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Politics / Peter Obi, Other prominent Nigerians Lose Abuja Lands, As Wike Revokes 165 Plots by astana1: 5:54am On Sep 22, 2023 |
Federal Capital Territory FCT Minister, Nyesom Wike has announced the revocation of 167 plots of land in some highbrow districts of the nation’s capital, Abuja. Areas affected are Maitama, Gudu, Wuye which had the highest revocation, 41; Katampe, Katampe Extension, Wuse 2, Jabi, Utako, Idu Industrial zone, and Asokoro which had the second highest revocation, 39.In a notice issued Thursday night in Abuja, the administration said the plots were revoked due to the refusal or failure of their allottees to develop them. “The Federal Capital Territory Administration FCTA hereby informs the general public that the Minister of the Federal Capital Territory has, in the exercise of the powers conferred on him under Section 28(5)(a) & (b) of the Land Use Act 1978, revoked the underlisted plots with names and titles as reflected in our records for continued contravention of the terms of development of the Right of Occupancy to wit non-development”, the administration said in the notice signed by the Permanent Secretary, Mr Olusade Adesola. Some of the plots revoked in Maitama district A05 had names like Liyel Imoke, Musa Aboki Egu, Hassan Hadejia and Ishaya Baba. In Jabi, some of the plots revoked had allottees such as Sam Nda-Isaiah, and Donubari Josephine Kogbara, while Katampe district had Peter Gregory Obi, BUA international among others. In other areas, this revoked had names as Julius Berger Nigeria, Honeywell Construction, Uffot Joseph Ekaette, Shittu Mohammed, Udoma Udo Udoma, Kanu Agabi, Niki Niki Tobi, Ishaku Bello, and others. Wike had on assumption of office vowed to restore the master plan of the territory and revoke plots that had not been developed or those whose ground rents have not been paid for years. He had consequently given a two-week grace to allottees to pay their ground rents or risk revocation of their allocations. Source:https://www.vanguardngr.com/2023/09/peter-obi-others-lose-abuja-lands-as-wike-revokes-165-plots/ 1 Like
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Politics / How Businesses Are Shutting Down Due To Poor Power Supply, Cost Of Fuel by astana1: 11:25am On Jul 29, 2023 |
Persistent energy crisis in Nigeria has dealt a severe blow to industries, causing shutdowns, hampering productivity and escalating operational expenses. In this report, Daily Trust Saturday writes on the root causes of the power supply woes and the impact of escalating fuel costs on businesses in Nigeria. Nigerians are facing a dire economic situation as businesses across the country grapple with the twin challenges of unreliable power supply and skyrocketing fuel costs. Nigeria’s power supply has long been plagued by inefficiency and chronic underinvestment, an expert said. And despite being Africa’s largest economy, Nigeria’s power generation and distribution infrastructure remain inadequate and unreliable. In recent times, frequent blackouts and power outages amid high tariffs have become a routine part of life for businesses, disrupting production schedules, leading to losses, and making it difficult to meet consumer demands. This is further compounded by the recent hike in the cost of petrol that is now beyond the reach of average Nigerians. Those who spoke to our correspondents said Nigeria stood at a critical crossroads, with businesses shutting down due to poor power supply and the relentless surge in fuel costs. They said the impact on the economy and the lives of ordinary citizens was severe and required immediate attention. They also said that to secure a brighter future for Nigerian businesses and the overall economy, concerted efforts from the government, private sector and international stakeholders were needed to address the energy crisis and chart a path towards sustainable growth and development. “There is nowhere in the world where there is no subsidy,” said Umar Mohammed, an economist who works in a multi-national company in the United States. “The reason why small and medium enterprises are collapsing in Nigeria is that there is no subsidy for them at all. They pay for light through their noses, and in most cases, electricity is not even available and they have to use diesel or petrol. Nigerians must also provide their own security for their business premises. Above all, they pay multiple taxes. “This is not the case elsewhere. I have worked in at least four countries – Germany, Russia and the United Arab Emirate (UAE) and the difference is clear. Governments provide the enabling environment, constant electricity with various options, all in an effort to make people live a fulfilling life,” he said. In the last two months, the cost of a litre of petrol in Nigeria has jumped from N195 to N617 without commensurate increase in the income of the citizens. In many parts of the country, residents rarely get up to 12 hours of electricity, even as some communities live for days in darkness, with only few capable of buying petrol or diesel. Amid power outages and crippling business opportunities, the House of Representatives had to wade in few days ago and called on the Nigeria Electricity Regulatory Commission (NERC) to put a stop to the planned increase in electricity tariff for now. Distribution companies (DisCos) recently alerted customers of a planned electricity tariff hike, which was hinged on the Multi-Year Tariff Oder (MYTO). Assuming they had their way, previous exchange rate of N 441/$1 would be revised to approximately N750/$1, which would have an impact on the tariffs associated with electricity consumption. It was gathered that under the planned hike, consumers within ‘B’ and ‘C’ with supply hours ranging from 12–16 hours per day would pay N100 per KWh, while Bands ‘A’ with 20 hours and above and ‘B’ with 16 to 20 hours would experience comparatively higher tariffs. At present, the Multi-Year Tariff Order (MYTO – 2022) approved by the NERC to run from 2022 to 2026, consumers who were paying about N16 per kilowatt an hour in 2015 now pay about N55, while maximum demand customers under band A, who were expected to enjoy electricity for 20 hours per day are paying about N71 to N80 for one kilowatt per hour. Small and medium enterprises, which form the backbone of Nigeria’s economy, have been particularly vulnerable. Continuous power disruptions force businesses to turn to expensive alternative power sources, such as diesel generators to maintain operations. However, running generators comes with exorbitant costs, and many businesses are unable to bear this financial burden. As a result, several businesses have been forced to shut down or scale back their operations, leading to significant job losses and reduced economic growth. We’ll soon be forced out of business – SMEs Inuwa Muhammad who sells soft drinks in Kano said he closed his shop due to lack of electricity and cannot afford powering his refrigerators with generators. He said, “My capital is not more than N200,000 and what I am getting from the business cannot sustain it if I use a generator to power the refrigerators. And people will not buy if it is not cold.” The pain of Abubakar Muhammad, a taxi driver, is also connected to the hike in the price of petrol, which made him sell off his vehicle. He said he could no longer bear the cost of maintenance and buying petrol while there are fewer passengers on the road. Ado Mai-Kayanmiya, a popular vendor of perishable food items in Hotoro, Kano, recently put a pause on his business on the ground of hike in the price of the items as a ripple effect of the cost of transportation. “I have no choice than to halt everything and stop selling pending when things will stabilise. People are complaining every day that things are getting more costly,” he said. In Jos, Plateau State, some business owners who spoke with Daily Trust Saturday said they were in dilemma as a result of epileptic power supply and petrol hike, which have led to skeletal operations, low patronage and gradual shutdown. A businessman, Philip Galadima, who is into dry-cleaning service in the Rukuba road area of Jos, said that since the fuel subsidy removal started, things had been very difficult for him. While the cost of production has increased, he is also battling low patronage. An Irish potato seller, Faruq Rabilu, who purchased the product from Bokkos Mangu, Barkin Ladi, among other villages, said fuel subsidy removal had seriously affected his business. “It has led to an increase in transportation, which has directly impacted on everything along the business value chain,” he said. Malam Abubakar Yuguda, who runs a tailoring shop at Gombe Old Market for the past 15 years, said that despite opening daily for business, he had not made five sets of clothes in the past two months owing to poor power supply and high cost of living. He said most of his customers stopped patronising him when he increased his rate in response to the hike in petrol price. Daily Trust Saturday observed that the story is the same for most of the tailors in that area of the market where Malam Yuguda operates his shops. One of the tailors, Habibu Shuaibu said, “We are now in a dilemma because when we charge higher we will lose our customers. At the same time, we cannot afford to run the sewing machines on generators and still make profit.” Our correspondent reports that apart from tailors, other people affected by the removal of subsidy and poor power supply are those who run commercial phone charging outlets. Babangida Adamu, who runs his business at the Bomala area of Gombe metropolis, said he had closed his shop. Investigation by our correspondent revealed that businesses are closing shops in Zaria, Kaduna State while others are running at a loss. Aliyu Shehu, 28, who operates a barbing saloon said, “We run at a loss because of the high cost of fuel; but then, if I abandon the business, how do I feed my wife and two children? That’s why, no matter what, I just have to manage and stay in business,” he said. Also, the managing director of Countryside Communications Limited, Mr Johnson Okanlawon, which offers in computer services and agent banking, lamented the difficulties in running his business in Lagos because of the fuel price increase and shortage of power supply. According to him, the hike in fuel price is hurting the business, saying, “I make photocopies, spiral-binding and lamination, among other things that require constant power supply to thrive.” He said he recently changed to a gas-enabled generator to reduce the cost of buying petrol to power his business. “When I discovered that the cost of buying fuel to power my generators was killing, I changed to a gas-enabled generator last Monday, and that’s good for me because the gas is now cheaper and lasts longer,” Okanlawon said. A welder at Mafoluku, Oshodi in Lagos, who introduced himself as Uncle Wale Welder, told Daily Trust Saturday that the twin calamity of irregular power supply and the rising cost of fuel in the country were gradually pushing him away from making ends meet. Uncle Wale said the price hike had increased his operational cost and squeezed profit margin. “As machine operators, we rely heavily on power, but as fuel prices rise, our daily operational expenses also rise.” Corroborating Uncle Wale on how the hike in pump price of fuel and irregular power supply are taking a toll on their businesses, a hair-dressing salon owner, Ayo Omo-Ade, told this newspaper that irregular power supply and expensive fuel had limited her working hours because of the cost implications. Lady Omo-Ade said she closed her shops earlier than usual in this era of increased prices of fuel and abnormal power supply for her business to thrive. She noted that power outages during hairdressing processes led to interruptions and inconsistent service quality. “This may affect customers’ satisfaction and retention, which in return is potentially impacting our client base and reputation,” Omo-Ade said. Source: https://dailytrust.com/how-businesses-are-shutting-down-due-to-poor-power-supply-cost-of-fuel/
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Crime / Criminals Heighten Attrocities In Abuja by astana1: 10:44am On Jul 22, 2023 |
Lately, residents of the Federal Capital Territory (FCT) and its environs have been witnessing an upsurge in crime, Daily Trust Saturday reports. Source: https://dailytrust.com/criminals-heighten-attrocities-in-abuja/
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Politics / Nigeria Spends Over 99% Revenue To Service Debts As Inflation Bites Harder by astana1: 1:20pm On Jul 18, 2023 |
CBN’s overdraft gulps N1.2 trillion • Revenue performance below 70 per cent • Fiscal deficit hits N25.5 trillion in less than eight years • Maturing debt fund account receives no allocation in nine months • Inflation hits 22.79, far below experts’ projection • Economists balk at NBS’ inflation reading, call for integrity test Nigeria’s grave fiscal position for the 2022 financial year became clearer yesterday, as latest data showed that of N4.26 trillion total revenue available for financing the 2022 budget in the first three quarters of last year, a colossal sum of N4.23 trillion went into debt financing. Source: https://guardian.ng/news/nigeria-spends-over-99-revenue-to-service-debts-as-inflation-bites-harder/
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Politics / Motorists Desert Kano Station As Petrol Hits N620 Per Litre by astana1: 12:56pm On Jul 18, 2023 |
Some motorists who stopped to refuel at the NNPC Mega Station in Hotoro, Tarauni Local Government Area of Kano State, have driven out without doing so. Source: https://dailytrust.com/just-in-motorists-desert-kano-station-as-petrol-hits-n620-per-litre/
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Politics / N500bn Palliatives: Kano Govt Faults Mode Of Distribution by astana1: 4:35pm On Jul 14, 2023 |
The Kano State Government has faulted the distribution of the Federal Government’s allocation of N500 billion through the Bank of Industry to support small-scale industries across the country’s geopolitical zones. Governor Abba Yusuf made the complaint during a meeting with representatives from the Kano Cooperative Society at the Government House on Thursday evening. He revealed that the distribution was heavily skewed, with Lagos State receiving 47 per cent of the allocation, followed by the South-South Zone with 17%, and other regions receiving significantly lower percentages. Yusuf described the distribution mode as “unfair, unconstitutional, and illegal”. He called on relevant authorities and members of the National Assembly to rectify the situation and take appropriate action against those responsible. He said the state government would support Cooperative Societies in their efforts to alleviate poverty and regain their influence. The meeting was held as part of activities to commemorate the 2023 International Day of Cooperatives. Yusuf, represented by his Deputy, Aminu Gwarzo, reiterated his administration’s primary goal of eradicating poverty in Kano state. In a statement on Friday by the deputy governor’s spokesman, Ibrahim Shuaibu, Gwarzo emphasized the importance of Cooperative Societies as vehicles through which citizens can improve their lives and contribute to the overall development of their community and the nation. resident of the Kano Cooperative Society, Musa Aikawa, who spoke on behalf of the delegation, emphasized the significance of cooperatives in enhancing the lives of their members. He disclosed that the state has over 2.8 million cooperative members, primarily consisting of young people. Aikawa requested the intervention of the state government to develop strategies for reducing the high rate of unemployment in the state. Yusuf announced that the state government would engage cooperative societies in designing poverty eradication and sustainable development programs. “Furthermore, committees would be established to review the activities of Cooperative Desk Officers in each Local Government Area, while desk officers would be introduced in major markets such as Dawanau, Kantin Kwari, Yan Lemo to guide and support cooperative activities,” he said. The Permanent Secretary, Ministry of Commerce, Industry, and Solid Minerals, Mairo Danbattaencouraged the youth to embrace cooperative business ventures as a means of progress and reducing unemployment in Kano. Source: https://punchng.com/n500bn-palliatives-kano-govt-faults-mode-of-distribution/
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Politics / Discos Move To Hike Tariff, Seek Nerc’s Nod by astana1: 4:10pm On Jul 14, 2023 |
Eleven electricity Distribution Companies (DisCos) have sought the approval of the Nigerian Electricity Companies (DisCos) to review tariffs. This was contained in a joint application dated 14th July, 2023 titled, “Notice of Application for Rate Review By the Electricity Distribution Companies.” They established their calls for rating the review on the requirement to incorporate changes in macroeconomic parameters as well as other elements affecting the quality of service, operations and sustainability of the companies. “Pursuant to Section 116 (1) and 2(a&b) of the Electricity Act 2023 and other extant rules, the eleven (11) successor electricity distribution companies (“DisCos”) have filed an application for rate review with the Nigerian Electricity Regulatory Commission (“NERC” or the “Commission”),” the letter partly read. “The request for rate review is premised on the need to incorporate changes in macroeconomic parameters and other factors affecting the quality of service, operations and sustainability of the companies.” The energy distributors also disclosed that the Commission would welcome comments from Nigerians, stating, “Accordingly, the Commission hereby invites the general public for comments on the rate review applications by the distribution licensees. “Interested stakeholders are advised to review and take into consideration the excerpts of the Rate Review Applications filed with the Commission by the respective licensees. “The applications can be accessed on the Commission’s website at www.nerc.gov.ng. “As part of the rule-making process and in the exercise of the powers conferred by the Electricity Act, the Commission shall conduct a Rate Case Hearing on the applications prior to making a ruling. “Any person wishing to participate in the proceedings as an intervenor should forward his/her application to tariff@nerc.gov.ng before close of business on 20th July 2023. The Request to Participate shall include the following: “i. An explanation of the person’s interest in the proceeding and how the party would be affected by the outcome of the Application; and “ii. A description of the party’s concerns, observations comments and/or objections to the application. “All members of the public and stakeholders are encouraged to send their comments or representations before the close of business on 20th July 2023 to the Chairman/CEO, The Nigerian Electricity Regulatory Commission.” Some DisCos had notified consumers of tariff hike with effect from July 1, 2023. However, they backed down after NERC said it was not notified of the move. Source: https://dailytrust.com/discos-move-to-hike-tariff-seek-nercs-nod/
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Politics / Re: EFCC Arrests 13 Chinese Nationals For Illegal Mining Activities by astana1: 8:04am On Jul 14, 2023 |
Can you imagine...they came into the country with visit visa and they are illegally minning. Communities must open their eyes to be sure that companies operating in their area are legitimate. |
Politics / Dangote To Merge Salt, Sugar, Rice Businesses Into Single Company by astana1: 7:59am On Jul 14, 2023 |
The merger will unite the salt maker with Dangote Sugar, owners of sub-Saharan Africa's largest sugar refinery, and Dangote Rice into a single entity. NASCON Allied Industries Plc, the salt-making arm of the conglomerate Dangote Industries Limited, will contemplate a business combination with two other food companies in the group during a meeting of its directors’ board later this month. The marriage is expected to unite the salt-maker with Dangote Sugar, owners of sub-Saharan Africa’s largest sugar refinery, and Dangote Rice into a single entity, according to a regulatory filing on Thursday. Both NASCON and Dangote Sugar are listed in Lagos, while Dangote Rice is not quoted yet. Dangote Industries Limited is the holding company for a raft of firms majority-owned by Africa’s wealthiest man Aliko Dangote. The planned merger is coming some 31 months after the group’s fiercest rival, BUA Group, announced a similar move consolidating its food businesses – rice, sugar, flour, edible oils and flour – into a new company known as BUA Foods. BUA Foods would go on to list on the Nigerian Exchange and is currently Nigeria’s biggest consumer goods company by market value, worth over N2.4 trillion as of market open on Thursday and N649.6 billion in total assets as of 31 March. BUA Group is controlled by Abdul Samad Rabiu, Nigeria’s second-richest person and Africa’s fourth-wealthiest. Dangote Sugar and NASCON opened trade respectively on Thursday at a market capitalisation of N329.8 billion and N70.2 billion. The two had total assets estimated at N558.9 billion and N59.2 billion as of the end of March. Dangote Group’s biggest bet is the 650,000 barrels per day oil refinery in Lekki, Lagos, commissioned in May and said to have cost $19 billion. BUA Group is also building a refinery in Akwa Ibom State with a capacity to process 200,000 barrels of crude daily, expected to come on board by 2025. Source:https://www.premiumtimesng.com/news/top-news/609742-dangote-to-merge-salt-sugar-rice-businesses-into-single-company.html
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Politics / Demand For Made-in-nigeria Slippers, Beverages, Noodles Soar In W/africa by astana1: 7:37am On Jul 14, 2023 |
Demand for made-in-Nigeria slippers, beverages and noodles soar in countries in the West African sub-region despite the low trade volume witnessed across the Seme-Krake border in Lagos. Daily Trust investigation at the Seme-Krake border revealed that locally made slippers are now in high demand in countries like Benin Republic, Togo and Burkina. This rise in the export of locally made goods is despite the low trade volume recorded by the Seme Area Command of the Nigeria Customs Service. Speaking with our correspondent, the Controller of the command, Dera Nnadi, noted that while the demand for foreign made items like slippers by Nigerians was on the increase, neighbouring countries were demanding similar products made in Nigeria. He said the items that were on high demand on the export list in the sub region included slippers and beverages produced by companies in Nigeria. He explained that, “Slippers is a very unique product; there are some slippers we manufacture here in Nigeria that are in high demand in West African countries. Similarly, there also some that are also manufactured in other countries in the sub-region that are on high demand in Nigeria “It is a very funny game actually. I saw a document on the export of slippers. We have the one made in Nigeria which the people there like, and they also have the ones which our people like. But those ones don’t pay duty. Items produced in any ECOWAS nation don’t pay duty. “For agro produce, we have zobo, we have hibiscus and others.” The command’s revenue target for the year 2023 stands at N1.96 billion. However, despite the low trade volume, the command has been able to realise about N1.25 billion as duty in the first half of the year. Source:https://dailytrust.com/demand-for-made-in-nigeria-slippers-beverages-noodles-soar-in-w-africa/ 2 Likes
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Politics / Subsidy Removal: Nigerian lawmakers demand Increase in salary & Allowances by astana1: 9:42am On Jul 13, 2023 |
Members of the House of Representatives are demanding an upward review of their salaries and allowances, following the removal of fuel subsidy and the current economic situation in the country. The News Agency of Nigeria gathered that the demand was the outcome of a meeting the lawmakers had on July 11 after going into an executive session during plenary.NAN reports that the complaints from members arising from salaries and allowances forced the House to go into executive session in order to douse tension. The lawmakers had also demanded from the Speaker, Rep. Tajudeen Abass, the reason for the delay in the payment of their salaries and allowances, causing some of them to resort to loans. However, one of the lawmakers who was at the meeting but craved anonymity because he was not permitted to speak on the outcome of the executive session, dismissed the rumour. Refuting the speculations, the lawmaker said they only told the speaker that their salaries and allowances could no longer meet the demand of their job, hence a review was necessary. “So nobody talked about any money or whether we have been paid or not,” the lawmaker explained. The source said their request was a sequel to the current economic reality following the subsidy removal which had caused hardship, making goods and services to skyrocket in the country. The lawmaker said that the speaker did not promise them anything on the review of their salaries and allowances, because such demand could only be accommodated in the budget after due process. According to the legislator, the speaker however told his colleagues that their demsnd on review of their salaries and allowances were not in the 2023 budget. According to the source, the speaker cannot have promised anything, and that “we all know the situation in the country, we are all facing the same problem”.Meanwhile, to cushion the effect of fuel subsidy removal, the House of Representatives received a communication from President Bola Tinubu on July 12, seeking an amendment to the 2022 Supplementary Appropriation Act. The amendment is to accommodate N500 billion for the provision of palliatives for Nigerians. in the letter, Tinubu said the request was necessary to enable the government provide palliatives for Nigerians to cushion the effects of the removal of fuel subsidy. Source: https://www.vanguardngr.com/2023/07/subsidy-removal-reps-demand-upward-review-of-lawmakers-salaries-allowances/
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Politics / Tinubu Writes Senate, Seeks Confirmation Of Service Chiefs by astana1: 7:56pm On Jul 11, 2023 |
President Bola Tinubu has written the Senate requesting it to confirm the appointment of the new service chiefs. Senate President Godswill Akpabio read the letter during plenary on Tuesday. The service chiefs to be screened for confirmation are Christopher Musa, a major general, as chief of defence staff and Taoreed Lagbaja, a major general, as chief of army staff. Others are Emmanuel Ogalla, a rear admiral, as chief of naval staff and Hassan Abubakar, an air vice marshal, as chief of air staff. They were appointed on 19 June. The Senate president, however, referred the confirmation request to the Committee of the Whole on the ground that the Senate has yet to constitute its special and standing committees. Source:https://www.premiumtimesng.com/news/609192-tinubu-writes-senate-seeks-confirmation-of-service-chiefs.html
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Politics / Bauchi Assembly Adopts Hausa As Language Of Communication by astana1: 7:44pm On Jul 11, 2023 |
Bauchi State House of Assembly has adopted Hausa Language in addition to English in conducting business of the House. Source: https://dailytrust.com/bauchi-assembly-adopts-hausa-as-language-of-communication/ 26 Likes 5 Shares
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Politics / Tokunbo Vehicle Sales Drop By 70%, Buyers Opt For Nigerian-used Cars by astana1: 11:47am On Jul 09, 2023 |
The recent 40 per cent hike in the exchange rate for cargo clearance at the seaports and the increase in tariff on imported cars by a terminal operator, Ports & Terminal Multipurpose Limited, has led to about 70 per cent drop in the sale of second-hand imported cars. The PUNCH reported last week that the Central Bank of Nigeria and the Nigeria Customs Service had taken the ongoing foreign exchange reforms to the maritime sector with a 40 per cent increase in the exchange rate used for calculating the import duty. The NCS had a few weeks ago raised the exchange rate used for the calculation of import duty from N422.30/dollar to N589/dollar. The development, which has led to a corresponding 40 per cent increase in import duties on imported cargoes, including vehicles, has caused anxiety among operators in the maritime sector with clearing agents, freight forwarders and importers calling for an immediate reversal of the policy. As that was gradually sinking in, the CBN on Thursday raised the exchange rate for cargo clearance by 31 per cent. The interest rate was moved from N589/$ to N770/$. The NCS announced this development in a circular dated July 4, 2023, titled, ‘Implementation of the floating foreign exchange rate regime’ and was signed by the Assistant Controller General, IT & Modernisation, K. I. Adeola. The circular read in part, “The CBN has instituted the floating exchange rate regime, which has given rise to incessant changes in the exchange rate for trade. The policy is to be implemented by all ministries, departments and agencies of the government, including the NCS.” The service through the circular directed its area controllers to ensure that the information was communicated to relevant stakeholders. Confirming the development, the Youth Leader of the Association of Nigerian Licensed Customs Agents, Tin Can Island chapter, Remilekun Sikiru, said the directive was communicated to members of the group in the early hours of Thursday. Sikiru, who is also the Chief Executive Officer of Sikremstar Logistics Limited, explained that a 2004 Toyota Camry that was cleared for N1m before the introduction of the Vehicle Identification Number for clearing of imported vehicles was now being cleared for N1.9m. Giving details of the new rate for clearing vehicles from 2001 to 2014, Sikiru said, “The actual duty on Toyota Camry is N705,000, while the total duty and clearance cost is N1.7m; for Corolla, the duty is N558,000 and total clearance cost is N1.3m; Sienna duty is N930,000 and total clearance cost is N2.2m; duty on Highlander is N1.1m, bringing the total clearance cost to N2.6m; duty on Venza is N1.2m and total cost is N3m. “For Lexus RX350, the duty is now N1.5m, bringing the total clearance cost to N3m; duty on Lexus ES350 is N1.3m and the total cost is N3m; for Toyota RAV4, the duty is N831,000 and total cost of clearing it is N1.2m; Honda Pilot’s duty is N966,000 and the total clearance cost is N2.2m; Honda Accord’s duty amounts to N769,000 and total clearance cost is N1.8m; for Toyota Tacoma, the duty is N417,000 and total clearance cost is N818,000. These vehicles are from 2001 to 2014.” Total duty or total clearance cost means the duty payable on a car plus the surcharge, ECOWAS duty and the seven per cent port development levy. The development came barely one month after the Federal Government removed the fuel subsidy and floated the naira. It also came at a time electricity distribution firms were considering increasing power tariffs. The National Public Relations Officer, NCS, Abdullahi Maiwada, who confirmed the new exchange rate on the agency’s portal, said it was only implementing the CBN policy. “Whatever you see in our system is what has been communicated to us. It is determined by the Central Bank of Nigeria. So whatever we are using is what is obtainable as communicated to us. It is a monetary policy; we only implement what is given to us. It is a monetary policy and anything monetary is not determined by us, it is determined by the CBN. We only use what is communicated to us,” Maiwada stated. Sikiru had earlier said the new rate had taken effect on the Customs portal and that the customs duty payable on vehicles had increased astronomically. According to him, this development may lead to cargoes, including vehicles, being trapped at the terminals. “The customs duty has been increased and it will lead to a heavy increment in duty payment on general goods and cargoes. This will bring hardship on importers,” Sikiru added. Also speaking, a freight forwarder and Chief Executive Officer, 2B Frank Nigeria Limited, Nwegbe Frankypaul, said, “Freight forwarders woke up on Saturday to realise that the dollar rate had been increased from about N423 per dollar to about N590 per dollar.” Nwegbe pleaded with President Bola Tinubu to ensure the depreciation of the value of older vehicles. The Founder of the National Council of Managing Directors of Licensed Customs Agents, Mr Lucky Amiwero, said, “The moment you allow the naira to float freely in terms of exchange that is what you get. And it is going to affect the prices of goods. It is going to take a lot of licensed customs agents out of work because most of them are going to lose their customers.” The Vice-President of the National Association of Government Approved Freight Forwarders, Nnadi Ugochukwu, said, “It will affect businesses; there is a container I have for someone, before now, we used to clear that container for N4.3m. With the new exchange rate, the clearing cost is now N6.5m.” A licensed Customs agent, Mr Festus Ukwu, said, “Even if the Federal Government wants to do exchange rate harmonisation, they should know how to go about it. This increase is a very big one.” However, while the agents were still lamenting the increased exchange rate, the PTML slammed a 36 per cent tariff on imported used cars. This development coming from a terminal operator that specialises mostly in the importation of cars worsened the woes of vehicle importers and sellers. In a public notice sighted by our correspondent, the terminal operator said the current economic conditions of surging inflation, coupled with the devaluation of the currency and removal of subsidy on petrol had caused its operational cost to increase. The terminal operator in the notice said its action had received the endorsement of relevant authorities. The notice read in part, “The PTML would like to bring to the attention of its esteemed customers that the current economic conditions of surging inflation, coupled with the devaluation of currency and removal of fuel subsidy have caused the operational costs to increase multi-fold. Hence, having received the endorsement of the relevant authorities, it has become imperative to restructure our terminal tariffs from the 1st of July 2023. “The PTML is confident that its esteemed customers will understand the rationale behind this review that will assist us in ensuring our superior level of service, while keeping the competitiveness of its rates.” Reacting to all these developments, the President of the Berger Motor Dealers Association of Nigeria, Mr Metche Nnadiekwe, said that currently, members of his group were recording about a 70 per cent drop in patronage. He said, “I don’t know if they think at all before coming up with policies like the increase in tariff or is it that when they wake up in the morning they just come up with policies. There is no need for an increase in the exchange rate for cargo clearance. We are still talking about that and the terminal is coming up with another increase, which has finally killed the business. “There is a drastic drop in the volume of patronage we get here; there is up to 70 per cent drop in the patronage. The thing is there is no money to buy; people are not coming again to buy from us; we just sit down here and are doing nothing. The last time we checked many of our members are out of business; these are people who have bills to pay and they come out every day looking at their vehicles and no customer is coming to buy as a result of the additional money and all that.” Also speaking, the Secretary General of the Lagos State Motor Dealers Association, Mr Tai Olaniran, said the dealers now focus more on reselling Nigerian used cars. Olaniran stated, “It is difficult here and we don’t know the way forward; what they are trying to do is to discourage older vehicles and that is why we are now dealing with reselling Nigerian used vehicles. Because when you are clearing the same 2005 or 2006 model, you will find out that it is the same amount as the 2016 model. So, with the increment, you will see that they want to discourage older vehicles. It is going to affect us quite alright and it will affect the people as well. “And many of us will go out of business or we will continue dealing in Nigerian used vehicles. So, we prefer Nigerian used vehicles instead of going for Tokunbo cars. With this increase in costs now, we will continue to do it so that we won’t go out of business; the percentage increase is much. At least since the removal of fuel subsidy and all that, most people don’t use cars again, so the volume of vehicle sales has dropped radically and I think the drop is up to 50 per cent, and it may be higher, I am not sure.” A car dealer in the Alimosho area of Lagos State, Mr Johnpaul Ejiogu, said, “People now prefer to buy Nigerian-used cars to Tokunbo cars. You will find out that even the Nigerian-used cars are not affordable; they are also expensive but just a bit cheaper than the Tokunbo cars. We mostly deal in those ones and it is even very difficult to get buyers now. I will say that there is about 70 per cent drop in car sales now.” An e-hailing cab driver, Joshua Abbey, said he chose to buy a Nigerian-used car for his e-hailing business because that was what he could afford. “I wanted to go into the e-hailing transport business and I planned to get a Tokunbo car for that purpose, but when I priced the car, the dealers were quoting almost N4m for a 2004 model of Toyota Camry so I decided to buy a Nigerian-used version; even though it was expensive, it cost less than the Tokunbo one. I know that getting a Tokunbo would have been better for my business, but I have to manage this one like that,” he told Sunday PUNCH. According to Chibiike Ignatius, the more he tries to save up to buy a small car of his choice, the more the price goes up. “It’s like I will save my money, because the more I save to buy the vehicle, the more the price goes up,” he stated. A document obtained from the Customs showed that a total of 117,830 vehicles used vehicles were imported into the country in the first quarter of 2021, while 97,132 vehicles were imported in the same period of 2022. The steady decline was witnessed in the first quarter of this year as a total of 51,782 Tokunbo vehicles were imported. On Thursday, President Bola Tinubu, signed four Executive Orders deferring and suspending the commencement of certain taxes paid by individuals and companies in the country with the aim of reducing the tax burden. According to his Special Adviser on Special Duties, Communications and Strategy, Dele Alake, the President signed the Finance Act (Effective Date Variation) Order, 2023, which deferred the commencement date of the changes contained in the Act from May 23, 2023 to September 1, 2023. He also signed the Customs, Excise Tariff (Variation) Amendment Order, 2023 shifting the commencement date of the tax changes from March 27, 2023 to August 1, 2023 in line with the National Tax Policy. The President also gave an order suspending the five per cent Excise Tax on telecommunication services, as well as excise duties’ escalation on locally manufactured products. He also ordered the suspension of the Import Tax Adjustment Levy on certain vehicles. But reacting to the Executive Order concerning importation of vehicles, Amiwero said it would likely lead to an increase in the importation of vehicles by about 15 per cent. “You know the exchange rate has been affected. So, the boost on car importation won’t be much; we are looking at between 10 per cent and 15 per cent. Because you know that the exchange rate will actually reduce some of the gains. So, we are looking at a 10 per cent to 15 per cent increase in vehicles coming into the country,” he explained. Source:https://punchng.com/tokunbo-vehicle-sales-drop-by-70-buyers-opt-for-nigerian-used-cars/
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Education / How My UTME Result Was Forged, Mmesoma Makes Fresh Revealations by astana1: 9:44am On Jul 08, 2023 |
Ejikeme Mmesoma, the 19-year-old student of Anglican Girls’ Secondary School, Uruagu Nnewi, Anambra State, has narrated how she manipulated her result. Source: https://dailytrust.com/how-my-utme-result-was-forged-mmesoma-makes-fresh-revealations/ 2 Likes 1 Share
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Car Talk / Subsidy Removal: Mechanics Decry Low Patronage As Motorists Abandon Vehicles by astana1: 9:35am On Jul 08, 2023 |
As the impact of fuel subsidy removal bites harder across different sectors of the country’s economy, automobile mechanics in Kano State are now devising other means of survival, lamenting how the development has brought about low patronage in their services. Some mechanics who spoke to Daily Trust Saturday in Kano metropolis disclosed that the policy change, which pushed the price of Premium Motor Spirit (PMS) used by most private and commercial vehicles to the roof top has drastically decimated the number of vehicles that used to visit their workshops daily for services, which has taken its toll on their revenue base.Source:https://dailytrust.com/mechanics-decry-low-patronage-as-motorists-abandon-vehicles/ 11 Likes 1 Share
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Politics / Qatar To Construct Economic City And Mass Housing In Kaduna by astana1: 9:28am On Jul 08, 2023 |
Qatar to construct an Economic City and Mass Housing projects in Kaduna State. The Land allocation is completed and Construction is set to commence soon. Source: https://twitter.com/umarzubyr/status/1677359296894435329?s=48&t=sbF2NXQL_5y8fvisRYX1Aw
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Politics / Anti-graft War: Tinubu Will Be Worse Than Buhari, Says Prof Badejo by astana1: 7:06pm On Jul 05, 2023 |
A Professor of Political Science and International Relations, Babafemi Badejo, has said though former President Muhammadu Buhari failed woefully in the fight against corruption, his successor, President Bola Ahmed Tinubu, will be worse. Badejo stated this while delivering the first inaugural lecture of Chrisland University, Abeokuta, Ogun State, titled: “Interests.” He submitted that Tinubu, judging from his actions in the last one month, would do by far than Buhari in other areas, but not in the fight against corruption. “It is my own view that former President Muhammadu Buhari failed woefully on the issue of anti-corruption. He did start by wanting to implement the UN anti-corruption’s strategy and went further to appoint a committee and that committee did nothing till today.” “On President Tinubu, it is too early to give a conclusion, but I can say that from what he has done in one month, he will do by far better than Buhari, but not on corruption. “He (Tinubu) has not been talking about corruption, but all he has been saying is that he is going to make sure that make judges are comfortable, make everybody comfortable, but no country around the world can be comfortable by staying very far away from fighting corruption. Maybe he will change his mind later on corruption. I wish him well.” The inaugural lecturer lamented that, Nigerians had been making corruption to thrive by being “too docile and tolerant of corruption for too long.” He said “Successive administrations, including that of President Buhari, have not faced corruption frontally with the full force of a political will that goes beyond mere lip service. “Though possibly a hasty conclusion, I do not think the objective realities would allow President Tinubu to do any better, even if he ever wanted to fight corruption. The resultant outcome is unfruitful half-heartedly done prosecutorial gimmicks and noise, cherry-picking and selective haphazard trials. There is need to ensure that in dealing with corruption, no one is immune or beyond the reach of the laws, by virtue of whatever relationships or status. This is indeed very important as part of steps by the President and those in top leadership positions, to begin to demonstrate their commitment to the anti-corruption war, through their personal examples of zero tolerance for corruption.” Source: https://dailytrust.com/anti-graft-war-tinubu-will-be-worse-than-buhari-says-prof-badejo/
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Travel / Air Ticket Prices Rise By 34.06% – NBS by astana1: 1:22pm On Jul 05, 2023 |
The cost of air travel for Nigerians continues to surge, with average ticket prices witnessing a significant 34.06% increase over the past year. Source:https://nairametrics.com/2023/07/05/air-ticket-prices-rise-by-34-06-in-one-year-for-nigerians-nbs/ 4 Likes 2 Shares
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Business / Re: Nigerian Equities Lose ₦671 Billion by astana1: 1:17pm On Jul 05, 2023 |
The worst is yet to come |
Politics / Subsidy Removal: Borno Releases 80 Vehicles To Ease Farmers’ Movement by astana1: 1:00pm On Jul 05, 2023 |
To reduce the high cost of living caused by fuel subsidy removal, the Borno State Governor, Babagana Umara Zulum, on Tuesday, released 80 vehicles for free transportation of farmers from their communities to farmlands.Source:https://punchng.com/subsidy-removal-borno-releases-80-vehicles-to-ease-farmers-movement/ 17 Likes 3 Shares
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Politics / July 3, Was The Hottest Day Ever Recorded Globally-photo by astana1: 12:46pm On Jul 05, 2023 |
Monday, July 3, was the hottest day ever recorded globally, according to data from the United States National Centers for Environmental Prediction. T[b]he average global temperature reached 17.01 degrees Celsius (62.62 degrees Fahrenheit), surpassing the August 2016 record of 16.92C (62.46F) as summer heats up across the Northern Hemisphere.[/b] Currently, the highest officially registered temperature is 56.7C (134F), recorded in California’s Death Valley back in 1913. The hottest known temperature in Africa is 55C (131F), recorded in Kebili, Tunisia in 1931. Iran holds the record for Asia’s hottest official temperature of 54C (129F), which it recorded in 2017. The highest temperature ever recorded in Europe was 48.8C (119.8F) on the Italian island of Sicily on August 11, 2021. On July 19, 2022, The United Kingdom recorded its highest-ever temperature, reaching 40.2C (104.4F), according to its Meteorological Office. In 2020, Seymour Island in Antarctica recorded a maximum temperature of 20.7C (69.3F). According to the United Nations’ World Meteorological Organization (WMO), temperatures on the Antarctic Peninsula have risen by nearly 3C (5.4F) over the past 50 years. The map below shows the hottest temperatures ever recorded in each country around the world. At least 22 countries have recorded maximum temperatures of 50C (122F) or above. Source:https://www.aljazeera.com/news/2023/7/5/what-is-the-highest-temperature-ever-recorded-in-your-country-2
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Politics / Re: NGO Distributes 20,000 Tree Seedlings To Boko Haram Survivors In Adamawa LG by astana1: 12:39pm On Jul 05, 2023 |
I wish the government can set a side a National day of tree planting in Nigeria. Government-led tree planting initiatives are beneficial for multiple reasons. They enhance air quality by absorbing pollutants and releasing oxygen, leading to healthier environments. Tree planting also aids in mitigating climate change by sequestering carbon dioxide and reducing the heat island effect in urban areas. Additionally, it supports biodiversity, providing habitats for various species and preserving ecosystems. 1 Like |
Politics / Re: Sit-at-home: Panic As Gunmen Attack Residents, Traders In South-east by astana1: 12:28pm On Jul 05, 2023 |
The outcome of this sit a home will be felt for generations. Investors will be hesitant to invest in a place that is insecure, denying people jobs and creating dependence on the state government Children are missing out on a day of schooling which will hamper their education compared to other areas in the country. Business will make less money as they won't be open for 5 days in a week. At the end of the day, this affects Chinedu in Ebonyi rather than Bola & Ahmed who live in Lagos or Kano respectively 2 Likes |
Politics / Nassarawa To Start Producing 3000 Tones Per Day Of Lithium by astana1: 12:07pm On Jul 05, 2023 |
Nasarawa State Governor, Abdullahi Sule, has expressed satisfaction with progress of work at the site of construction of a lithium factory owned by a Chinese firm, Landmark Lithium Mining Company in Nasarawa Local Government Area. Briefing journalists immediately after inspecting the constitution site at Nasarawa Local Government Area, the Governor expressed confidence that the lithium factory estimated to cost one hundred million USD, with 3000 tones of lithium expected to be produced per day, will give a boost to the industrialization drive of his administration. Gov. Sule said: “Lithium is one of the most attractive and most expensive minerals that is being traded in the world market today. In fact, it has risen over ten times its price today. Lithium is what people are using to produce batteries, either solar batteries or even the battery you have in your car. It has been mentioned over time that Nasarawa State is one of the states with the highest quantity of lithium in the North Central part of Nigeria. “There is also lithium in Kwara, Niger, and Kogi, but Nasarawa State has been so lucky to have the largest commercial quantity.” He added that it is a dream come true for his administration’s industrialization drive having encouraged the Chinese company to not only start mining lithium but to construct a factory and to pursue the value chain addition by producing finished products at the factory rather than taking the raw lithium out of the state. “They have only about 50 Chinese working here and about 500 local Nigerians that are working here. That is ten times the number of Chinese people who are working here,” He added. Source: https://dailytrust.com/gov-sule-inspects-of-3000-tones-per-day-lithium-factory/ 1 Like
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Business / Re: People Working For Me Have Houses Abroad But I Don’t — Dangote by astana1: 12:05pm On Jul 03, 2023 |
“Once you start doing business and the business starts doing well, rather than for you to keep investing into the business, you start spending money and thinking that the profit will continue to come. There are ups and downs in business so you need to be very focused and say ‘Okay fine what do you do and how to do those things.” The reason a lot of Nigerian businesses fail is due to the above. We are so eager to start spending wealth lavishly when money starts to come in rather than reinvest the money into business and letting the business grow. Another reason why businesses fail in Nigeria is that family members run most of them. It is better to give your family shares in the business than to have them run it for you. Get someone independent. 124 Likes 17 Shares |
Business / People Working For Me Have Houses Abroad But I Don’t — Dangote by astana1: 11:56am On Jul 03, 2023 |
Africa’s richest man has revealed that while some of his staff have houses abroad which they use as holiday homes, he has none. The business mogul further gave some tips in order to succeed as a person in the business space. Source: https://dailytrust.com/people-working-for-me-have-houses-abroad-but-i-dont-dangote/ 64 Likes 7 Shares
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Politics / First Batch Of Foreign Scholarship Students To Depart In September – Kano Gov by astana1: 7:24pm On Jul 02, 2023 |
Gov. Abba Yusuf of Kano State says the first batch of foreign scholarship policy will commence academic activities in various universities by September. This is contained in a statement issued by his Acting Press Secretary, Mr Hisham Habib, in Kano on Saturday.Yusuf announced this at the Government House while receiving the Emir of Bichi, Alhaji Nasiru Ado Bayero, and members of the emirate council during a Sallah homage. The governor restated the commitment of his administration to prioritising the education sector.He also revealed that arrangements have been concluded to reopen the 20 institutes closed down by the immediate past administration. Yusuf thanked the emir and appreciated the role of traditional rulers as custodians of culture and propagators of peace, stability and progress. Earlier, Emir Bayero called for the provision of fertiliser to farmers at subsidised rate, revitalise tree plantation campaigns and water supply in the state. He also called on the state government to provide an enabling environment for more investors for the development of the state. (NAN) Source:https://dailytrust.com/first-batch-of-foreign-scholarship-students-depart-september-kano-gov/
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Education / Re: Anambra Pupil Celebrated For Emerging Top UTME Scorer Faked Results- JAMB by astana1: 7:13pm On Jul 02, 2023 |
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Education / Anambra Pupil Celebrated For Emerging Top UTME Scorer Faked Results- JAMB by astana1: 6:58pm On Jul 02, 2023 |
The Joint Admissions and Matriculation Board, on Sunday said it would withdraw the result of a certain Ejikeme Mmesoma for manually inflating her result and announcing herself as the top scorer for the 2023 Unified Tertiary Matriculation Examination. According to a statement issued by the board, Ejikeme used her manually inflated score to attract a N3 million scholarship from Innoson Motors and was set to be honnoured by the Anambra State government before she was exposed. “The attention of the Joint Admissions and Matriculation Board has been drawn to several publications in both print and online media celebrating certain candidates for being high scorers in the 2023 UTME. “The Board is constrained to set the records straight and wishes to state unequivocally that many of the results which many of these candidates are parading are fake. In many instances, some of these candidates had actually obtained far lower scores than they are claiming and had used some funny software packages to manipulate their results to deceive unsuspecting members of the public. “The most pathetic of them all is the case of Miss Ejikeme Joy Mmesoma, who claimed to have scored 362 in the 2023 UTME and was awarded a N3m scholarship by Chief (Dr.) Innocent Chukwuma. She was even set to be honoured by the Anambra State Government when one of its top officials put a call through to JAMB to confirm her claim, only for the Board to reveal that Miss Ejikeme Joy Mmesoma had actually scored 249 and not the 362 she claimed. She had manipulated her UTME result to deceive the public to fraudulently obtain scholarships and other recognitions.” Also speaking in the statement, the board noted that it also identified the case of another fraudulent candidate who claimed to have scored a 380 aggregate score in the last UTME. “A similar case was that of one Atung Gerald in Kaduna, who claimed to have scored 380. His ethnic group had taken the issue up, requesting that he be given special recognition, only for the Board to disappoint them with the incontestable fact that Atung never obtained the 2023 UTME application documents, not to talk of sitting the examination. “The Board would, therefore, want to advise the public to always cross check these claims by candidates with the Board before rushing to honour them with undeserving awards, as certain software has been created to fake their version of their results and put same out in the public space for fun, and this is what the sponsors of these candidates are using to defraud good-spirited Nigerians such as Dr. Innocent, the founder of Innoson Motors, who sincerely desires to celebrate academic excellence by investing in the education of a young Nigerian.” Speaking on the punishment for Ejikeme, the board noted that it would withdraw her result and also prosecute her. “We commended the likes of Dr. Innocent Chukwuma and wish to encourage other Nigerians, who desire to invest in the future of genuine youngsters, never to be discouraged but to always ensure that they get the authentic results from the Board as done by the Anambra State Ministry of Education; otherwise they will be celebrating criminality as this is just another new fraudulent method in town. However, these candidates only succeed in manipulating what they are holding, as the authentic results are with the Board and would be transmitted to their schools of choice at the appropriate time. “It is to be noted that Miss Mmesoma had sent a message to the Board’s platform to request her UTME result, after which she manually inflated her scores and pasted same on the 2022 UTME result sheet. Unknown to her, the Board had changed the design of the 2023 UTME result sheet. Her original result remains 249, as nothing can change that. With this her ignoble act, Miss Mmesoma would be prosecuted and her original result withdrawn. This is not all, as the Board would, in due course, investigate all candidates laying claims to higher scores than they actually obtained. Once discovered, such candidates’ original results would be withdrawn forthwith, and they would be handed over to relevant security agencies for prosecution.” Source: https://punchng.com/just-in-anambra-pupil-celebrated-for-emerging-top-utme-scorer-faked-results-jamb/
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Politics / Re: Pdp Is Perfect Example Of Turn By Turn (photo) by astana1: 2:33pm On Jul 02, 2023 |
If PDP want to make a return to power. They should field Jonathan and Bala mohammed in 2027. They will win the election easily. |
Politics / Re: The North Should Support Goodluck Jonathan In The 2027 Elections by astana1: 2:24pm On Jul 02, 2023 |
Fulaninigger:. Malam, left to me zan zabe Jonathan a 2027 elections over Tinubu. If Bala Muhammed(Bauchi Governor) should decide to contest with Jonathan as his VP knowing he will take over in 2031 that's a great arraignment for the PDP. |
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