Connect with us

Economy

Apapa, Tincan Customs Generate N158.1bn

Published

on

Tincan

The Apapa and Tincan commands of the Nigeria Customs Service have generated a total of N130.7bn in the last seven months.

While the Apapa Command generated N27.4bn in June, its highest revenue since the start of the year, the Tincan Command generated N130.7bn in the last seven months.

The Apapa Command, for the first half of the year, made a total revenue collection of N120.96bn. A breakdown of the collection for each month shows N23.48 for January; N19.76b for February; N18.48b for March; N19.25 for April; N17.20 in May; and N22.79 in June.

The Customs Area Controller of the command, Willy Egbudin, said, ‘’At this challenging period of our national economy when oil price is down, government’s expectations from non-oil sources like the customs is high. As officers of the service, we must justify the confidence reposed in us and continually add value to the national economy.

“We must not hesitate to seize any import or export cargo that violates our extant import, export and all lists of prohibited items. Let’s raise our intelligence and awareness level so as to prevent violation of government rules.”

He urged officers and men of the command to always carry out directives without compromise and insist that demand notices were issued to make up for shortfall in duty payment.

Egbudin called on officers in charge of the terminals and units to work in line with the service drive to facilitate legitimate trade without compromising national security and economy.

As part of the enhanced enforcement drive, the command also recently made two seizures of soap and furniture.

The soap was found in a 20-foot container while the furniture was brought into the country in 40 foot container. The duty paid value of the furniture was given as N17.03m while that of the soap was valued at N21.8m.

Part of the strategies deployed by Egbudin to enhance revenue collection included speedy resolution of all trade disputes arising from classification and valuation; setting up of a standing committee to monitor outstanding queries and unpaid assessments and monitoring to ensure that records of revenue collected were rendered weekly to the CAC’s office.

Similarly, the Controller of Tincan Command, Yusuf Bashar, said deliberate efforts were being made to ensure strict adherence with the rules and standards of operations of the service.

He said, “The statutory function of the command remains revenue generation and facilitation of legitimate trade.

“Although the operations, processes and procedures of customs are fully automated, trade facilitation can only work when the importers and their agents are transparent in their declarations to Customs.”

Reacting to the current increase in the exchange rate for calculating import duty, Bashar pointed out that the NCS as an agency of the Federal Government was charged with the implementation of the Federal Government’s fiscal policies in terms of trade.

According to him, the service, by its statutory role, does not determine exchange rate, but only relies on the Central Bank of Nigeria to update it with the information in accordance with its establishing Act.

He added that the current situation was beyond the customs.

“I appeal to all stakeholders to support the service in all aspects, so that maximum revenue can be generated in line with the vision and mission of the customs.

To actualise this mandate, a dispute resolution committee has been put together, to resolve contentious issues that may arise in areas of classification and valuation. This is to ensure that such disputes are resolved using the statute books,” Bashar said.

He added that the operational system of the command had been shifted towards ensuring that the time of cargo delivery was reduced to the barest minimum.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Economy

COVID-19 Vaccine: Crude Oil Extends Gain to $48 Per Barrel on Wednesday

Published

on

oil 1

Oil prices rose further on Wednesday as hope for an effective COVID-19 vaccine and the news that the United States of America’s President-elect, Joe Biden has begun transition to the White House bolstered crude oil demand.

Brent crude oil, a Nigerian type of oil, gained 1.63 percent or 78 cents to $48.64 per barrel at 11:50 am Nigerian time on Wednesday.

The United States West Texas Intermediate (WTI) crude oil rose by 1.36 percent or 61 cents to $45.52 per barrel.

OPEC Basket surged the most in terms of gain, adding 3.16 percent or $1.37 to $44.75 per barrel.

This was after AstraZeneca, Moderna and Pfizer-BioNTech announced the positive results of their trials.

Moderna and Pfizer had claimed over 90 percent effective rate in trials while AstraZeneca said its COVID-19 vaccine was 70 percent effective in trials but could hit 90 percent going forward.

The possibility of having a vaccine next year increases the odds that we’re going to see demand return in the new year,” said Phil Flynn, senior analyst at Price Futures Group in Chicago.

Also, the decision of President-elect Joe Biden to bring Janet Yellen, the former Chair of Federal Reserve, back as a Treasury Secretary of the United States is fueling demand and strong confidence across global financial markets.

President-elect Biden’s cabinet choices, particularly Janet Yellen’s Treasury Secretary position, are adding to upside momentum across a broad space of asset classes,” said Jim Ritterbusch of Ritterbusch and Associates.

Continue Reading

Economy

Seyi Makinde Proposes N266.6 Billion Budget for Oyo State in 2021

Published

on

The Executive Governor of Oyo State, Seyi Makinde, has presented the Oyo State Budget Proposal for the 2021 Fiscal Year to the Oyo State House of Assembly on Monday.

The proposed budget titled “Budget of Continued Consolidation” was said to be prepared with input from stakeholders in all seven geopolitical zones of Oyo state.

Governor Makinde disclosed this via his official Twitter handle @seyiamakinde.

According to the governor, the proposed recurrent expenditure stood at N136,262,990,009.41 while the proposed capital expenditure was N130,381,283,295.63. Bringing the total proposed budget to N266,6444,273,305.04.

The administration aimed to implement at least 70 percent of the proposed budget if approved.

He said “The total budgeted sum is ₦266,644,273,305.04. The Recurrent Expenditure is ₦136,262,990,009.41 while the Capital Expenditure is ₦130,381,283,295.63. We are again, aiming for at least 70% implementation of the budget.”

He added that “It was my honour to present the Oyo State Budget Proposal for the 2021 Fiscal Year to the Oyo State House of Assembly, today. This Budget of Continued Consolidation was prepared with input from stakeholders in all seven geopolitical zones of our state.”

Continue Reading

Economy

World Bank Expects Nigeria’s Per Capita Income to Dip to 40 Years Low in 2020

Published

on

world bank

The World Bank has raised concern about Nigeria’s rising debt service cost, saying it could incapacitate the nation from necessary infrastructure development and growth.

The multilateral financial institution said the nation’s per capita income could plunge to 40 years low in 2020.

According to Mr. Shubham Chaudhuri, Country Director for World Bank in Nigeria, the decline in global oil prices had impacted government finances, remittances from the diaspora and the balance of payments.

Chaudhuri, who spoke during the 26th Nigerian Economic Summit organised by the Nigerian Economic Summit Group and the Federal Government, said while the nation’s debt is between 20 to 30 percent, rising debt service remains the bane of its numerous financial issues and growth.

Nigeria’s problem is that the debt service takes a big part of the government revenue,” he said.

He said, “Crisis like this is often what it takes to bring a nation together to have that consensus within the political, business, government, military, civil society to say, ‘We have to do something that departs from business as usual.’

“And for Nigeria, this is a critical juncture. With the contraction in GDP that could happen this year, Nigeria’s per capita income could be around what it was in 1980 – four decades ago.”

Nigeria’s per capita income stood at $847.40 in 1980, according to data from the World Bank. It rose to $3,222.69 in 2014 before falling to $2,229.9 in 2019.

Continue Reading

Trending