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Customs Records N1.24bn Revenue in November

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  • Customs Records N1.24bn Revenue in November

The Seme Command of the Nigeria Customs Service (NCS) has said that it generated N1.24 billion as revenue for the month of November, 2016.

Also, the Command said it made 99 Seizures with a Duty Paid Value (DPV) of N82.8 million during the period.

It added that the revenue generated exceeded the monthly revenue target of the command with N59.13 million.

The Customs Area Controller, A. Mulima attributed the feat to the commitment of his management team, the cooperation and compliance level of the stakeholders and the host communities that were ready to partner with him in transforming the Command.

He stressed that being firm and persistent to the principle of transparency, diplomacy and fairness despite forces of distraction is gradually stabilising the Command’s revenue drive.

He reiterated that the Command will continue to facilitate and provide a conducive and a level playing ground for every genuine trader that uses the Seme international land border as a corridor to the West African sub region.

“The upsurge in the revenue figure of the last quarter justifies the Command’s open door policy and its commitment to excel in revenue generation viz-a-viz anti-smuggling operations. The resolve of the Command to remain resolute in actualising the vision/mission of the Service and the policy thrust of the Comptroller General of Customs, Col. Hameed Ibrahim Ali (rtd.) without compromise cannot be over-emphasised, “ he said.

He also attributed the success recorded to the firm stand taken by the Valuation Unit in generating values and the resolve of the Republic of Benin to comply with the Memorandum of Understanding signed on the 4th of August, 2016.

“This has actually translated to the higher revenue generated despite the numerous challenges that would have ordinarily hampered the revenue generated, “ he said.

In one of the briefings to his management team and patrol leaders, the Customs Area Controller highlighted that the posting of a proper officer to a particular duty post is predicated on the fact that the officer is conversant with the books of instructions that guide his modus operandi, “hence infraction observed will be traced to where it originated from and the culprit made to face the consequences of his action. Therefore, the need for carefulness and uprightness in discharging official functions among officers and men of the Service cannot be over-emphasised.”

Commenting further on the yuletide season, the Customs Area Controller disclosed that officers and men must ensure that the entire border is fortified against smuggling activities and cross border crimes of any kind.

He also cautioned the unprofessional use of arms among operational officers, stressing that arms should be used only when the conditions for usage becomes unavoidable. He warned that a situation where the border environment and communities always witness a lot of cross border vices and crises during the yuletide season will not be encouraged nor tolerated under his watch.

He enjoined officers and men of the Command to maintain a high level of discipline, professionalism and patriotism in the discharge of their responsibilities while observing the 7Cs as their operational guidelines. He charged all patrol leaders to ensure that Seme Command remains blocked to smugglers of all restricted and contraband goods.

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

The 46th President of the USA, Joe Biden Reversed EX-President Donald Trump Immigrant Visa Ban on Nigeria

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Joe Biden Economic Impliccations on Nigeria

The 46th President of the USA, Joe Biden Reversed EX-President Donald Trump Immigrant Visa Ban on Nigeria

On his first day in office, the 46th President of the United States of America reversed the immigrant visa ban placed on Nigeria and other countries by the former president, Donald Trump.

The executive order, 9983, issued by the former president Donald Trump on January 31st, 2020, unveiled the ban on immigrant visas to six countries; Myanmar, Eritrea, Nigeria, Sudan, Tanzania, and Kyrgyzstan.

Amongst numerous executive orders signed by the new president of the United State, Joe Biden, on January 20th, was the reversal of some of the orders issued by his predecessor, Donald Trump, which bans citizens of certain countries from accessing the immigrant visa.

According to the Trump administration, a system was established to access three important criteria-

“whether a foreign government engages in reliable identity-management practices and shares relevant information; whether a foreign government shares national security and public safety information; and whether a country otherwise poses a national security or public-safety risk.”

The failure of Nigeria and other countries to measure up to this criteria landed them on the ban list.

Biden’s Press secretary, Pen Psaki said additional action which will ensure that the president-elect delivers his promise to the American people will be announced.

“In the coming days and weeks, we will be announcing additional executive actions that confront these challenges and deliver on the president-elect’s promises to the American people,” Pen said.

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Economy

Buhari to Spend N729 Billion on 24.3 Million Poor Nigerians

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Buhari to Spend N729 Billion on 24.3 Million Poor Nigerians

President Buhari is working on spending N729 billion on 24.3 million poor Nigerians despite the present economic recession, weak industries and zero new job creation.

Sadiya Farouq, the Minister of Humanitarian Affairs, Disaster Management and Social Development, disclosed this during the inauguration of the Federal Government’s emergency intervention database for the urban poor.

In a statement released by Nneka Anibeze, the Minister’s Aide, the financial intervention would help cushion the impact of the COVID-19 pandemic on identified people.

According to the Minister, the Federal Government would disburse N5,000 each to 24.3 million poor and vulnerable Nigerians for a period of six months. A total of N729 billion.

In part, the statement reads, “According to records, about 24.3 million poor and vulnerable individuals were identified at the end of 2020 and registered into the National Social Register.

“Each beneficiary will receive N5,000 for a period of six months.

The government is embarking on handouts despite the nation’s fiscal challenges and economic recession. The N5,000 or N729 billion can help build or support available industries, fast track economic recovery and improve job creation against sharing it with people it will has little to zero impact on their lives.

This is one of the numerous leakages being addressed by the same administration. The database can not be verified neither are the people to be paid.

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Economy

FG Paying N1.1 Billion Per Day as Subsidy

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FG Paying N1.1 Billion Per Day as Subsidy

The recent jumped in crude oil prices means landing cost of Premium Motor Spirit (PMS), popularly known as Petrol, has increased but the Federal Government has maintained the old pump price of N161 – N165 per litre.

In a series of reports, the Petroleum Products Pricing Regulatory Agency (PPPRA) open market price, the price fuel marketers are expected to sell, is N183 per litre as of yesterday. A break down showed N160 is the landing cost per litre while the additional N23 is the Petroleum Products Pricing Regulatory Agency (PPPRA) pricing template.

Therefore, with the payment of additional N23 as stipulated in the PPPRA pricing template and the national petrol per day consumption figure at 50 million litres, the Buhari led administration is offsetting about N1.1 billion on petrol consumption daily.

The Nigerian National Petroleum Corporation (NNPC) has been deducting the amount before remitting balance of oil sales to the Federation Account, according to a Businessday report.

An anonymous person in the oil marketing industry said: “We are back to the era of subsidy and Nigeria is bleeding badly because of this.

With deregulation, the current price of petrol should not be less than N181, so who is funding subsidy of the product for Nigeria to buy at the current fixed price?“.

Another oil marketers said, “the government does not have the boldness to allow full deregulation of petrol because of the spiral effects on Nigerians, and bearing in mind that Nigerians are in very hard times.

Alao Abiodun, the Head of Energy Research, New Nigeria Foundation, explained that “Because of the loans from the IMF and World Bank that they got with the condition that petrol should be deregulated, I believe the government is trying to manage the problem.”

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