Africa? Well, plenty of opportunities. More trade in goods will mean a greater need for insurance services, brokers, in particular, should expect a boom; demand for trade facilitation services will rise, but companies that already have market presence in other African countries, even if by collaboration, will benefit more than others.”
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“Here in Nigeria, the growing intensity of flooding and damage to vast agricultural acreages might have a knock-on effect on other areas of the economy. Further slumps in the economy are bad for everyone, even insurers.”