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Customs Vow to Surpass N1tn Performance This Year

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Customs Ladol
  • Customs Vow to Surpass N1tn Performance This Year

The Nigeria Customs Service on Monday expressed confidence that it would this year surpass the over N1tn revenue performance, which it achieved in the 2017 fiscal year.

The Public Relations Officer, NCS, Mr. Joseph Attah, who said this in Abuja, called for support from all stakeholders towards achieving the target.

He stated that with the support, which the service received from the Federal Government last year, it would translate to more patrol vehicles and equipment to perform even better in 2018.

Attah said that the service generated a total of N1.037tn at the end of 2017.

According to him, the reinvigorated anti-smuggling operations in 2017 raked in 4,492 seizures of assorted items with a duty paid value of N12.78bn.

“We are prepared to do more of what we did last year and we look forward to breaking the record of 2017 in 2018 by God’s grace,” Attah stated.

He denied reports in some quarters that suggested that there was a frosty relationship between the NCS and the National Assembly.

He said, “For the avoidance of doubt, we want to say that the relationship between the NCS and the National Assembly is cordial; there is no problem and we have no reason to blame the respected body for what is generally accepted as a very good performance in 2017.

“How do we blame an individual or an organisation when many are commending the service for a job well done in terms of revenue collection and suppression of smuggling?

“We are not reporting something negative, we are reporting something positive. Does it make sense to blame somebody for performing very well?”

He explained that last year, the service seized 2,671 pump action riffles, dangerous drugs, vehicles and rice, among others, adding that 207 suspects were arrested in connection with the seizures.

Meanwhile, the Federal Operations Unit, Zone ‘A’, Ikeja, Lagos, NCS, on Monday disclosed that it generated over N5.9bn from its anti-smuggling and other campaigns between January and December 2017.

Out of this figure, the command made N4.4bn from seized contraband, while N1.6bn was realised from duty payments and demand notices on general goods that tried to beat the system from seaports, airports and border stations through wrong classification, transfer of value, and short-change in duty payment, according to a statement on Monday.

It stated that 179 suspects were arrested in connection with 1,046 different seizures comprising foreign parboiled rice, frozen poultry products, vegetable oil, smuggled vehicles, Indian hemp, arms, fake pharmaceutical/medicaments and various general merchandise.

The Controller, FOU, Mohammed Garba, was quoted as saying that the highest volume of seizures in the history of the command was recorded in 2017, adding that this was in spite of all the challenges the command faced during the year under review.

He attributed the feat to leadership of the Comptroller General of Customs, Col. Hameed Ali (retd.) and the entire management team of the NCS for their efforts in recognising hard work and putting square begs in square holes.

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 Plan to Review Oil Companies’ Gas Flaring Strategies

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Oil

Nigeria is ramping up its efforts to address environmental concerns in the oil and gas sector with a comprehensive plan to review gas flaring strategies of international and indigenous oil companies.

The Minister of State for Environment, Dr. Iziaq Salako, announced this initiative during a national stakeholders engagement meeting on methane mitigation and reduction held in Abuja, Investors King reports.

Gas flaring, a common practice in the oil industry, releases methane—a potent greenhouse gas—into the atmosphere, contributing to climate change and posing health risks to communities near oil facilities.

Nigeria aims to end routine gas flaring by 2030, aligning with global climate goals and commitments.

Dr. Salako explained the importance of reducing methane emissions and highlighted the detrimental effects on public health, food security, and economic development.

He outlined practical steps being taken to tackle methane emissions, including the development of methane guidelines and the engagement of government institutions.

The ministry, through the National Oil Spill Detection and Response Agency, will conduct periodic reviews of oil companies’ plans to ensure compliance with the gas flaring deadline.

Deloitte management consultants will assist in conducting comprehensive forensic audits to scrutinize the legitimacy of forward-contracted transactions.

President Bola Tinubu’s commitment to environmental sustainability underscores the government’s dedication to addressing climate change and fulfilling its multilateral environmental agreements.

The engagement event served as a platform for stakeholders to discuss methane mitigation strategies, existing policies, and implementation challenges.

Collaboration and dialogue among diverse sectors are crucial in charting a unified course towards sustainable methane reduction in Nigeria’s oil and gas industry.

As the country navigates its environmental agenda, ensuring accountability and transparency in gas flaring practices remains paramount for achieving a greener and healthier future.

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Economy

Interest Rate Jumps to 24.75% as CBN Takes Aggressive Stance Against Inflation

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Dr. Olayemi Michael Cardoso

The Central Bank of Nigeria (CBN) has announced a significant increase in the monetary policy rate, known as the interest rate, to 24.75%.

This move disclosed by CBN Governor Olayemi Cardoso during the 294th Meeting of the Monetary Policy Committee press briefing in Abuja, represents a bold step by the apex bank to address the mounting inflationary pressures faced by the country.

With inflation soaring to 31.70% in February, the CBN aims to moderate this upward trend by tightening its monetary policy stance.

This decision follows the previous hike in the interest rate to 22.75% in February, showcasing the CBN’s commitment to combatting inflationary forces.

While the bank opted to maintain the Cash Reserve Ratio at 45%, the significant increase in the interest rate underscores the urgency of the situation and the need for decisive action.

Governor Cardoso emphasized that these measures are essential to stabilize the economy and safeguard the purchasing power of the Nigerian currency.

The 294th MPC marks the second meeting under Governor Cardoso’s leadership, indicating a proactive approach to addressing economic challenges.

The next MPC meeting is scheduled for May 20th and 21st, 2024, highlighting the ongoing commitment of the CBN to navigate Nigeria’s economic landscape amidst inflationary pressures.

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Economy

Nigeria Braces for 10th Consecutive Interest Rate Hike by Central Bank

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Central Bank of Nigeria (CBN)

As Nigeria grapples with persistently high inflation, the Central Bank of Nigeria (CBN) is gearing up to implement its tenth consecutive interest rate hike in a bid to curb the soaring prices and attract investment.

Analysts surveyed by Bloomberg are anticipating a substantial 125 basis-point increase in the key rate to 24%, marking one of the most significant adjustments in the current tightening cycle.

The decision, expected to be announced by Governor Olayemi Cardoso on Tuesday at 2 p.m. in Abuja, comes on the heels of inflation accelerating to 31.7% in February, far surpassing the central bank’s target range of 9%.

This surge has been primarily attributed to the sharp depreciation of the naira, prompting authorities to devalue the currency twice since June to narrow the gap with the unofficial market rate and encourage investor confidence.

While these measures have seen the naira strengthen in recent days and bolstered investment inflows, including a fourfold increase in overseas remittances and significant foreign investor portfolio asset purchases, there remains a palpable need for more decisive action.

Giulia Pellegrini, a senior portfolio manager at Allianz Global Investors, emphasized the necessity for the CBN to intensify its tightening efforts to regain foreign investors’ confidence in the local bond market.

While acknowledging the positive strides made by the central bank, Pellegrini stressed the importance of a more assertive approach to prevent the diversion of investor attention to other frontier markets.

As the Nigerian economy navigates through these challenging times, the impending interest rate hike signals the CBN’s determination to address inflation head-on and foster a more stable economic environment.

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