- Customs Rakes in N14.3bn in Three Months
Despite the downturn in the economy, the Nigeria Customs Service (NCS), Murtala Mohammed Airport Command, Ikeja, Lagos, has announced revenue of N14.399 billion in the first quarter (Q1) of 2017, compared with N11.1 billion earned in the corresponding period of 2016. This represents an increase of N3.258 billion when compared to the Q1 of year 2016.
Controller of the command, Francis Allanah, who disclosed this in a statement, said the command collected a total of N55.5 billion from January to December 2016.
This figure, he added, surpassed the envisage revenue target with a whopping N15.5 billion, and also exceeded the total collection of 2015 by N12.8billion.
Allanah said he and officers in his command would continue to do their best to surpass targets set by customs high command and boost the revenue of the federal government.
According to him, “The year 2017 is just three months old, notwithstanding the harsh economic realities, by dogged determination, quality leader ship, and commitment by motivation of our officers and men, the MMA command is poised to do more going by revenue figures already collected for the first quarter 2017.
“Clearing agents and importers who work within the Airport can testify to our adherence to and insistence on professional conduct as stipulated by Customs guidelines/regulations. We have made remarkable strides in the areas of revenue generation, anti-smuggling, discipline, enforcement, trainings, officers’ welfare amongst others.”
He added that through in-house training and re-trainings, officers and men of the Nigeria Customs Service at MMA have become more professional and unbeatable.
Maximum revenue, he stressed, has therefore been collected on all dutiable items be they exports or imported cargoes.
“Only last year, two aircrafts imported by yet to be identified importers, were seized by the command under his watch. The aircrafts have been handed over to the Nigerians Air Force to strengthen it on the fight against insurgents especially in the North-East and South-South regions of the country. And a total of eight cartons of phantom drone are seized during the period under review. Huge sums of various currencies have also been seized from currency traffickers by the command and handed over to the Economic and Financial Crimes Commission (EFCC) for further investigation and necessary action.
Allanah added that the command does not tolerate any act of indiscipline, adding that, “By his avowed commitment to enforcing laid down rules by the Customs management board, the resultant rise in revenue profile is, without an iota of doubt, a result of his strictness and incorrigibility attitude to act of indiscipline.”
Seyi Makinde Proposes N266.6 Billion Budget for Oyo State in 2021
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.”
World Bank Expects Nigeria’s Per Capita Income to Dip to 40 Years Low in 2020
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.
Nigeria Will Have no Business With Fish Importation in the Next Two Years- FG
At the 35th annual conference of the Fisheries Society of Nigeria (FISON) held in Abuja on Monday, the minister of Agriculture and Rural Development, Mr Sabo Nanono, expressed plans of the federal government to initiate and implement programmes that are aimed towards diversification, especially in the agricultural sector.
The minister explained that the fishery sub-sector contributes about 4.5 percent to the National Gross Domestic Products, with an estimation of over 12 million Nigerians actively involved in fish farming and production.
He further said that despite this number, Nigeria produces 1.1 million tonnes of fishes annually, while there is a total demand of 3.6 million tonnes of fish and this puts Nigeria is at a deficit of 2.5 million tones. The shortage is supplemented through importation.
“Let me inform you that the vision of Mr President is to grow Nigeria’s agriculture sector to achieve a hunger-free nation, through agriculture that drives income growth, accelerate the achievement of food and nutritional security, generate employment and transform Nigeria into a leading player in the group of food and fish markets, and to create wealth for millions,” he said.
He also explains the ministry’s plans of diversification and development of various empowerment programmes that aid job creation.
“In line with the theme of this conference, the ministry has developed various programmes to increase domestic food/fish production and the main target is the empowerment of the youth and other groups especially the women,” he stated, adding: “All these programmes are tailored towards wealth and jobs creation, arrest and prevention of youth restiveness”.
He said the government has directed all fish importers to commence backward integration for local consumption and export to international markets, these are part of the measures of the ministry to generate employment and reduce importation of fish into the country.
In regards to this plans, Nanono said that the ministry is optimistic that Nigeria will have no business with fish importation in the next two years, considering that several companies have complied to the laid down policy.
Representing the Director of Federal Department of Fisheries, Mr Imeh Umoh, he stressed that the fishery is one of the value chains in the ministry and a force that drives wealth, job creation, contribute to food nutrition, poverty reduction and creation of diverse investment for Nigerians “especially during the economic recession which is occasioned by the COVID-19 pandemic”.
Nanono said that considering the current economic situation due to the global health pandemic and the ongoing economic recovery programme, the contribution of the fisheries and aquaculture sub-sector of Nigeria will make a significant impact in terms of job creation, income generation, poverty alleviation, foreign exchange earnings and provision of raw materials.
Mr Adegoke Agbabiaka, President of FISON said that in the last decade the government has made a paradigm shift under the Agricultural Transformation Agenda and is now considering agriculture, including fisheries and aquaculture, as a business and this will aid to achieve self-sufficiency in fish production.
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