Business
Crisis brews at Lagos port over new imported vehicle fee
Crisis brews at Lagos port over new imported vehicle fee
There is a growing tension at Lagos seaports over a new charge of N4,600 imposed by the Lagos State government on all imported vehicles coming out of ports in the state.
Known as the Temporary Vehicle Tag, TVT, the charge was introduced by the Lagos State Ministry of Transportation through the Motor Vehicle Administration Agency, MVAA.
This is however generating tension as port users and vehicle importers have vowed to resist the new charge.
According a report by Vanguard, the Nigerian Ports Authority has reportedly linked the TVT payment to the Terminal Delivery Order, TDO, and directed terminal operators not to release any vehicle without evidence of payment. It quoted Managing Director of the Lagos State Wharf Landing Fee Collection Authority, Mr Gboyega Savaldor, as saying the introduction of the charge was for the security of everybody living in Lagos.
He also said the new charge would check the use of unregistered vehicles by dealers who sometimes use this category of vehicles for criminal purposes.
Savaldor also disclosed that after payment of N4,600, the clearing agents would be issued a sticker that would be placed on the vehicle. This allows the vehicle to be driven within Lagos for the period of one month.
Already, clearing agents at the port lamented that they were being overtaxed by the Lagos Government because already, Wharf Landing Fees are being collected on all cargoes, including vehicles.
Salvador however said, “The Wharf Landing Fee is being operated under a law. The money collected is not for Lagos State Government, it is to assist the operators. The Lagos government is inconveniencing itself to do this, the money is being collected to eradicate area boys harassing truck drivers on Lagos roads, and the money is shared among local government areas” he said.
But the Youth Leader of the Association of Nigerian Licensed Customs Agents (ANLCA) at Tin Can Island Port, Remilekun Sikiru disagreed with Salvador, saying that the Lagos State Government first came to the port in December 2022 and claimed that the TVT would replace the Wharf Landing Fees.
“They came around last year around December, they claim this will replace the Wharf landing payment, I called and spoke with the coordinator whose phone was on the flyer, he told me that with the sticker which cost about N4,600 the vehicle can be driven within Lagos for the period of one month
“I told him this sticker should be directed to the dealers who take their vehicles around before they are sold.
“The truth remains that they want to take advantage of the fact that lots of vehicles come out of the port and want to compel the clearing agents to make this payment, furthermore they will begin operation with task force to enforce payment for the sticker,” he said.
He also said, “They have been forcing terminals to include TVT receipt and confirmation as part of the documents for TDO (Terminal Delivery Order).”
Business
PH refinery: 200 trucks will load petroleum products daily, says Presidency
PH refinery: 200 trucks will load petroleum products daily, says Presidency
No fewer than 200 trucks are set to load petroleum products at the government-owned Port Harcourt Refinery, the presidency has said.
A presidential spokesperson, Sunday Dare, made this known in a statement through his official X handle on Tuesday.
Newstrends had reported that the Nigerian National Petroleum Company on Tuesday announced that Port Harcourt Refinery has resumed operations and crude oil processing after years of inactivity.
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Reacting, Dare said, “200 trucks are expected to load products daily from the refinery, Renewing the Hopes of Nigeria.”
He added that “the Port Harcourt refinery has two wings.
“The Old Refinery comes on stream today with an installed production capacity of 60, 000 barrels per day of crude oil.”
PH refinery: 200 trucks will load petroleum products daily, says Presidency
Business
Breaking: CBN increases interest rate to 27.50%
Breaking: CBN increases interest rate to 27.50%
The Central Bank of Nigeria (CBN) has raised the lending interest to 27.50 per cent from 27.25 per cent.
This latest increase in the Monetary Policy Rate came after a meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Monday and concluded Tuesday.
The Monetary Policy Rate measures the benchmark interest rate.
The CBN Governor, Yemi Cardoso, announced this in Abuja on Tuesday after the MPC meeting, last for the year, held at the apex bank’s headquarters.
He said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.
The CBN governor also said the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.
Business
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate stood at 4.3 per cent in the second quarter of 2024, the National Bureau of Statistics (NBS) has said in its latest report.
The report released on Monday said the unemployment rate decreased compared to the 5.3 per cent recorded in the Q1 of 2024.
The NBS defined the unemployment rate as the share of the labour force (the combination of unemployed and employed people) who are not employed but actively searching and are available for work.
“The unemployment rate for Q2 2024 was 4.3%, showing an increase of 0.1 percentage point compared to the same period last year,” the report stated.
“The unemployment rate among males was 3.4% and 5.1% among females.
“By place of residence, the unemployment rate was 5.2% in urban areas and 2.8% in rural areas. Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.”
Report also said the unemployment rate among persons with post-secondary education was 4.8 per cent; 8.5 per cent among those with upper secondary education, 5.8 per cent for those with lower secondary education, and 2.8 per cent among those with primary education in Q2 2024.
Employment rate – 76%
The report showed that the employment-to-population ratio, which measures the number of employed workers against the total working-age population, increased to 76.1 per cent in Q2 2024.
“In Q2 2024, 76.1% of Nigeria’s working-age population was employed, up from 73.1% in Q1 2024,” the report stated.
Self-employment – 85.6%
The report further showed that Nigeria’s labour market saw a notable shift as the proportion of self-employed individuals increased in Q2 2024.
It stated, “The proportion of persons in self-employment in Q2 2024 was 85.6%.”
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