Business
Customs: Vehicle tariff reduction to begin next week
- Finance Act, a short-term measure – Minister
Vehicle importers are from next week expected to start enjoying considerable reduction in tariff on automobiles they bring into the country, the Nigeria Customs Service has said.
The reduced duties on vehicles and tractors from 35 to about 10 per cent are part of the new finance law.
Comptroller-General of Customs, Hameed Ali, who disclosed this to journalists in Abuja, said the management of the service was expecting an official communication from the finance ministry on the matter any moment.
But the Minister of Industry, Trade and Investment, Otunba Adebayo, says the auto section that allows for reduced import tariff in the Finance Act is a short-term measure as part of ways to ease the difficulties coming with the recent lockdown and rise in inflation.
He said the vehicle tariff reduction, as contained in the 2020 Finance Act, was initiated by the NCS to ease the cost of transportation in Nigeria.
He said, “We are the proponents of the new tariff. I’ve been torn apart by many people criticising it, saying I used my connection to get it done. But it is in the overall interest of Nigeria.
“Now, it has become a law. We are now waiting for the finance minister to give us a formal conveyance of that Act. Once we receive it, we commence implementation immediately and inform our commands.
“We are hoping that latest by next week, it will become operational.”
On the African Continental Free Trade Agreement, Ali said all aspects that concerned the NCS had been adhered to.
He, however, noted that the service would need certain inputs from the AfCFTA secretariat, such rules of origin, as this should not be left to chambers of commerce alone, adding that the NCS should part of the team.
Otunba Adebayo said the Federal Government had activated a number of measures to assist automakers in Nigeria to ensure that they would operate well and buoyantly such as government’s agencies.
“The idea is to help people who cannot buy cars in the short term. We’re looking at the medium and long-term measures which will largely benefit the local auto manufacturers,” he said.
Business
Release Nigerian traders’ data to EFCC, court orders Binance
Release Nigerian traders data to EFCC, court orders Binance
A Federal High Court in Abuja has ordered Binance Holdings Limited, a cryptocurrency exchange platform, to furnish the Economic and Financial Crimes Commission with the comprehensive data of all persons from Nigeria trading on its platform.
Justice Emeka Nwite granted the interim order after ruling on the ex-parte motion moved by the EFCC’s lawyer, Ekele Iheanacho.
This was granted to enable the anti-graft agency to unravel the alleged money laundering and terrorism financing on Binance.
The ex-parte motion was brought pursuant to Sections 6(b), (h), (I), 7(1), (a)(2), and 38 of the Economic and Financial Crimes Establishment Act, 2004 and Section 15 of the Money Laundering (Prevention and Prohibition) Act, 2022 (as amended) and the inherent powers of the court.
An operative of the EFCC, Hamma Bello, in an affidavit he deposed to, said the matter was of utmost urgent public interest.
He said the data provided would enable the commission to accomplish its investigation activities.
He said it was in the interest of justice to grant the application as refusal of the request would largely hamper the commission’s investigation.
He stated, “That the team uncovered users who have been using the platform for price discovery, confirmation and market manipulation which has caused tremendous distortions in the market, resulting in the naira losing its values against other currencies.
“That the damage the platform has caused was clearly explained to the operators of the platform and they were requested to delist the Naira and avail the ONSA on the activities of the Nigerians on their platform,”
He said the information availed to the team by Binance shows that the total trading volume from Nigeria in 2023 alone stood at $21.6 billion.
Binance is a cryptocurrency exchange that lists more than 350 cryptocurrencies globally.
Railway
UK firm to build PH-Enugu-Abuja standard rail line – FG
UK firm to build PH-Enugu-Abuja standard rail line – FG
The Federal Government has signed a Memorandum of Understanding with Messrs MPH Rail Development Limited, a United Kingdom company for the construction of the Port Harcourt–Enugu–Calabar–Abuja Standard Gauge Rail Line.
The project when completed will be operated under a public-private partnership framework.
These details are contained in a statement issued by the Federal Ministry of Transportation and published on its website.
Under the MoU, the UK firm will manage the design, construction, commissioning, operation and eventually transfer to the Nigerian Railway Corporation.
The ministry stated that the MoU signing followed the approval of the Outline Business Case and the issuance of a compliance certificate by the Infrastructure, Concession, and Regulatory Commission.
This clearance allows Messrs MPH Rail Development (UK) Limited to focus on assembling the necessary documents for the Federal Executive Council (FEC) approval to proceed with the project.
Some of the essential documents for advancing this initiative are listed as a comprehensive feasibility study report, a full Business Case Study, an Environmental and Social Impact Assessment, the production of a Resettlement Action Plan, and the design of a Financial Model to implement the project.
This would ensure transfer of the line to the Federal Government under a PPP arrangement without incurring loans or debts for the Nigerian government or its agencies.
At the MoU signing ceremony, Alkali pledged the ministry’s support for the successful implementation of the project.
He emphasized the importance of diligent preparation and submission of all requisite documents to expedite FEC’s approval.
The statement read in part, “As part of the initiative to consolidate the ongoing railway modernisation projects consistent with the Renewed Hope Agenda of Presidential Bola Ahmed Tinubu administration, the Minister of Transportation, Senator Saidu Ahmed Alkali, has executed a Memorandum of Understanding on behalf of the Federal Ministry of Transportation with Messrs MPH Rail Development (UK) Limited to enable the company to carry out the design, construction, commissioning, operation and transfer of the Port Harcourt–Enugu–Calabar–Abuja Standard Gauge Rail Line on Public – Private Partnership basis.”
Business
No approvals from FEC for borrowing through eurobond, says DMO
No approvals from FEC for borrowing through eurobond, says DMO
The Debt Management Office (DMO) says it has not secured approval of the Federal Executive Council for the appointment of advisers and eurobond issuance.
The Federal Government could raise as much as $1 billion in external borrowing in 2024 through this method to meet its spending needs.
On March 13, there were reports Nigeria had hired investment banks to seek advice on its first eurobond issue since 2022.
But the DMO in a statement on Friday said it had not appointed transaction advisers.
“The appointment of Transaction Advisers by the DMO is done in accordance with the provisions of the Public Procurement Act, 2007 and is subject to the approval of the Federal Executive Council (FEC),” DMO said.
“Also, the Issuance of Eurobonds by the Federal Government of Nigeria in the International Capital Market is subject to the approval of the FEC and receipt of the Resolution of the National Assembly (NASS) in accordance with the provisions of the Fiscal Responsibilities Act, 2007 and Debt Management Office (Establishment, Etc.) Act, 2003.
“Currently, the DMO has not received the requisite approvals from the FEC and Resolution of the NASS for any Eurobond Issuance.”
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