Business

VAT, Paris Club Refund: 36 states storm Lagos

Published

3 years ago

June 15, 2022

Attorneys-General of the 36 states of the Federation will be meeting in Lagos from today, to discuss some critical legal issues bordering on Value Added Tax, Paris Club Refunds, Stamp Duty, among others.

The meeting, which is scheduled to hold from June 15-17, will have the Chairman of the Nigerian Southern Governors’ Forum and Ondo State Governor, Rotimi Akeredolu delivering the keynote address at the opening session.

Other issues to be deliberated upon by the States Attorneys-Generals are the proposed amendments to the Stamp Duties Act, pensions and gratuity for Judges, and amendments to the Constitution of the Federal Republic of Nigeria (1999) as amended.

Other critical legal issues to be discussed at the meeting are the state Anti-Corruption Commission established by states, and the FIRS threat to recover “unremitted tax deductions by states” and local governments.

The meeting is also expected to be addressed by the governors of Lagos and Plateau State, Babajide Sanwo-Olu and Simon Lalong.

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Other speakers are the Attorneys-General of the Federation and Minister of Justice, Abubakar Malami (SAN), the Chairman of the Nigerian Bar Association (NBA) Olumide Akpata and the Director General of the Nigerian Governors’ Forum, Asishana Okauru.

The Attorney-General of Lagos State, Moyosore Onigbanjo (SAN) who is also the interim chairman of the Body of Attorney’s-General of States of the Federation will also make a presentation at the meeting.

The body was established as part of efforts to form a formidable force of state Attorney Generals, to take positions on legal issues, advise the Attorney-General of the Federation (AGF) and take legal action or review legal actions taken on behalf of all states.

Part of its mandate includes the pursuit of true federalism, adherence to the constitution, rule of law, independence of the judiciary, as well as liaison with the AGF on behalf of the states on legal issues.

The state Attorneys-General recently warned the federal government not to tamper with funds accruing to the states and the 774 Local Government Councils in the guise of satisfying the alleged $418 million London/Paris Club Loan refund-related judgment debts.

They had insisted that the judgment of the Federal High Court in Abuja, which dismissed their opposition to the payment, is now a subject of an Appeal.

They further warned that should the Federal Government proceed to make any such deduction, it would be acting illegally and in contempt of their appeal challenging the judgment, which is before the Court of Appeal in Abuja.

Related Topics:Featured Lagos Paris Club Refund VAT

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Railway

Lagos Rail Mass Transit part of FG free train ride – NRC

Published

15 hours ago

December 21, 2024

Trends Admin

Lagos Rail Mass Transit part of FG free train ride – NRC

The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.

The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).

This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.

While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.

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Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.

“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.

Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.

He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.

Lagos Rail Mass Transit part of FG free train ride – NRC

Business

NNPC denies claim of Port Harcourt refinery shutdown

Published

16 hours ago

December 21, 2024

Trends Admin

Port Harcourt refinery

NNPC denies claim of Port Harcourt refinery shutdown

The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.

The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.

Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.

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The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.

“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”

He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”

NNPC denies claim of Port Harcourt refinery shutdown

Business

CBN permits BDCs to buy up to $25,000 FX weekly from NFEM

Published

2 days ago

December 20, 2024

Trends Admin

CBN Governor, Olayemi Cardoso

CBN permits BDCs to buy up to $25,000 FX weekly from NFEM

The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).

This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period.

The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department.

The arrangement will be in effect from December 19, 2024, to January 30, 2025.

Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.

Transactions to occur at the prevailing NFEM rate

The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.

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All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department.

The circular read in part:

“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).

This window will be open between December 19, 2024 to January 30, 2025.

“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.”

The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”

These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.

This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.