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Terminal Operators in a Fix over FG Insistence on Dollar Payment

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Seaport
  • Terminal Operators in a Fix over FG Insistence on Dollar Payment

Concessionaires in the nation’s seaports are in a fix over the Federal Government insistence that they should pay their outstanding dues and levies in the United States of America (USA) dollars.

The concessionaires took over the day-to-day running of the nation’s seaports following the conclusion of the port reforms during Chief Olusegun Obasanjo’s administration. The exercise which was supervised by the Bureau for Public Enterprises (BPE) divested the management of Nigerian Ports Authority (NPA) from cargo handling.

Impeccable sources close to Dicharima House, the corporate headquarters of the Federal Ministry of Transportation, Abuja said that when the government wanted the payment in USA dollar not a few of the terminal operators expected a change of heart going by the intensive lobby within and outside the corridors of power to make the top echelon of the Buhari administration to see reason with the terminal operators.

The insistence of the NPA Managing Director, Ms. Hadiza Bala Usman that the terminal operators must pay in USA dollar in her recent maiden visit to Eastern ports official has dashed the hope of the concessionaires.

Besides the insistence on USA dollar payment, the Federal Government policies since the emergence of the President Mohammadu Buhari’s administration nearly two years ago have further put the concessionaires under pressure.

The unfavourable policies of the Federal Government which have increased the woes of the concessionaires include the auto policy, rice policy, fish quota system and the forex policy of the Central Bank of Nigeria (CBN) which place import restrictions on less than 41 items.

It is on record that more than half of these items are high on the number commodities most importers prefer to import into the country in order to make brisk business especially in the Yuletide.

Described as anti-maritime industry, the policies which have impacted negatively on the shipping sector of the economy long before the recession set into the Nigerian economy have helped in no small measures to worsen the woes of the concessionaires.

As if these are not bad enough, the terminal operators are also grappling with other challenges plaguing the efficient operations of the ports. These include the poor port access roads, significant reduction in cargo and vessel traffic into Nigerian ports and inconsistencies in policies formulation and implementation.

The umbrella body of concessionaires in the country said this much when the Chairman of the Sea Terminal Operators of Nigeria (STOAN), Princess Victoria Haastrup spoke recently in Lagos.

Haastrup who is also the Executive Vice Chairman of ENL Consortium Limited, operator of Terminal C in the Lagos Port Complex (LPC), Apapa stated that is a very challenging period for the maritime industry.

Her words: “As you know, the volume of activities in the ports has reduced and it has been a very drastic reduction. For example in my company we have a cargo downturn of a least 57 per cent as at two weeks ago. When you compare today with this period two years ago we have a reduction in cargo output of a minimum of 57 per cent which means we are operating 43 per cent capacity. This month is even worse. Now we do only six or seven ships from for example 30. That is a huge challenge. The problem has also affected the container operators in the ports. Theirs may not be as bad as ours but they are also experiencing a downturn in their operational activities particularly as it relates to cargo troop out. Why is it like that? It is because of the inconsistencies in government policies. What we need now is a consistent policy regime to help the economy to grow.

“This will create confidence in the mind of business owners and importers of cargo. But a situation where you are not sure whether the policy may change or not you cannot do anything reasonable. Policies keep changing; government must look into that area. For example, the policies on the ban of import 42 items. They should also look at the foreign exchange policy. The present floating system is not helping matters and it is not good for the economy. Why? Because it is floating so high that it is becoming unaffordable to the ordinary Nigerian. It is a good thing to allow the naira to find its true value but the way it is been done now is making the dollar to skyrocket. Government need to look at these policies in the way that it should not go above certain level”.

Is the Buhari administration listening? A stitch in time, they say, saves nine.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Government

Atiku Blasts Tinubu, Says President’s Haphazard Approach to Fuel Subsidy Caused Current Economic Crisis

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atiku-abubakar

Former Vice President Atiku Abubakar has slammed President Bola Tinubu’s handling of the fuel subsidy crisis, referring to him as “TPain.”

Atiku attributed the current economic challenges facing Nigeria to what he described as the “haphazard and disingenuous approach” of the Tinubu administration to fuel subsidy management.

In his statement posted on X on Thursday, Atiku bemoaned the escalating inflation rate, stating that it is severely impacting the lives of Nigerians.

He lamented that despite the growing hardships, Tinubu appears unfazed by the plight of the citizens.

According to him, the haphazard and disingenuous approach of the current administration to fuel subsidy management has been the reason the nation is witnessing current economic crisis.

He said as things stand, there will be no let up in the escalating inflation rate, which is drowning the material well-being of Nigerian populace.

The former VP said it is even more worrying that Tinubu, whom he referred as “T-pain”, is undisturbed by the hardship in the country.

The nickname ‘TPain’ for Tinubu emerged as a play on the first letter of his name and the name of American rapper and producer T-Pain, sparked by frustrations over the rising cost of living under his administration.

The earliest mention of the term on social media dates back to April 2024.

However, it gained significant traction around September 16, after a user on X used it while discussing the President’s visit to Maiduguri to console flood victims.

The term has gained traction on platforms like X and Instagram.

 

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LG Autonomy: Senators Disagree as Governors Allegedly Mandate Chairmen to Move Allocations Into State Accounts

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Senate President Akpabio

Some members of the Nigerian Senate have expressed displeasure over alleged moves by state governors to thwart the feasibility for the implementation of the Financial Autonomy granted to the 774 Local Government Councils across the country by the Supreme Court in August this year.

There was hot debate amid confusion on Wednesday in the Senate soon after the sixth item which has to do with Petitions was handled when Senator Tony Nwoye from Labour Party in Anambra North came up with a Point of Order which was sustained by the President of the Senate, Senator Godswill Akpabio.

Nwoye who came through orders 41 and 51 of the Senate Standing Rules, moved a motion on alleged moves by some state governments to circumvent the implementation of the judgement on LG Autonomy through counter laws from their respective State House of Assembly.

As he was still speaking to his colleagues at the hallowed Chamber, Nwoye ran into confusion over the matter, just as he told the Senate that nine other Senators had co-sponsored the motion.

He specifically alleged that some State Governors are already using their House of Assembly to enact laws that would mandate respective local government councils in their states to remit monies into State/Local Government Joint Accounts ruled against by the Supreme Court.

Immediately he rounded off his presentation containing six prayers for enforcement of the judgement and seconded by Senator Osita Izunaso, APC Imo West Senator Adamu Aliero, PDP Kebbi Central raised a constitutional point of order for stoppage of debate on the motion.

Adamu Aliero who cited section 287 of the 1999 Constitution that makes Supreme Court Judgement enforceable across the country, urged the Senate not to overflog the issue.

Aliero said the Supreme court judgement is enforceable across the country, adding that there is no need for the parliament to be debating anything that has to do with it.

Agreeing with Senator Aliero, Akpabio raised another constitutional issue as he called on the attention of Senators to section 162 sub-section 6 of the 1999 constitution.

The section according to Akpabio, created the State/Local Government Joint Account, which has to be amended in paving the way for full implementation of the Supreme Court Judgement.

Akpabio said what the Senate needs to do is to carry out required amendments of certain provisions of the constitution as far as local governments autonomy is concerned so as to ensure that local councils have their separate accounts.

But before taking a final decision on the motion, the sponsor, Senator Nwoye hurriedly raised order 42 of the Senate Standing rules for personal explanation on the motion the same time, Senator Abdulrahman Summaila Kawu, (NNPP Kano South) raised a similar point of order.

The simultaneous points of Order brought confusion into the session with many senators rushing to the Senate President for a personal consultation, which eventually, made the Senate go to an emergency closed-door session at exactly 12: 46. pm.

Recall that the Supreme Court had in early August this year, barred the 36 governors of the federation from further retaining or utilizing funds that are meant for the 774 Local Government Areas, LGAs, in the country.

The apex court ruled that it was illegal and unconstitutional for governors to continue to receive and seize funds allocated to LGAs in their states.

The Supreme Court had maintained that the “dubious practice” which has gone on for over two decades, was a clear violation of Section 162 of the 1999 Constitution, as amended.

In its lead judgement that was delivered by Justice Emmanuel Agim, the apex court held that no House of Assembly of any state has the power to make laws that could, in any manner, interfere with monies meant for the LGAs.

Stressing that the law mandated that LGAs must be governed by democratically elected officials, the Supreme Court ordered that forthwith, funds meant for the LGAs must be directly paid to them from the federation account.

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I Knelt Down, Begged Wike for Peace to Reign in Rivers – Fubara Reveals Amid Tension 

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Siminalayi Fubara

Amid the growing political tension and upheaval in Rivers State, Governor Sim Fubara, has revealed that he has done everything possible for him to prevent the current panicking situation in the state.

According to him, he practically knelt down for his estranged political godfather, Nyesom Wike and begged him to let go of their feud, but the former governor rebuffed his pleas.

While speaking on a television political programme, Fubara went into memory lane on how he had strived to please the current Minister of the Federal Capital Territory Abuja, saying he (Fubara) kept all understanding with Wike.

The governor said he has been showing understanding in order not to expose the state to violence but added that the minister thwarted his good intentions for the state, hence the violence that has enveloped Rivers.

According to him, “There is nothing I have not done on this earth for peace to reign. I can tell you the number of times I have knelt to beg that let’s allow this issue to go. I have done everything.”

He therefore urged Wike, his predecessor, to allow peace to reign in the state by letting go of Rivers State.

Fubara stated that the current troubling situation in the riverine state has gotten to a point where Wike needs to let go and allow peace in the state.

Investors King had reported that Rivers was thrown into crisis on Monday, a day after the swearing-in of 22 winners of the controversial Saturday local government elections in the state.

The swearing-in of the chairmen from other political parties other than the ruling Peoples Democratic Party, had enraged Wike’s camp as hoodlums began attacking local government council secretariats, burning office equipment, files, chairs and tables, and equipment.

Disturbed by the ugly development, President Bola Tinubu had directed the Inspector General of Police, Kayode Egbetokun, to secure Rivers State’s local government secretariats following the arsons.

Meanwhile, Olabode George, former deputy national chairman of the PDP, urged Wike to allow Fubara to work.

In a statement, George said asked Wike to leave Fubara alone and allow him to fastrack dividends of democracy for his people.

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