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
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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