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FG insists all MDAs must buy only Nigeria-assembled vehicles
The Federal Government has asked all Ministries, Departments and Agencies to buy only vehicles assembled in Nigeria.
This came as the FG says workers earning only the minimum wage will be exempted from the Personal Income Tax.
The President gave the directive to the MDAs on Monday during the 26th Economic Summit held in Abuja.
Buhari, represented by the Vice President, Prof. Yemi Osinbajo, was responding to the issue of vehicle import duty raised at the summit during the speech presentation.
He explained that the reduction of import duty on vehicles would help cut down transportation cost.
“The point of the reduction in levies on motor vehicles, commercial vehicles for transportation is to reduce the cost of transportation by reducing the cost of vehicles,” he said.
Buhari said the policy to patronise local automakers was to insulate them against a new policy reducing vehicle import duties.
He said, “With subsidy removal and the increase in fuel price and the pass-through to food prices, transportation costs had to be reduced.
“Now the automotive policy is directed at localising the production of vehicles. So the logic was to increase the duty and levies so that local production becomes more competitive. But the annual demand for vehicles is about 720, 000 vehicles; actual local production is 14,000 vehicles a year.
“We are not giving up on the local auto industry. We still have relatively high duty at 35 per cent; so, there is still a disincentive for importation.
“Secondly, we are promoting policy that the government must buy only locally manufactured cars.”
He also spoke on tax exemption for minimum income earners, explaining that it was meant to reduce the impact of inflation on such Nigerians.
The President said, “We are proposing in the new Finance Act that those who earn minimum wage should be exempted from paying income tax.
“These provisions which complement the tax breaks given to small businesses last year will not only further stimulate the economy, but are also a fulfilment of promises made to take steps to help reduce the cost of transportation and the impact of inflation on ordinary Nigerians.”
News
Recruitment of next phase of federal fire service personnel begins
Recruitment of next phase of federal fire service personnel begins
The Civil Defence Correctional Fire and Immigration Services Board (CDCFIB) has announced the commencement of the next phase of ITs 2023/2024 recruitment into the Federal Fire Service (FFS).
The Secretary to the Board, Ja’afaru Ahmed, disclosed this in a statement made available to the media on Saturday.
“The Civil Defence Correctional Fire and Immigration Services Board (CDCFIB) wishes to inform the general public that the next phase of the Federal Fire Service (FFS) Recruitment Exercise will commence on the 15th of September, 2024 as shortlisted candidates will be sent invitation letters detailing where they are to appear for physical screening, certificate verification as well as aptitude test through the phone numbers and email addresses they provided during the process of registration.
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“The Board wishes to state that every process of this exercise does not attract any form of payment,” the statement said.
The Board had earlier promised to conclude the recruitment process before the end of September 2024.
Daily Trust gathered that around 2500 personnel would be recruited after the completion of the recruitment process.
Recruitment of next phase of federal fire service personnel begins
News
Dangote fuel supply forces Scotland refinery to announce shutdown date
Dangote fuel supply forces Scotland refinery to announce shutdown date
Grangemouth, Scotland’s only oil refinery, is to close in 2025 with the loss of 400 jobs, operator Petroineos has said, according to Reuters, as part of plans to turn the 100-year-old plant into a fuels import terminal.
Petroineos said last November it was preparing to shut down Grangemouth, Britain’s oldest refinery. Production will cease in the second quarter of next year, subject to an employee consultation, a company spokesperson said.
The decision was criticised by trade unions and politicians.
“It is deeply disappointing that Petroineos have confirmed their previous decision to close Grangemouth oil refinery,” UK Energy Secretary Ed Miliband said.
The site will become an import and distribution terminal for finished fuels, which will cut the number of employees at the site from 475 to around 75 over the next two years.
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Petroineos is a joint venture between PetroChina International London (PCIL) and INEOS Group, a British chemicals firm founded by billionaire Sir Jim Ratcliffe.
The company cited economic difficulties as the reason for the closure, stating that the company had invested $1.2 billion since 2011, and returned losses in excess of $775 million over the same period.
“Grangemouth is increasingly unable to compete with bigger, more modern and efficient sites in the Middle East, Asia and Africa” where Dangote Refinery just opened.
Due to its size and configuration, Grangemouth incurs high levels of capital expenditure each year just to maintain its licence to operate,” the company said.
It said the plant is currently losing around $500,000 per day, and expects to see a $200 million loss for 2024.
Petroineos’s plans for Grangemouth had been opposed by trade unions and local politicians and there were campaigns to extend production until a low-carbon alternative for its long-term future could be secured.
Dangote fuel supply forces Scotland refinery to announce shutdown date
News
JUST IN: Tinubu returns to Abuja today after China, UK trips
JUST IN: Tinubu returns to Abuja today after China, UK trips
President Bola Tinubu is set to return to Abuja on Sunday after concluding his official trip to China and a brief stopover in the United Kingdom.
Tinubu departed Abuja for Beijing on August 29. His visit commenced on September 2 with a meeting at the Great Hall of the People, where he was warmly received by President Xi Jinping.
A 21-gun salute and an honor guard marked his arrival in China, highlighting the significance of the visit.
According to a statement released by Bayo Onanuga, the Special Adviser to the President on Information and Strategy, Tinubu engaged in a series of bilateral talks with President Xi Jinping and Premier Li Qiang. During these discussions, both countries signed five Memoranda of Understanding (MoUs).
These agreements covered various areas, including a cooperation plan to further the Belt and Road Initiative, peaceful applications of nuclear energy, and development initiatives related to human resources.
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One of the MoUs emphasized media exchange and cooperation between China’s media outlets and the Nigerian Television Authority. Another key agreement was signed with the China Harbour Engineering Company (CHEC) for the construction of the Lagos Green Rail Line, a 68-kilometer project that will connect the Lekki Free Zone to Marina, interfacing with the existing Blue Line.
Additionally, an agreement for a $1 billion iron ore-to-steel project in Kogi State was reached between Nigeria’s Chart and Capstone Integrated Limited and China’s Sinomach-He.
During his stay in China, President Tinubu also visited prominent companies, including Huawei and CHEC, before attending the Forum on China-Africa Cooperation (FOCAC) Summit. At the summit, representing the Economic Community of West African States (ECOWAS) as chairman, he delivered a speech emphasizing the importance of multilateralism and global cooperation for peace.
In his final engagement in China, Tinubu met with representatives of the Nigerians in Diaspora Organization (China chapter) to discuss the ongoing reforms in Nigeria. He expressed hope that these changes would pave the way for improved infrastructure, consistent power supply, and enhanced education, akin to what is seen in China.
After leaving Beijing, President Tinubu headed to London for a brief visit. There, he met with King Charles III to discuss pressing issues, including climate change.
President Tinubu’s return to Abuja is eagerly anticipated as he concludes this important diplomatic mission.
JUST IN: Tinubu returns to Abuja today after China, UK trips
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