Category: Economy

KTSG nets N4bn IGR in Q1 2024

Revenue

By Abbas Bamalli

Katsina, June 9, 2024 (NAN) Katsina State Government says it collected N4.08 billion as Internally Generated Revenue (IGR) in the first quarter of 2024.

Malam Ibrahim Kaula,cChief Press Secretary (CPS) to Gov. Dikko Radda, announced this in a statement on Sunday in Katsina.

According to him, the figure indicated a 227 per cent increase compared to the N1.79 billion generated during the same period in 2023.

He attributed the feat to the administration’s unwavering commitment to plugging leakages in the state’s financial system.

Kaula added that Radda’s  administration had strategically positioned the state to not only exceed its current capacity, but also to shatter revenue projections.

“Estimates indicate that the state is poised to surpass the N20 billion mark in internal revenue generation for the year 2024.

“A feat that seemed unimaginable in previous years when the range hovered between N10 billion and N14 billion,” he said.

Kaula added that at the heart of this financial renaissance lies Radda’s visionary ‘Building Your Future’ policy document, a blueprint that had paved the way for ground breaking initiatives.

He listed some of the initiatives to include the State Treasury Single Account (TSA) and the recently implemented E-tax billing system.

“These reforms have not only streamlined tax and revenue collections, but have also fostered an inclusive environment, ensuring that no stone is left unturned in the quest for economic growth.

“One of the key catalysts for this extraordinary success has been the administration’s unwavering commitment to plugging leakages in the state’s financial system.

“By identifying and addressing these vulnerabilities, Gov. Radda’s team has effectively stemmed the tide of revenue loss, paving the way for an unprecedented influx of resources,” he said.

According to the CPS, Radda’s overarching objective is to empower the state to achieve a level of fiscal self-sufficiency.

This will enable it to offset its monthly and annual wage bills solely through internally generated revenue by year 2027.

Kaula expressed confidence that at the current pace of progress, that ambitious goal may be realised even sooner than anticipated.

He said, ”The state government had set an example for others to follow, proving that with undeterred commitment and innovative solutions, even the most daunting obstacles could be overcome.” (NAN) (www.nannews.ng)

AABS/EEM/BRM

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Edited by Emmanuel Mogbede/Bashir Rabe Mani

Investigate mass sack of CBN workers, group urges NASS

Sack

By Polycarp Auta

Jos, June 9, 2024 (NAN) The Conference of Autochthonous Ethnic Communities Development Association (CONECDA), has urged the National Assembly to investigate the recent mass sack of some workers of the Central Bank of Nigeria (CBN).

Mr. Paul Dekete, the North Central Coordinator of CONECDA Youth Wing, made the request in a statement on Sunday in Jos.

Dekete, who faulted the manner in which the affected workers; largely directors, deputy and assistant directors, were dismissed, said that the process violated the bank’s established procedure.

The coordinator also maintained that the move would grossly affect the operations of critical departments within the apex bank, adding that 16 departments were affected by the action.

Dekete decried that the affected personnel were those with avalanche of experience and expertise in their various fields, needed to move the apex financial institution forward.

”This is why we are calling on the National Assembly to investigate the CBN to understand the rationale behind the mass sack of its staff and the criteria used.

”The National Assembly should ensure that CBN follows established procedures for staff reduction as laid out in its HR (Human Resource) manual and best practices worldwide.

”That the insensitive termination letters should be withdrawn and replaced with more appropriate documentation that reflects the employees’ work records.

”The National Assembly should ensure all the decisions are reviewed to ensure compliance with CBN HR policy and public service rules,” he said.

Dekete also appealed to the lawmakers to ensure that employees, who were dismissed without proper justification, were reinstated.

He said that the dismissed staff deserved fair compensation to mitigate the economic hardship caused by the management’s decision. (NAN)(www.nannews.ng)

AZA/TOA/DOR
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Edited by Taiye Agbaje/Nyisom Fiyigon Dore

NIMASA
By Aisha Cole
Lagos, June 9, 2024 (NAN) The Director-General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Dayo Mobereola, has described the death of Mr Ferdinand Agu,  a former Director-General of the defunct National Maritime Authority (NMA) as a rude shock.

Mobereola made this known in a statement through the Assistant Director, Public Relations of NIMASA, Mr Edward Osagie, on Sunday in Lagos.

The NIMASA boss stated that it was a significant loss to Nigeria, the maritime community and NIMASA in particular.

“I am deeply saddened to hear the passing of Arc. Ferdinand Agu, a former Director-General of NMA.

“He left an indelible impression on me within the short time we shared during my first stakeholders’ engagement just last month.

“I had hoped to engage him more often to tap into his wealth of experience for the collective interest of every Nigerian. Agu’s, death has denied us this privilege.

“Agu’s legacy of dedication and excellence will continue to inspire us all. We will miss his wisdom, kindness and unwavering dedication to improving our maritime industry,” Mobereola said.

He prayed for his family and said that his thoughts would be with them during this difficult time.

Mobereola prayed for Agu’s soul to rest in peace. (NAN)(www.nannews.ng)
AIC/CHOM/AJA
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Edited by Chioma Ugboma/Adeleye Ajayi

CBN probe: Tinubu, Cardoso’s anti-corruption drive yielding results — Analyst

Probe

By Sumaila Ogbaje

Abuja, June 9, 2024 (NAN) A Lagos-based public affairs analyst, Gbenga Ibrahim, has commended President Bola Tinubu and the Governor, Central Bank of Nigeria (CBN), Yemi Cardoso, for driving change through ongoing anti-corruption campaign in CBN.

Ibrahim, told the News Agency of Nigeria (NAN) on Sunday in Abuja, that Tinubu had announced significant progress in the investigation into the CBN.

He said the probe, led by special investigator Jim Obazee, had uncovered a staggering amount of stolen funds, unauthorised bank accounts, and fraudulent transactions totaling billions of naira.

According to him, sources have revealed that the investigation implicated former CBN Governor, Godwin Emefiele, who is currently facing charges in courts.

“Emefiele is accused of financial misconduct and abusing his position for personal gain.

“The probe has revealed a complex web of corruption involving top officials at the CBN and other related entities.

“Investigators have discovered numerous unauthorised bank accounts, both within and outside the country, containing billions of naira in stolen funds,” he said.

Ibrahim said the investigation also uncovered evidence of fraudulent transactions, including a controversial Naira redesign project that allegedly stifled productivity and led to chaos in October 2022.

The project, according to him, is a conspiracy against the Nigerian people and political class by the then-CBN Governor and one of the erstwhile CBN Deputy Governors.

He attributed the successes of the investigation to the ability of Cardoso led leadership to identify capable hands like Bala Bello, an experienced and competent professional.

“Though I have never met the Governor or his deputies, inside sources confirmed that Bello is a very Deligent , meticulous and analytical person.

“A staff has described him as workaholic and straight forward, most times the first to come to the office and last to leave is part of the CBN management team led by Yemi Cardoso.

“He rose through the ranks to become Deputy Governor, Corporate Services, a position requiring rigorous security checks and scrutiny.

“It is unfair to blame him for implementing recommendations from the special investigation counsel appointed by the president,” he added.

Ibrahim said the successes at the CBN was a result of teamwork, compliance with APEX bank’s policy, and a capable team following the CBN hierarchy.

According to him, has commendably taken decisive action to combat corruption in the CBN, appointing a special investigator to probe the bank and related entities.

He lauded the administration’s commitment to transparency and accountability, adding that it is a significant step forward in the fight against corruption.

According to him, the President’s efforts have sent a strong message that corruption will no longer be tolerated in Nigeria’s financial sector.

“As the investigation continues, Nigerians are optimistic that President Tinubu’s anti-corruption drive will yield even more significant results, restoring public trust and integrity to the CBN and related entities,” he said. (NAN) (www.nannews.ng)

OYS/IAA

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Edited by Isaac Aregbesola

Taxation

By Constance Athekame

Abuja, June 9, 2024 (NAN) An expert in the power sector, Mr Kunle Olubiyo has appealed to the Federal Government to  address multiple taxation in the sector.

Olubiyo, who is also the President, Nigeria Consumer Protection Network (NCPN),  said this in an interview with the News Agency of Nigeria (NAN) in Abuja on Sunday.

According to him, government need to reduce the multiple bullet being fired at the end users as taxes.

“All taxes that manufacturers are made to pay are being transferred to the end users.

“Businesses that have multiplier effect on job creation and production in the sector should be looked into.

“Taxes are making it difficult for us to breathe, so this is the area we want government to look at, particularly the manufacturing sector.

“When the physical and non-physical incentive is granted to the manufacturing sector, it translates into multiplier effect and productive activities,” he said.

Olubiyo said the issue of multiple taxation if not properly addressed would lead to the country losing the required competition, especially in the power sector.

According to him, most of the businesses that are supposed to be in Nigeria will be diverted to other West African countries.

Also speaking on the poor state of electricity, Olubiyo said government should henceforth ensure that Electricity Distribution Companies (DisCOS) should not be placed in the hands of individuals’ control.

“Most DisCos belong to two or three people, they should be properly restructured and listed on the stock exchange for public equity.”

He said by so doing, the issue of good governance, discipline and corruption would be checked. (NAN) (www nannews.ng)

COA/EEE

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Edited by Ese E. Eniola Williams

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Trade

By Aisha Cole and Raji Razak

Seme, June 9, 2024 (NAN) The Customs command in Seme border said it recorded about 100 per cent increase in the volume of trade in the first five months of 2024.

The Seme Border Customs Comptroller, Timi Bomodi disclosed this in an interview with the News Agency of Nigeria (NAN) in Seme on Sunday.

Bomodi said that the significant increase was due to improved trade facilitation in export and import of goods in the area.

He said that the customs command Seme border also recorded considerable increase of 272 per cent from import recorded in the last five month of 2024 when compared with 2023.

Bomodi said that on trade facilitation,  the service recognised that Lagos-Abidjan corridor was strategically located and considered as the most viable trade corridor in the entire Africa.

According to him, Lagos-Abidjan corridor is viable to the nation’s economy while the European Union is  ready to release money to develop infrastructure around the axis.

He called for telecommunication infrastructure and rail lines to boost legitimate trade along the Lagos-Abidjan corridor.

“We know that goods from Nigeria end up in other West Africa markets, we also know that goods that are originating from other West African countries come into the  Nigeria market.

“So, there is that symbiotic relationship. Trade facilitation is important to us because without proper facilitation,  there will be unnecessary encumbrances,” he said.

“We are mindful of the role that we play on trade facilitation at border areas, we want to be sure that our processes and  procedures are well outlined, simplified, automated and easily accessible by the trading public.

“We have had a tremendous growth on export, we had over 100 per cent even in the area of import, we had significant growth too.

“We measure the volume and value of goods that move across the corridor, we noted significant increase in revenue generation,”Bomodi said.

He said that Seme command had been attracting more users due to customs enhancement on trade facilitation as well as collaboration with their counterparts in Benin Republic on harmonising customs procedures.

Bomodi said the  purpose of  harmonising customs procedures was to ensure that border areas were designed for a one stop shop for examination and release of cargos regardless of the destination.

He advised intending exporters and importers to be guided on export and import procedures, customs requirements and follow due process to avoid goods being  forfeited (NAN).

AIC/ROR/CHOM/AZU

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Edited by Chioma Ugboma and Azubuike Okeh

NCS’ Trade Modernisation Project to create 15,000 jobs – official
Jobs
By Martha Agas
June 9, 2024(NAN) The Nigeria Customs Service (NCS) Trade Modernisation Project (TMP), will create more than 15,000 jobsU, its General Manager, Mr Ahmed Ogunshola, has said.

Ogunshola told the News Agency of Nigeria (NAN) on Sunday in Abuja, that the TMP, which has three phases, is a 20-year concession agreement signed on May 27, 2023, between the Federal Government of Nigeria, through the NCS Board, and the Trade Modernisation Project Ltd.

The TMP is the automation of the business processes of the NCS to simplify the experience of stakeholders in the trade value chain.

It is expected to ease export and import clearances, payment of duties and the release of goods.

The GM said that more NCS personnel would be engaged for the implementation of the project.

He added that its investment would require local expertise and skills, which would, in turn, develop the local economy.

“More NCS personnel will be required. For the concession agreement, an additional 15,000 personnel will be needed to fully implement it

“ TMP will bring in investments in billions of dollars that will require local expertise and skills.

“As concessionaire, we are building a national operation that will be required to ensure the efficient and effective functioning of all the technology platforms,” he said.

Ogunshola further explained that with the introduction of any disruptive technology, new jobs would be created through the new service points required for the project to function effectively.

He said that the project would also facilitate professionalism, especially in technical and information technology skills, as those involved in the implementation were being exposed to the use of modern technology infrastructure.

According to him, it will provide organisation-wide capacity building for NCS, to ensure the sustainable implementation of the project.

“The project will create a new set of professionals who will help end users navigate the system.

“Studies of similar projects around the world have shown that the ripple effects lead to creation of new jobs across many industries.

“The project also grows businesses which, together, contribute to wealth generation and sustainable developments,” he said.

NAN reports that the project is expected to generate in excess of 250 billion dollars for the Federal Government over the life of the concession.

The concessionaire is expected to invest 3.2 billion dollars to deliver the project over the 20-year period.(NAN)(www.nannews.ng)
MAA/ETS

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Devaluation
By Raji Rasak/Aisha Cole
Badagry (Lagos State), June 9, 2024 (NAN) The Customs Area Controller, Seme Command, Comptroller Timi Bomodi, on Sunday said devalued Naira had positively impacted on exportation of Nigeria’s local products to neighbouring countries in West Africa.

Bomodi said this is an interview with the News Agency of Nigeria (NAN) in Seme, near Badagry.

According to the controller, imports and exports are usually affected by market forces and by this we mean both the demand and supply.

“The exchange rate plays a big role in determining the demand or the purchasing power of the people.

“We are talking about the exchange rate of Naira vis a vis its impact on exports. Now as the value of Naira begins to decline, you find out that Nigerian-made goods are considered cheap within the region.

“This encourages people from neighbouring countries to want to purchase goods from Nigeria but while we complain that the exchange rate has a negative impact on imports, it has a positive impact on exports.

“Yes, we couldn’t buy goods because the dollar was high but people saw a cheap Naira as an opportunity to get goods from Nigeria.

“For the first time, you have a net export gain for Nigeria vis a vis her neighbouring countries, because you find out that what makes Nigerians go to their neighbours is now making them come to Nigeria,” he said.

Bomodi said that devaluation of Naira had increased the growing local economy.

“Even, a devalued Naira is an advantage for export, So it’s not such a negative thing but in trade, you have to balance both ends.

“Here at Seme-Krake border post, we have our primary responsibility as Customs which is facilitation of legitimate trade.

“We deal with  a lot of imports and exports and enforce fiscal policies of the government, particularly in area of prohibition.

“In Seme-Krake, the Lagos-Abidjan corridor is considered as the most viable trade corridor in West Africa and indeed the whole of Africa.

“So viable, so strategic to the economic development of Africa that the European Union and other international agencies are ready to cough out a humongous amount of money to develop infrastructure around this axis,” the controller said. (NAN)(www.nannews.ng)
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Edited by Chioma Ugboma/Adeleye Ajayi