Business
Apapa gridlock beyond traffic management, says FRSC sector commander
…seeks stakeholders’ support
The Lagos Sector Commander of the Federal Road Safety Corps, Olusegun Ogungbemide, has said the Apapa gridlock is a complex situation that requires continuous support of stakeholders in the transport sector to fully address.
He notes that the gridlock is beyond traffic management.
He stated this when the Transport Correspondents Association of Nigeria, Lagos chapter, visited the command at Ojodu, Lagos, on Thursday.
He said if all transport stakeholders collaborated with government officials, the gridlock would be a thing of the past.
He said enforcement could only take care of 15 per cent of traffic challenges, adding that collaboration with stakeholders would go a long way in solving the challenges in the state.
Ogungbemide said, “The problem of Apapa is beyond traffic management; we have economic boom but no boom for individuals in terms of infrastructure.
“A family of four can have their four cars parked along the road in front of their house without a car park. Some trailer operators think of the number of trailers to purchase but not thinking of parks.
“As long as there is the volume of traffic on Apapa routes, the traffic will still persist; Unless there is multi-modern transportation.”
He commended the management of the Nigerian Ports Authority and the Lagos State Government for the introduction of the Traffic Management and Enforcement Compliance Team.
He also lauded the Federal Government for building a new freight rail line directly from the ports, adding that it would help a lot in easing the Apapa gridlock.
The sector commander said the completion of the rehabilitation of the Apapa Tin-Can Island Port road would also help in solving the problem of traffic in Lagos.
Reacting to Monday and Tuesday’s gridlock in Apapa, Surulere and other parts of Lagos, Ogungbemide explained that the truck park at Lilypond was closed, which led to indiscriminate parking of trucks.
He said it was discovered recently that trucks carrying export goods were in large number on Apapa road.
He said the office had suggested that all the truck companies should form an umbrella body to enable government agencies to easily reach out to them.
Ogungbemide said over 89 BRT buses that could convey about 4,450 people got burnt as a result of the end SARS crisis making a lot of people to be stranded.
“The media has been assisting us in our operation and I must commend the collaboration with other transport agencies in Lagos State.
“Lagos State is very dynamic and I have determined to change Lagos traffic positively. Remember the tanker/gas incident at Kara, the press assisted in pushing our efforts, which made people to recognise our presence.”
Ogungbemide appreciated TCAN members for the visit and wished the Chairman of the Association, Mr Dele Aderibigbe, a quick recovery from an accident he had recently in Lagos.
Earlier, the Vice Chairman of TCAN, Benjamin Alade, assured the corps of prompt media coverage of its programmes towards a crash-free state.
Business
Tinubu orders creation of single-digit tax system
Tinubu orders creation of single-digit tax system
President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.
Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.
A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”
The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”
Business
Naira gains further against dollar
Naira gains further against dollar
The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.
According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.
On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.
Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.
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The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.
CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.
Naira gains further against dollar
(NAN)
Business
CBN jacks up interest rate amid soaring inflation
CBN jacks up interest rate amid soaring inflation
The Central Bank of Nigeria (CBN) on Tuesday raised the interest rate from 22.75 per cent to 24.75 per cent amid soaring inflation.
Governor of the central bank, Olayemi Cardoso, made this known after the two-day Monetary Policy Committee (MPC) meeting held on Monday and Tuesday.
The country’s latest annual inflation rate jumped to 31.70 per cent from 29.90 per cent for last month, fueled by a continuous rise in food prices.
Cardoso disclosed that the MPC voted to adjust the asymmetric corridor around the MPR at +100 to -300 basis points.
He said the committee voted to retain the Cash Reserve Ratio (CRR) at 45 per cent for commercial banks and adjust the CRR of merchant banks from 10 per cent to 14 per cent.
The committee also voted to retain the liquidity at 30 per cent.
He said, “Members noted the continued rise in headline inflation driven largely by food prices, because of supply shortages, and high cost of Logistics and Distribution.
“The committee, therefore, was of the view that addressing food insecurity is key to containing current inflationary pressures.”
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