Business
Lagos unveils N800 consolidated transport levy for commercial drivers
Lagos State Government has signed an agreement for the collection of Informal Transport Sector Levy to harmonise dues collected by government from commercial motorists at parks and garages across the State.
The government signed the agreement with the National Union of Road Transport Workers, Road Transport Employers Association of Nigeria, and others on Tuesday.
The levy will see each commercial driver in the state pay a consolidated levy of N800 to be shared among government agencies and local governments.
The agencies to share the N800 collected are LAWMA, LIRS, LASEPA, Ministry of Transportation, local governments, among others.
With the levy, the LGs will not collect levy from commercial drivers anymore as their share has been inculcated in the N800 levy per day for a commercial driver.
All commercial bus drivers will now be issued tax cards by the Lagos Internal Revenue Service annually for paying the N800 daily and about N24,000 monthly.
The state Commissioner for Finance, Dr Rabiu Olowo, said at the signing of the agreement at the Bagauda Kaltho Press Centre, Alausa, Ikeja that the fee would cover money for not just the local government, but also that of clearing waste from the motor parks paid to LAWMA, and pollution due collected by LASEPA.
According to Olowo personal income taxes of the drivers would also be deducted from the levy.
“The consolidated transport levy will include the personal income tax of the drivers, include cost of taking care of parks, include money for Environmental Impact Assessment, EIA; LG money and others,” he said.
Olowo said the need to harmonise the transport collection levy process became paramount as other associations have template for collecting their dues.
He said from findings, a commercial bus driver pay as much as N3,000 as levy on daily basis to the various unions and government agencies, saying that has now been pegged at N800 per driver.
“We want to reduce the fees payable. The levy will consolidate all levies; we want to build a reliable data base to know those who are doing businesses in our state. Bus drivers will get tax card. We want to bring about collaborative effort. It is imperative for Lagosians to know this is a remarkable achievement. An average danfo driver pay N3,000 daily. Once they pay from the point of entry, that is all. It is N800 charge per day
Business
Dangote, NNPCL back to negotiation over Naira-for-crude deal
Dangote, NNPCL back to negotiation over Naira-for-crude deal
The Nigerian National Petroleum Company Limited (NNPCL) on Monday said discussions are currently ongoing towards emplacing a new naira-for-crude contract with local refiners.
The company reacted after the reported collapse of the naira for crude deal between the NNPCL and the local refiners, prompting marketers, stakeholders and Nigerians to express mixed feelings.
The deal, which lasted barely six months, was said to have collapsed, raising fear of increase in prices of petroleum products and further depreciation of naira against the dollars.
Newstrends reports that President Bola Ahmed Tinubu had directed the sale of crude oil to Dangote in naira as part of move to bring down the cost of premium motor spirit (pms) otherwise known as petrol.
In October 2024, the Federal Executive Council (FEC) approved that 450,000 barrels intended for domestic consumption be offered in Naira to Nigerian refineries, with the Dangote Refinery acting as a pilot project.
But findings by our correspondent indicated that the deal which was signed in October 2024 and is expected to lapse at the end of March 2025 might have collapsed.
Sources said this was due to “irreconcilable” differences bothering on product delivery and other issues.
Daily Trust reports that under the scheme which commenced in the first week of October 2024, the NNPCL was expected to supply 385,000 barrels of crude oil to the 650,000 bdp Dangote Refinery located in Ibeju-Lekki Lagos.
READ ALSO:
- EKEDC blames faulty transmission lines for poor power supply in Lagos
- BREAKING: Rivers Assembly issues warrant of arrest on RISIEC chairman
- Tension in Oyo as residents protest 23-day curfew for Alaafin’s traditional rites
However, findings showed that there has been a consistent low supply of allocations to Dangote Refinery, forcing it to resort to importation.
Daily Trust earlier reported that there has been a sharp decline in the volume of crude allocated to the Naira-for-Crude scheme.
A document reviewed late January indicated that for February 2025, the scheme has been allocated only four cargoes, and for March, just two cargoes totalling 950,000 barrels (1.9 million barrels in total for the month). This represents an allocation of 61,290 barrels per day – far below the 385,000 bpd target under the scheme.
The shortfall has left Dangote Refinery with no option than to import crude oil from outside Nigeria. It recently received 12 million barrels of crude oil from the United States.
There was no official comment yet from Dangote on the reported collapse of the naira for crude deal but a source close to the refinery confirmed that it is true. He did not provide further clarification.
But the NNPC Limited while clarifying the development said it has noted recent reports circulating on social media regarding the alleged unilateral termination of the crude oil sales agreement in Naira between NNPC and Dangote Refinery.
Chief Spokesperson of the NNPC, Olufemi Shoneye said, “To clarify, the contract for the sale of crude oil in Naira was structured as a six-month agreement, subject to availability, and expires at the end of March 2025.
“Discussions are currently ongoing towards emplacing a new contract. Under this arrangement, NNPC has made over 48 million barrels of crude oil available to Dangote Refinery since October 2024. In aggregate, NNPC has made over 84 million barrels of crude oil available to the Refinery since its commencement of operations in 2023.
READ ALSO:
- Tension in Oyo as residents protest 23-day curfew for Alaafin’s traditional rites
- Rivers: Channel your invitation properly, Speaker Amaewhule tells Gov Fubara
- Workers of Oyo tertiary institutions begin indefinite strike
“NNPC Limited remains committed to supplying crude oil for local refining based on mutually agreed terms and conditions…”
Experts, Nigerians lament collapse of deal
There are concerns among Nigerians, experts and marketers over the negative implication of the deal on fuel supply and the local currency.
They said the arrangement ordered by the president was responsible for the relative stability recently recorded in the foreign exchange. They said the development would further trigger depreciation of the naira resorting to an increase in prices of petroleum products.
A petroleum industry player, Akinrinade Akinade in a chat with our correspondent warned that the development would affect the prices of petroleum products.
He called for the intervention of President Tinubu who initiated the scheme in the first place.
He said, “I read it like you. It has not been confirmed yet. It was the President that ordered the NNPC to do it. It is not final.”
According to him, the scheme was felt largely “in the value of naira to dollar.”
“It was one of the reasons the dollar had some air space. If that one changes, we might see another devaluation of the naira because the refineries would have to be looking for dollars to source their crude. This will also affect the price of petroleum products,” he said.
Dangote, NNPCL back to negotiation over Naira-for-crude deal
Business
Bitcoin plunges to $80k amid ongoing volatility
Bitcoin plunges to $80k amid ongoing volatility
Bitcoin’s price plummeted to $80,052 late Sunday night, marking a 7% decline over the past 24 hours as uncertainty surrounding U.S. President Donald Trump’s economic policies continues to ripple through the market.
At the time of writing, Bitcoin is trading at approximately $82,200.
The overall cryptocurrency market experienced a 7% drop, reducing its valuation to $2.77 trillion.
READ ALSO:
- Chelsea 1-0 victory against Leicester boosts top four hopes
- Varsity workers protest non-payment of salary increment arrears
- Atiku support group blasts Bode George as Tinubu apologist
Solana and XRP both recorded 7% losses, while Ethereum fell 8%, trading near the $2,000 mark. Despite the downturn, Bitcoin’s dominance remains steady at 58.2%.
The market’s decline has triggered significant liquidations, with Coinglass data reporting $616 million in liquidations over the past 24 hours, according to crypto.news price tracker.
Bitcoin plunges to $80k amid ongoing volatility
Railway
NRC targets moving 100 containers daily from Lagos to Kaduna, Kano by rail
NRC targets moving 100 containers daily from Lagos to Kaduna, Kano by rail
There are plans to commence movement of containers by rail soon from Lagos port to Kaduna by rail with an initial target of 50 to 100 containers daily.
Managing Director of the Nigerian Railway Corporation, Dr Kayode Opeifa, disclosed this when he received the management team of the ICNL, led by the Managing Director, Mr Omotayo Dada, at the corporation’s headquarters, Ebute Metta, Lagos, on Tuesday.
Only recently, the corporation re-launched the rail cargo train from Apapa port Lagos to Moniya container terminal deport in Ibadan, Oyo State, following a partnership deal with APMT.
The NRC MD had earlier paid a visit to ICNL headquarters in Kaduna, which paved the way for discussion on the resumption of container movement by rail to Kaduna, according to a statement by the corporation.
Opeifa said the corporation was willing to partner with major movers of large containers from across the country.
He said the corporation would continue to design products for companies willing to use the rail to move its cargoes.
He noted that with the ICNL partnership, the corporation hopes to move additional 50 to 100 containers per day from Lagos to Kano via Apapa, Ijoko, Ilorin, Minna and Kaduna.
L-R: Managing Director, Nigerian Railway Corporation, Dr Kayode Opeifa; Managing Director, Inland Containers Nigeria Ltd, Mr Omotayo Dada, and the Head of Commercial Services, Mrs Odetunde King Abigail, during the courtesy call on the NRC MD…on Tuesday.
Earlier, the Director of Operations and Commercial of the corporation, Mr Akin Osinowo, said the corporation was in talks with many manufacturers, including the Dangote Group of Companies and BUA, among others.
He added that the NRC still continues to service Lafarge, taking cement consignments from Ewekoro to Osogbo and Ilorin.
He however said any company or terminal operator partnering with it is meant to add value to rail movement by using their size and status to prospect new customers in order to boost the railway’s haulage capacity.
He said the ICNL is a long standing customer of the corporation, adding that some of the factors that led to the stoppage of cargo movement especially on the narrow gauge are being addressed.
He said issues such as insecurity, especially between Minna and Kaduna, and the washouts of several portions of the rail tracks, among others, were being aggressively addressed either by the corporation’s team of engineers or by the Federal Government.
The NRC management and that of ICNL expressed commitment to continue their engagement and draw a road map for quick commencement of container freight to as far as to Kaduna and Kano on the western line.
-
Education15 hours agoOver two million candidates register for 2025 UTME, JAMB closes registration
-
metro2 days agoALGON drags FG, states to court over local govt funding, autonomy
-
metro3 days agoReginal Daniels removes husband’s name from new video, Ned Nwoko reacts
-
metro1 day agoUse of worn-out tyre lands FRSC sector commander in trouble
-
metro2 days agoOpen loud preaching in Anambra attracts N500,000 fine – Soludo
-
metro2 days agoBlackout: TCN, DisCos debunk fresh grid collapse, supply hits 5,093MW
-
Education24 hours agoVarsity workers protest non-payment of salary increment arrears
-
metro3 days agoTinubu offers fresh appointment to Jega