“As an advocacy group for fair and just treatment, MURIC should have verified the facts before making statements that are entirely flawed and has the potential to incite ordinary Nigerians against the NNPC Ltd.”
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 Refinery can sell petrol to any marketer – NNPC
Dangote Refinery can sell petrol to any marketer – NNPC
The Nigerian National Petroleum Company Limited (NNPC Ltd) has said it has no desire or intention to be the sole offtaker of petrol produced by the Dangote Refinery Limited, DRL.
NNPC Ltd said this while reacting to claim by the Muslim Rights Concern, MURIC, which claims that the Dangote Refinery Limited (DRL) is being undermined by actions of the NNPC Ltd.
MURIC had in a statement issued on Friday claimed that recent changes to the pump price of petrol will prevent the Dangote Refinery from selling the product at lower prices to Nigerians.
The group also claimed NNPC Ltd. has become the sole offtaker of all products from the refinery.
However, Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd in a statement on Saturday dismissed the claims of MURIC.
While puncturing the claims of MURIC, NNPC LTD in the statement noted that the pricing of petroleum products from any refinery, including the Dangote Refinery Ltd. (DRL), is determined by global market forces.
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The company thefore noted that recent changes in PMS prices have no impact on the DRL or any other domestic refinery’s access to the Nigerian market.
Business
Forex: CBN sells $20,000 to each BDC at N1,580/$
Forex: CBN sells $20,000 to each BDC at N1,580/$
The Central Bank of Nigeria (CBN) has announced plans to inject more liquidity into the foreign exchange market by approving the sale of US$20,000 to each eligible Bureau De Change (BDC) operator.
This move is aimed at meeting the growing demand for foreign exchange in the retail market, particularly for invisible transactions.
In a circular issued on September 6, 2024, and signed by Dr. W.J. Kanya, Acting Director of the CBN’s Trade and Exchange Department, the bank stated that eligible BDC operators would purchase the foreign currency at the rate of N1,580 per US dollar.
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The BDCs are permitted to sell the forex to end-users at a margin not exceeding 1% above the purchase rate.
To facilitate the process, the bank said eligible BDCs must make Naira payments into designated CBN deposit accounts and submit the required documentation at the appropriate CBN branches in Abuja, Awka, Kano, and Lagos for the collection of the approved $20,000.
This measure is part of CBN’s ongoing efforts to stabilize the forex market and meet demand for invisible transactions such as payment for personal travel, medical bills, and school fees.
Forex: CBN sells $20,000 to each BDC at N1,580/$
Business
Naira falls by N34 to dollar in 24hrs
Naira falls by N34 to dollar in 24hrs
The Nigerian currency, Naira, has plummeted to an unprecedented low, trading at a staggering N1,639.41 per dollar at the official market on Thursday.
This marks a sharp decline from the previous day’s rate of N1,606, reflecting a dramatic loss of N34.
In a parallel trend, the black market also saw the naira fall, with the exchange rate reaching N1,645 per dollar, down from N1,640.
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The worsening exchange rates signal deepening economic challenges and growing concerns over the stability of the national currency.
As the naira continues its downward spiral, analysts and market watchers are closely monitoring the situation, with implications for both the economy and daily lives of Nigerians.
Naira falls by N34 to dollar in 24hrs
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