Buhari Orders Immediate Reopening of Four Land Borders
The Federal Government has approved the immediate reopening of four land borders to facilitate commerce with neighbouring countries, according to the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed.
The four land borders are Seme in the South-West, Ilela in the North-west, Maitagari in the North-west and Mfun in the South-south part of the country.
Speaking with journalists after approval, Ahmed said despite reopening of borders “the ban on importation of rice, poultry and other banned products still subsists and will be implemented by border patrol team.”
She explained: “I am here to just report that His Excellency, the President, approved the recommendations of the committee that I chaired with the Minister of Trade and Investment as member, Minister of Interior as member, Minister of Foreign Affairs as member, National Security Adviser as member and Comptroller General of Customs.
“This committee was mandated to review and advise on the reopening of the Nigerian borders and after recommendations, the president approved the reopening of four land borders, namely: Seme in the South-west part of the country, Ilela in the North-west part of the country, Maitagari in the North-west part of the country and Mfun in the South-south part of the country.
“So, these four land land borders will be reopened immediately while the remaining borders are directed to be reopened on or before 31st of December, 2020. Mr. President has also directed on the reopening of the borders that while others are being reopened, the ban on importation of rice, poultry and other banned products still subsists and will be implemented by border patrol team.”
President Muhammadu Buhari shut down Nigerian land borders in August 2019 to curb the influx of weapon, foreign goods and other items blamed for the slow growth of Nigerian local market. The administration immediately embarked on a broad campaign for local production and consumption, however, lack of proper planning and resource availability hindered the campaign as demand outweighed local production capacity and pushed inflation to 14.89 per cent.
Faced with rising inflation, weak productivity, low oil price and the worse economic recession in four decades, Buhari administration was forced to reopen borders to facility commerce, up revenue generation to cushion the economy and generally fast track economic recovery.
NRC Suspends Train Service on Lagos-Kano, Ajaokuta Routes
The Nigerian Railway Corporation (NRC) has suspended train services on the Lagos- Kano and Ajaokuta routes.
Following the recent terrorist attacks in various parts of the country, the Nigerian Railway Corporation (NRC) has suspended train services on the Lagos- Kano and Ajaokuta routes.
Also, train services were reported to have been suspended at Ajaokuta station along the Warri-Itakpe route by the NRC after the attack on some passengers by gunmen on Monday.
According to a statement from the Ministry of Transportation and the NRC, the train services would be suspended until the security of those routes is assured.
The Managing Director for NRC, Fidet Okhiria, who confirmed the news about the suspension, noted that the corporation did not stop train services on the Warri-Itakpe route.
Okhiria said: “We have not stopped (services), rather what we said was that we are not going to be stopping at the Ajaokuta station.
“This is because on Monday, while passengers were leaving the station with their private cars and buses, they had people shooting at them. So we said we will not stop there again for passengers.
“The train is still running, but for now we will not be stopping at Ajaokuta because they have some concerns there.”
Investors King recalls that the NRC had, on 29th of March, suspended train service operations on the Abuja -Kaduna axis as a result of a terrorist attack that left about 8 dead, injured many and led to the kidnap of about 200 persons.
Meanwhile, the Federal Government has hinted that as soon as all security measures are put in place, train services for the Abuja -Kaduna axis would resume.
Hard Times For Nigerians As Price Of Kerosene Rises to N800 Per Litre
Nigerians are again faced with a new dilemma, as the price of kerosene skyrocketed to N800 per litre over the weekend.
Just a few weeks after adjusting to the new prices of petrol, diesel and gas, Nigerians are again faced with a new dilemma, as the price of kerosene skyrocketed to N800 per litre over the weekend.
Investors King recalls that as of last week, kerosene, which is used majorly in the average Nigerian household, was sold at the rate of N700 per litre.
However, a new market survey carried out by Investors King revealed that as of August 2, kerosene was sold between N800 and N850 per litre in some urban parts of Lagos, and in some suburb filling stations, the commodity was sold as high as N1000 a litre.
Speaking on the increment, the National Operations Controller, Independent Petroleum Marketers Associations of Nigeria, IPMAN, Mike Osatuyi attributed the hike in the price of kerosene to the exchange rate.
While noting that Kerosene is a deregulated market, Osatuyi added that the petroleum product is subservient to change as a result of shifts in the market.
He said: “It’s a deregulated market. It is also a function of the dollar to naira rate and the crude price at the international market. Since cooking kerosene is deregulated, prices can go up, it can also come down”.
Similarly, the Executive Secretary, Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Olufemi Adewole, in an interview, disclosed that the ever-increasing exchange rate is one of the reasons for the rise in the price of kerosene.
“Cooking kerosene is deregulated so prices depend on foreign exchange. A dollar is now 700 Naira from 600 Naira just last month, so prices will surely increase”, he said.
Meanwhile, an energy expert, Bala Zakka, attributes the reason behind this continuous sharp price increase to Nigeria’s inability to produce and refine its own petroleum products for local consumption, despite the abundance of crude oil within its borders.
Taking to social media, many Nigerians have continued to complain about the hike in price, as well as the country’s harsh economic situation.
Critics find it more appalling that Ghana which has no oil within its borders, sells kerosene to its citizens at the price of 12.044 GHS, an equivalent of 585 Naira per litre.
To this end, many Nigerians have taken to their social media pages to complain about these hard times.
Investors King gathered that apart from the increment in the price of kerosene, the price of fuel also increased, as a litre is now being sold for N179.
However, if this trend continues, there are indications that feeding might be a challenge for the less privileged.
Recall that in July, the National Bureau of Statics (NBS), in a report, disclosed that the average price of Kerosene rose from 679.54 in May 2022, from 589.82 which it was in April, equating to a 15.21 percent increase.
The report further stated that the average retail price per litre of Household Kerosene paid by consumers in June 2022, increased by 12.09%, while the state profile analysis of average price in May 2022 varied with Enugu ranking first, as the state with the highest paying price of 868.75 per litre for kerosene, while other states juggled between N558 and N700 per litre.
LIRS Set To Launch Whistle-Blower Initiative August 5
LIRS is set to launch its Whistle-Blower initiative, a state-wide project, introduced to provide a platform for employees, stakeholders and the general public
The Lagos State Internal Revenue Service (LIRS) is set to launch its Whistle-Blower initiative, a state-wide project, introduced to provide a platform for employees, stakeholders and the general public to report any observed violation, misconduct, or unethical behaviour across the state on Friday, August 5, 2022.
In a public notice signed by the LIRS Executive Chairman, Ayodele Subair, the Whistle-Blower initiative is a public policy of the State Government to encourage reporting of illegal actions or financial crimes, through the appropriate channel, with a view to correcting the violations or non-compliance.
According to the LIRS boss, “In line with the LIRS core values of integrity and accountability and our commitment to uphold the highest standards of openness, probity and accountability in our dealings with stakeholders, the platform is anonymous and confidential and it is independently managed by Deloitte, a globally accredited company.”
“The objective of the Whistle-Blower initiative is to guarantee transparency, accountability, and confidentiality to all taxpayers and stakeholders in general.
“The policy is designed to protect whistle-blowers from victimization and to encourage them to freely report without fear,” Subair submitted.
The launch of the Whistle-Blower initiative is scheduled to take place at the Protea Select Hotel, Assibifi Road, Alausa-Ikeja, Lagos.
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