Business
Nigerians in Diaspora cry out over alleged paucity of passports
The Nigerians in Diaspora Organization, Europe, Italy Chapter has raised the alarm that about 1.5 million out of its three million registered members in Italy are affected by paucity of Nigerian passports.
The Chairman of the chapter, George Omo-Iduhon, made this claim in an interview with the News Agency of Nigeria.
Imo-Iduhon spoke on Monday while reflecting on the activities of the group in Europe and Italy.
NIDOE is recognised as the official platform through which Nigerians in the Diaspora can channel their development efforts in Nigeria.
The organisation partners with the Nigerian community, professional organisations as well as public and private businesses in focused areas such as Foreign Direct Investments professional networking, stakeholders advocacy, medical missions, educational support and skill transfer to Nigeria.
Omo-Iduhon disclosed that there are more Nigerians in Italy than in other European country and the registered Nigerians according to database are three million aside undocumented ones.
He said: “One of the major problems faced by Nigerians living in Italy is shortage of Nigerian passports that can help facilitate their movement and work permit.
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“The Nigerian Government should help address this nagging problem because Italy serves as the gateway to other countries in Europe, especially for Nigerians.
“About 1.5 million Nigerians in Italy don’t have passports.
“Even some of those that have been accepted by the Italian government have not been issued Nigerian passports, which makes it difficult for them to work.”
Omo-Iduhon added that the supply of 500 booklets of passport to the Nigerian embassy in Italy was grossly inadequate to serve the number of Nigerians resident in Italy.
He said: “Using the same sharing formula for all the counties in Europe cannot work in Italy where we have more Nigerians.
“We are appealing to the relevant government agencies and our amiable Minister for Internal Affairs, Rauf Aregbesola, to help us address this issue.
“The Chairman of NIDCOM, Mrs. Abike Dabiri-Erewa, has also been of great assistance to us.”
He revealed that the body had a change of regime in July 2021 after an election, adding that the new management was poised to improve the welfare of Nigerians in Italy.
He added: “We just had our elections in July this year.
“The first thing we have set out as a team is the improved welfare of Nigerians in Italy.
“This is a paramount interest to us.
“We are also liaising with the Nigerian embassy in Italy to make them do the right thing at the right time and importantly our mandate in bringing investors from Italy to Nigeria.”
He said that the organization was committed to growing Nigeria’s economy, adding that members must try their best to return home to build Nigeria.
Most Nigerians in Italy, according to him, have legitimate businesses and Italians have been great hosts to them.
The Eagle
Business
Tinubu orders creation of single-digit tax system
Tinubu orders creation of single-digit tax system
President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.
Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.
A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”
The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”
Business
Naira gains further against dollar
Naira gains further against dollar
The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.
According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.
On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.
Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.
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The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.
CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.
Naira gains further against dollar
(NAN)
Business
CBN jacks up interest rate amid soaring inflation
CBN jacks up interest rate amid soaring inflation
The Central Bank of Nigeria (CBN) on Tuesday raised the interest rate from 22.75 per cent to 24.75 per cent amid soaring inflation.
Governor of the central bank, Olayemi Cardoso, made this known after the two-day Monetary Policy Committee (MPC) meeting held on Monday and Tuesday.
The country’s latest annual inflation rate jumped to 31.70 per cent from 29.90 per cent for last month, fueled by a continuous rise in food prices.
Cardoso disclosed that the MPC voted to adjust the asymmetric corridor around the MPR at +100 to -300 basis points.
He said the committee voted to retain the Cash Reserve Ratio (CRR) at 45 per cent for commercial banks and adjust the CRR of merchant banks from 10 per cent to 14 per cent.
The committee also voted to retain the liquidity at 30 per cent.
He said, “Members noted the continued rise in headline inflation driven largely by food prices, because of supply shortages, and high cost of Logistics and Distribution.
“The committee, therefore, was of the view that addressing food insecurity is key to containing current inflationary pressures.”
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