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Minister Halts Cash-Strapped Nigeria’s 5% Tax on Telecom Firms

  • MTN of South Africa’s shares gained after the announcement
  • Nigeria is facing revenue shortfalls due to low oil production

Nigeria suspended the implementation of a new telecommunications tax meant to help reduce the nation’s budget deficit that’s expected to hit a record next year. 

The government set up a committee to review the 5% levy, which would have come into effect this year, Communications Minister Isa Pantami said in an emailed statement. It will make a decision on the tax after a report is issued. Shares in MTN Group Ltd., the country’s biggest mobile provider, gained.