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Economy

Apapa, Tincan Customs Generate N158.1bn

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The Apapa and Tincan commands of the Nigeria Customs Service have generated a total of N130.7bn in the last seven months.

While the Apapa Command generated N27.4bn in June, its highest revenue since the start of the year, the Tincan Command generated N130.7bn in the last seven months.

The Apapa Command, for the first half of the year, made a total revenue collection of N120.96bn. A breakdown of the collection for each month shows N23.48 for January; N19.76b for February; N18.48b for March; N19.25 for April; N17.20 in May; and N22.79 in June.

The Customs Area Controller of the command, Willy Egbudin, said, ‘’At this challenging period of our national economy when oil price is down, government’s expectations from non-oil sources like the customs is high. As officers of the service, we must justify the confidence reposed in us and continually add value to the national economy.

“We must not hesitate to seize any import or export cargo that violates our extant import, export and all lists of prohibited items. Let’s raise our intelligence and awareness level so as to prevent violation of government rules.”

He urged officers and men of the command to always carry out directives without compromise and insist that demand notices were issued to make up for shortfall in duty payment.

Egbudin called on officers in charge of the terminals and units to work in line with the service drive to facilitate legitimate trade without compromising national security and economy.

As part of the enhanced enforcement drive, the command also recently made two seizures of soap and furniture.

The soap was found in a 20-foot container while the furniture was brought into the country in 40 foot container. The duty paid value of the furniture was given as N17.03m while that of the soap was valued at N21.8m.

Part of the strategies deployed by Egbudin to enhance revenue collection included speedy resolution of all trade disputes arising from classification and valuation; setting up of a standing committee to monitor outstanding queries and unpaid assessments and monitoring to ensure that records of revenue collected were rendered weekly to the CAC’s office.

Similarly, the Controller of Tincan Command, Yusuf Bashar, said deliberate efforts were being made to ensure strict adherence with the rules and standards of operations of the service.

He said, “The statutory function of the command remains revenue generation and facilitation of legitimate trade.

“Although the operations, processes and procedures of customs are fully automated, trade facilitation can only work when the importers and their agents are transparent in their declarations to Customs.”

Reacting to the current increase in the exchange rate for calculating import duty, Bashar pointed out that the NCS as an agency of the Federal Government was charged with the implementation of the Federal Government’s fiscal policies in terms of trade.

According to him, the service, by its statutory role, does not determine exchange rate, but only relies on the Central Bank of Nigeria to update it with the information in accordance with its establishing Act.

He added that the current situation was beyond the customs.

“I appeal to all stakeholders to support the service in all aspects, so that maximum revenue can be generated in line with the vision and mission of the customs.

To actualise this mandate, a dispute resolution committee has been put together, to resolve contentious issues that may arise in areas of classification and valuation. This is to ensure that such disputes are resolved using the statute books,” Bashar said.

He added that the operational system of the command had been shifted towards ensuring that the time of cargo delivery was reduced to the barest minimum.

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

Delta State Gov Okowa Presents N378.48 Billion Budget for 2021

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Ifeanyi Okowa Presents N378.48 Billion Proposed Budget for 2021

The Executive Governor of Delta State, Senator (Dr) Ifeanyi Okowa, on Tuesday presented a N378.48 billion budget to the state’s House of Assembly for consideration for the 2021 fiscal year.

The budget christened “Budget of Recovery” appropriated N207.52 billion for Capital Expenditure while Recurrent Expenditure was allocated N171.32 billion.

According to the Governor, capital expenditure accounted for 54.76 percent of the budget while 45.24 percent represented recurrent expenditure.

He explained that the allocations were in line with his administration’s agenda of spending more on projects and programmes that would impact positively on the socio-economic well-being of the people of Delta.

The proposed budget for 2021 is N96.2 billion or 34.05 per cent more than the N282 billion approved for 2020.

The governor said that the 2021 budget proposals reinforced the state government’s commitment to road infrastructure, education, health, job and wealth creation programmes as the principal-drivers of the Stronger Delta agenda.

According to him, N113 billion, representing 89.94 per cent of the capital budget is allocated to the economic sector while N35 billion is allocated to the social sector; the administration sector got 10.93 billion and the regional sector, N42 billion.

“In 2021, we propose to spend N66.66 billion on Road Infrastructure; N6.79 billion on Health; Education will gulp N23.55 billion; Agriculture, N2.04 billion and Water Sector, N1.83 billion.

“Job and Wealth Creation Bureau will gulp N1 Billion and Youth Development, N1.25 billion. These key sectors are very essential in our 2021 budget,” Okowa said.

Okowa also explained that due to the negative impact of COVID-19 on the economy and the world at large, government spending was significantly affected by the global pandemic and that Delta was no exception.

The governor, therefore, stated that “the proposed 2021 Budget for Delta is primarily focused on protecting and supporting our people in a COVID-19 environment, accelerating infrastructural renewal, incentivizing growth, enhancing job creation, engendering social inclusion and developing sustainably.

“Overall, the proposed 2021 Budget is predicated on inclusive economic growth that is sustainable and people-centred, with strengthening fiscal sustainability through increased efficiency in spending, improved revenue mobilization and debt sustainability.

“It also entails improving processes and systems in Public Financial Management, and Monitoring and Evaluation, to bolster better public sector service delivery.”

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Economy

FG to Create 5 Million Jobs for Nigerian Youths in the Power Sector

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Federal Government Plans to Create 5 Million Jobs for Youths in the Power Sector

The Federal Government is working on creating at least 5 million jobs for Nigerian youths in the power sector, according to the Minister of Power, Engr. Sale Mamman.

The minister, who spoke at a stakeholder meeting in Jalingo, Taraba State, said the youths should foster peace and harmony as the Federal Government, in line with some of their demands, is working on creating massive job opportunities for them in the power sector.

He said the initiative is part of president Muhammadu Buhari’s plans to lift 100 million people out of poverty within 10 years.

Mamman explained that the youths will benefit from the Siemens Presidential Power Initiative as more opportunities will be available in renewable energy, installation and the maintenance of meters.

He said: “Plans are ongoing to kick start this and it is being designed to ensure that majority of the firms and the installers are Nigerian youths. This is also part of the commitment of President Muhammadu Buhari’s focus on lifting 100 million people out of poverty within 10 years.

“From the briefings I have received so far, the youths are taking up opportunities in this aspect as well as in renewable energy. This is another way the government will be empowering young Nigerians as the local assembly; installation and the maintenance of these meters are largely handled by our industrious youths.”

“The minister urged the youths to vigilant and resist and attempt by some people to use them to incite violence for their sinister motive, noting that the Federal Government was tailoring more programmes for the youths through the Siemens Presidential Power Initiative and in building capacity on renewable energy.”

“There is the assurance of Mr. President that Nigerians will be beneficiaries of the Siemens project which will turn around the power supply situation of Nigeria. When this happens, industries will be revived and SMEs driven by youths will thrive more.”

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Economy

Lagos Loses N1 Trillion to #EndSARS Protest, a Year Budget – Gov

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Lagos Needs N1 Trillion to Fix Vandalised Infrastructure, a Year Budget – Gov

The Governor of Lagos State, Babajide Sanwo-Olu, has puts the total economic cost of past week destruction and vandalism in the state at about N1 trillion.

Sanwo-olu, who spoke with the speaker of the House of Representatives, Hon. Femi Gbajabiamila, that was on a fact-finding visit to Lagos on Sunday, said the state may spend up to N1 trillion to fix damages done to infrastructure.

Speaking on the situation, Femi Gbajabiamila, said “The House of Representatives will do all it can to compensate all those who suffered brutality including policemen that lost their lives in the process.

“Also whatever the house can do in rebuilding Lagos and other states it will do. We are now in a state of reconstruction. What must be done will be done.

“I learnt from the governor of Lagos State that it will take N1.0 trillion to rebuild what had been lost and I asked him what is the budget size of the state he said about N1.0 trillion. You can see we are moving backward.

Rotimi Akeredolu, Chairman of the South West Governors, who was part of the visit, stated, “We are indeed surprised at the extent of damage to lives and properties in Lagos. We will be right to say Lagos was turned into a war zone.

“We are deeply concerned with the ease with which public buildings, utilities, police stations and investments of our people have been burnt despite the proximity of security agencies to those areas. However, while responding to the total number of government’s buildings burnt among others,” Lagos State Commissioner for Information and Strategy, Mr Gbenga Omotoso, stated.

We are still counting. The state is still taking inventories of all that happened and not until all that is concluded we can’t not ascertained for now the total number of burnt structures. But I can tell you it’s very huge.

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