Business
NNPC faults report of 17.87m barrels of oil exported without documentation
The Nigerian National Petroleum Company (NNPC) Limited has reacted to a report that 17.877 million barrels of crude oil were exported without proper documentation from 2016 to 2020, saying it is misleading and untrue.
A report, quoting the former auditor-general of the federation (AuGF), had accused some exporters of shipping crude oil without completing the required Nigeria export proceeds (NXP) forms.
The AuGF was also said to have faulted NNPC Limited for appointing inspection agents in 2017, in flagrant disregard of a preceding directive by President Muhammadu Buhari.
But the NNPC in a statement on Thursday by its spokesman,Garba Deen Muhammad, said the claims were ‘malicious’.
It said the AuGF’s report mentioned 32 oil marketing companies involved in the non-completion of NXP forms.
It added that the issue did not affect repatriation of sales proceeds to the national oil company and subsequently, the federal accounts, for the period in question.
The statement read, “Our attention has been drawn to an online publication, alleging that NNPC Limited exported 17.877 million barrels of crude oil without proper documentation in four years (2016 to 2020).
“The auditor-general’s report in reference did mention 32 oil marketing companies involved in the non-completion of the NXP forms but that does not in any way mean that the proceeds from the sale of the said crude were not repatriated into the coffers of NNPC Limited and consequently into the federation accounts for federation related barrels.
“It should also be noted that NNPC Limited does not appoint inspection agents as alleged, but rather, it is the sole responsibility of the federal ministry of finance.
“Therefore, the general public is advised to disregard the said malicious publication, and instead, visit the relevant auditor-general’s website to see the full content of the audit report, and be guided accordingly.”
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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