Business
Nigeria to reopen land borders soon – Finance minister
- Says no issue with federal workers’ salaries
Minister of Finance, Budget and National Planning, Zainab Ahmed, has said the nation’s land borders closed in August 2019 will be reopened soon.
She stated this during an interview with State House correspondents in Abuja on Wednesday.
Already, she said the presidential committee set up on the matter had completed its job and recommended the reopening of the borders.
The committee would soon submit its report to President Muhammadu Buhari, the minister who chairs the committee said, adding that a formal pronouncement would be made on the matter thereafter.
She said, “Mr President has set up a committee that I chair, alongside the Minister of Foreign Affairs and other ministers, including Interior, Customs, Immigration, the security services, to review and advise him on the issue of border closure.
“The committee has just completed its work and we’ll be submitting our report. I’ve signed my copy; I gave everybody to sign between today and tomorrow so that we can submit the report to Mr President.”
she also spoke on the plan to save the economy from recession, saying the administration hoped to use the Economic Sustainability Plan to rescue the economy from its current situation.
She said that the government already anticipated the current recession and had designed the ESP to help fast-track its exit from the economic woe, adding that so far the plan was still very much on track and that the economy was expected to come out of recession in the first quarter of 2021.
She said, “The steps that were taken involved a vigorous implementation of the Economic Sustainability Plan. You will recall that the ESP was designed to be a 12-month plan, to act as a bridge between the ERGP and its successor plan. Also, it was designed specifically to help us quickly exit recession, which we had projected was going to happen.
“So the ESP implementation is really on course; it’s focused and the implementation of the 2020 budget is really on course and very focused. We have been able to release a large volume of capital funding into ministries, departments and agencies, enabling a lot of public works going on simultaneously all over the country.
“So how we will maintain this is to make sure we continue to implement the ESP as it is planned. It will help us exit recession; it will help us reset back on the path of growth and on a road that is sustainable.”
Asked if there were plans to withdraw and rework the 2021 budget proposal which was with the National Assembly in view of the recent announcement of the contraction of the economy, the minister said, “We are not planning to retrieve the budget or reverse the budget beyond the work of appropriation that the National Assembly is currently doing in consultation with us.”
The minister explained the cause of delay in the payment of federal workers’ salaries, saying, “There’s no issue with federal workers’ salary. We have paid salaries for November and we shall pay salaries for December so there’s no issue at all with federal workers’ salary.
“If you hear about any issue, it is for agencies whose budgets funding on the GIFMIS (Government Integrated Financial Management and Information System) was exhausted and we are about to make an adjustment to them.
“When we were doing the 2020 budget, we made estimates of the consequential adjustment that is required as a result of the minimum wage and we had sent the budget before a decision and approval was taken on the consequential adjustment. So, it is anticipated that some agencies might run short and we made a block provision in the service-wide vote of the budget.
“So when we have such a situation, what we simply do is remove funds from the service-wide vote to the agency so that they pay their budget; so there’s no problem of payment of salaries at all.”
Business
P’Harcourt refinery begins fuel evacuation again after scaling down operations
P’Harcourt refinery begins fuel evacuation again after scaling down operations
The management of the rehabilitated Port Harcourt Refinery says it has resumed supply of refined petroleum products after an initial hiccup in its operation.
The Nigerian National Petroleum Company Limited (NNPCL) last week Tuesday announced that the refinery was fully back in operation trucking out 70 per cent of its installed capacity.
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Two days later, Newstrends and other newspapers reported how the report was punctured and no loading was found taking place at the refinery.
But Managing Director of the refinery, Mr Ibrahim Onoja, addressing newsmen after a facility tour of the refinery on Sunday night, said it had resumed distribution of products, including Premium Motor Spirit, kerosene, and diesel.
He said, ”The refining plant has undergone extensive upgrades to enhance efficiency and reliability which had also impacted on production capacity.
”We replaced most of the equipment including pumps installation and cables.
“The plant is running and we are trucking out our products.”
P’Harcourt refinery begins fuel evacuation again after scaling down operations
Business
FG begins N50 e-levy deduction from Opay, Moniepoint users
FG begins N50 e-levy deduction from Opay, Moniepoint users
The Nigerian government has commenced deduction of N50 electronic levy from transactions made by users of Opay, Moniepoint, and other financial technology companies.
A notification from Opay and Moniepoint during the weekend to customers confirmed the development.
According to the FinTech banks, the levy collection is in line with the Federal Inland Revenue Service’s recent directives.
Opay explained that the electronic levy deduction begins on December 1.
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“Dear Customer, in line with the FIRS, the EMTL applies starting from December 1st, 2024,” the message reads.
Similarly, Moniepoint, in a notice sent to its customers on Saturday, explained that it has commenced implementation of the EMTL charges, clarifying, however, that the levy will be remitted to the FIRS.
“Dear customer, you will be charged stamp duty of N%) on inflows of N10,000 and above. Moniepoint collects and remits this on behalf of and to FIRS,” Moniepoint explained.
FG begins N50 e-levy deduction from Opay, Moniepoint users
Auto
Skymit Motors thrills with all-new Mercedes-Benz E-Class unveiling at Lagos Banana Island
Skymit Motors thrills with all-new Mercedes-Benz E-Class unveiling at Lagos Banana Island
Skymit Motors Limited recently took the launch of the all-new Mercedes-Benz E-Class to Banana Island Estate, Lagos, creating excitement among the residents.
The unveiling, in conjunction with Weststar Associates Limited, the authorised distributor of Mercedes-Benz vehicles in Nigeria, was done at the estate’s annual Starlight Night held on Saturday, November 23rd, which added glamour to the night.
Skymit, one of the renowned companies in the Nigerian automotive industry, an authorized Mercedes-Benz dealership, has close to 40 years of operations in Nigeria.
The auto firm shares the mission of promoting the “brand with the star” as well as providing Nigerians with exceptional service.
The residents of Banana Island Estate enjoyed a special showcase of the all-new Mercedes-Benz E-Class, along with other vehicles from the Mercedes-Benz Top-End Vehicle (TEV) portfolio, the statement added.
Indeed, the all new E-Class was easily the highlight of the night as the Skymit & Weststar team had put together an exclusive setting at the entrance of the estate.
Residents received even more luxurious experience with a Mercedes-Benz Lounge that was located at the Starlight Night performance.
The Mercedes-Benz E-Class is the epitome of meticulous craftsmanship and technological prowess, a harmonious blend of cutting-edge technology, exquisite design, and unparalleled performance.
Just like its predecessor, the new E-Class promises to redefine the automotive landscape in Nigeria and provide an unrivaled driving experience. The new E-Class marks the advent of a new generation, introducing more technology and luxury.
Its powertrains are complemented by a fresh exterior design, creating a captivating presence on the road. Inside the vehicle, a plethora of new technology features permeate the cabin, providing a digital atmosphere that’s both immersive and intelligent.
Top executives from Skymit Motors were available to engage all guests, such as Mr. Martin Ayeni, Executive Director, Mr. Segun Naiye, General Manager, Mr. Bola Olaoshun, PA/Head of Admin, Mr. Oladimeji Ajayi, Finance Manager, Mr. Shakiru Babatunde, Sales Manager, Ms. Motunrayo Buraimoh, HR Manager, and Mr. Akin Abimbade, Protocol Manager.
There were also Directors and Executives from Weststar; including its Directors, Mr. Francis Ogboro and Mr. Osayande Asemota, its Managing Director, Mrs. Ebere Anenih; General Manager, Sales, Mr. Christopher Irumudomon; General Manager After-Sales, Mr. Ifeanyi Igbokwe; Head of Finance, Mr. Chima Otuechere, Head of Marketing, Mr. Oluwatobi Abimbola, and Head of IT, Mr. Chigozie Oranugo.
According to the statement, said the all-new E-Class along with other Mercedes-Benz Top-End Vehicles (TEVs) are now available at the Skymit Motors showrooms on Mobolaji Bank Anthony way in Ikeja and on Adeola Odeku Street in Victoria Island.
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