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Apapa, Tincan Customs Generate N158.1bn

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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.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Economy

Nigeria’s GDP Grows by 3.46% in Q4 2023, Driven by Services

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Nigeria’s Gross Domestic Product (GDP) grew by 3.46% in the fourth quarter (Q4) of 2023 on the back of robust performance of the services sector, according to data released by the National Bureau of Statistics (NBS).

The GDP expansion though slightly lower than the 3.52% recorded in the same period of 2022, reflects a positive trajectory for the Nigerian economy amid ongoing challenges.

The growth rate surpassed the 2.54% recorded in the preceding quarter, indicating a rebound in economic activity.

The services sector emerged as the key driver of growth expanding by 3.98% and contributing 56.55% to the overall GDP.

This sector’s resilience underscores its pivotal role in Nigeria’s economic landscape, encompassing diverse industries such as telecommunications, finance, and real estate.

Also, the agriculture sector experienced growth, expanding by 2.10% compared to the same period in 2022.

Meanwhile, the industry sector recorded a notable improvement, growing by 3.86%, a stark contrast to the -0.94% contraction observed in the fourth quarter of 2022.

On an annual basis, Nigeria’s GDP expanded by 2.74% in 2023 compared to 3.10% in the previous year, reflecting sustained but moderated growth.

The positive trajectory in GDP growth reflects resilience in the face of various economic challenges.

However, sustaining and accelerating growth will require continued efforts to address structural bottlenecks, foster investment, and promote inclusive economic policies across sectors.

Nigeria’s Oil Sector Growth

During the fourth quarter of 2023, Nigeria’s oil sector posted a real growth rate of 12.11% year-on-year, signifying a significant improvement from previous periods.

This was driven by the surge in average daily oil production to 1.55 million barrels per day (mbpd), a positive shift in the sector’s performance.

Despite challenges such as global market fluctuations and production constraints, the oil sector contributed 4.70% to the nation’s total real GDP in Q4 2023.

Nigeria’s Non-Oil Sector

Nigeria’s non-oil sector sustained growth momentum, posting a 3.07% real growth rate in Q4 2023.

This growth was primarily attributed to key industries including finance, telecommunications, agriculture, manufacturing, and construction.

Accounting for 95.30% of the nation’s GDP in the same quarter, the non-oil sector continues to drive economic diversification efforts and reduce dependence on oil revenues.

Despite facing challenges, such as infrastructure deficits and regulatory bottlenecks, the sector’s resilience underscores its pivotal role in fostering sustainable economic development and inclusive growth agendas.

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Economy

Senate Rejects Ministry of Power’s Proposed Electricity Tariff Hikes

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The Nigerian Senate has firmly opposed the Ministry of Power’s proposed electricity tariff hikes, emphasizing the need to alleviate the burden on citizens amidst prevailing economic hardships.

The rejection comes as a response to the Ministry’s consideration of increasing electricity tariffs and removing subsidies in the face of escalating economic challenges across the nation.

During a recent plenary session, Senator Aminu Abbas moved a motion urging the Senate to retain electricity subsidies to mitigate the impact of rising living costs on Nigerians.

The motion garnered unanimous support, with senators expressing concerns over the implications of tariff hikes on an already financially strained populace.

The Senate’s resolution also directed the Committee on Power to conduct a comprehensive investigation into the N2 trillion required for electricity subsidy payments, outstanding debts within the sector, and the state of metering nationwide.

This decision reflects the Senate’s commitment to ensuring transparency and accountability in the power sector’s financial management.

The rejection underscores the Senate’s stance against policies that could exacerbate the financial burdens faced by Nigerian citizens.

The move aligns with the Senate’s broader efforts to prioritize the welfare of the populace and advocate for measures that promote economic stability and affordability.

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Economy

Nigerian Oil Transporters End Two-Day Operation Suspension After Government Intervention

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Petrol - Investors King

After a two-day suspension of operations by the Nigerian Association of Road Transport Owners (NARTO), oil transporters have resumed operations following government intervention.

The suspension had caused fuel queues in many states and the Federal Capital Territory, raising concerns among motorists.

The resolution came after talks mediated by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, in Abuja.

Representatives from NARTO, government officials, and stakeholders from the downstream oil sector were present at the meeting.

The agreement reached includes an adjustment in the freight rate for petroleum transporters and a commitment to address other concerns raised by NARTO members.

The decision to resume operations aims to alleviate the challenges faced by Nigerians in accessing petroleum products.

Yusuf Othman, the President of NARTO, confirmed the end of the suspension, urging members to return to work.

The association had initially suspended operations due to the high operational costs, particularly the escalating price of diesel needed to power their trucks for product transportation across the nation.

With operations now back on track, it is hoped that the resumption will help stabilize fuel distribution and prevent further scarcity, ensuring smoother access to petroleum products for consumers across Nigeria.

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