Kogi introduces levy on every loaf of bread

Published

4 years ago

November 13, 2020

The Kogi State Government has introduced a levy on every loaf of bread baked in the state.

The state Ministry of Commerce and Industry said the levy was aimed at improving the internally generated revenue.

But the state chapter of the Association of Master Bakers and Caterers of Nigeria (AMBCN) told TheCable on Thursday that the bakers were against the levy.

An executive member of the association simply identified as Godfirst said the association has begun moves to meet with the consultant the state charged with collecting the fee.

Godfirst said they received a memo from the ministry imposing a levy to be paid “on each loaf of bread” produced.

“The letter was sent to us that a consultant has been given the job to generate funds from bakery to the state government; to generate revenue (for the) state government,” he said.

“We are trying to meet with the consultant but we have not been able to meet with him. We want to meet with him to give us more explanation.”

He said bakers in the state were experiencing hardship occasioned by the pandemic and would not be able to meet the new demand.

“We are not happy about it; presently there is no market. We are facing different types of challenges, and if they are now asking us to pay another tax, we don’t know how we can cope,” he said.

Kingsley Fanwo, the state commissioner for information, was not available for comments when TheCable called his phone number.

-TheCable

PH refinery: 200 trucks will load petroleum products daily, says Presidency

Published

9 hours ago

November 26, 2024

Trends Admin

Port Harcourt Refinery

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.

PH refinery: 200 trucks will load petroleum products daily, says Presidency

Breaking: CBN increases interest rate to 27.50%

Published

10 hours ago

November 26, 2024

Trends Admin

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.

Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS

Published

14 hours ago

November 26, 2024

Trends Admin

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%.”