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Agriculture & Nigerian Economy

2020 Finance Bill Exempts Minimum Wage Earners from Tax – Buhari

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Buhari

In order to reduce the impact of inflation on Nigerians, president Muhammadu Buhari’s administration, through the 2020 finance bill, is proposing the exemption of minimum wage earners from the personal income tax.

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The president made this disclosure in his speech delivered virtually by vice president Yemi Osinbajo, on Monday at the opening session of the 26th Nigerian Economic Summit Group Conference themed: “Building Partnerships for Resilience”.

According to the president, when coupled with other items in the proposed bill, and various economic policies of the federal government, these incentives would ensure the resilience of the Nigerian economy to exogenous shocks.

“We are proposing in the new finance act that those who earn minimum wage should be exempted from paying income tax,’’ Buhari stated.

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Agriculture & Nigerian Economy

Oyo/Osun Customs Command Declares Accomplishments In Anti-Smuggling Activities

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Intercepts 23 190 Litres of PMS.

Author: Vivian Daniel.

In its attempt to combat smuggling and protect the nation’s economy, the Oyo/Osun Area Command of the Nigeria Customs Service (NCS) has successfully seized a significant quantity of Premium Motor Spirit (PMS) along the Ayegun axis of Oyo State.

According to a press statement signed on Friday, 26 July 2024 by the Public Relations Officer of the Command, Superintendent of Customs Kayode Wey noted that the operation took place on Wednesday, 24 July 2024, resulting in the confiscation of 94 drums, each containing 235 litres and 44 kegs, each containing 25 litres, totalling 23,190 litres of PMS.

The Customs Area Controller (CAC), Oyo/Osun Area Command, Comptroller Ben Oramalugo, revealed that the interception was made possible through the diligence and teamwork of the Command’s anti-smuggling team based on credible intelligence. He further disclosed that the seized PMS was intended for smuggling through the border to neighbouring countries and was camouflaged to evade detection by law enforcement agencies.

Comptroller Oramalugo noted that the interception was significant and underscored the unwavering commitment of the Customs Oyo/Osun Area Command Officers and Men to contend with the smuggling of petroleum products while defending the nation’s economy.

 

He highlighted that the unlawful exportation of PMS deprives the government of significant revenue generation and contributes to the artificial scarcity of fuel being experienced in the nation occasionally, negatively impacting ordinary citizens’ lives.

 

Likewise, the CAC applauded the officers’ efforts in the operation and emphasised the command’s readiness to intensify its anti-smuggling activities. He reiterated that the Command remains watchful and will continue to deploy all necessary resources to curb prohibited activities within its jurisdiction.

 

Comptroller Oramalugo stated that the confiscated PMS would be disposed of in line with the laws and regulations governing handling such sensitive items.

 

He called on members of the public to continuously support the NCS in its efforts to win the fight against the smuggling of such products by providing timely information and cooperating with the Service while reassuring them that the Command would remain resolute in its mission to secure the nation’s borders, ensure the safety and well-being of its citizens alongside protecting the economic interests of Nigeria by facilitating legitimate trade.

 

Additionally, the CAC warned that individuals found engaging in or supporting smuggling activities would face the full wrath of the law as enshrined in the new Nigeria Customs Service Act, 2023.

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Agriculture & Nigerian Economy

Nigeria’s Strategic Objective to Capture 10% Of Africa’s Import by 2035 – Achimugu

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Nigeria’s Strategic Objective is to Capture 10% Of Africa’s Import by 2035 – Achimugu

The Nigerian National Action Committee on the African Continental Free Trade Area, AfCFTA, has revealed that its strategic objective is to capture 10 per cent of Africa’s imports by 2035, thereby doubling Nigeria’s export in the process.

This was disclosed by the coordinator oil and gas work stream, secretariat of the National Action Committee on the AfCFTA, Franca Achimugu, at the implementation plan adoption meeting with the oil and gas work stream which was held at the Nigeria National Petroleum Corporation headquarters, in Abuja, on Thursday.

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While introducing the agreement and what the oil and gas sector stands to benefit from its full implementation, she said, “AfCFTA means Nigeria is no longer Africa’s largest economy, we need to sit up and get our house in order.”
She added that Nigeria is aligning itself for agreements, which comes with the elimination of tariffs.

She also mentioned that Nigeria’s mission is to become the preferred provider of value-added services to Africa.

Recall that it was reported earlier this month that the AfCFTA secretariat and the African Export-Import Bank signed an agreement on the management of the base fund of the AfCFTA adjustment fund.

Read Also: FG Requests for Proposals for The Establishment of a National Carrier

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Agriculture & Nigerian Economy

Fire Service Warns Against Domestic Storage of Petrol Amid Scarcity

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Fire Service Warns Against Domestic Storage of Petrol Amid Scarcity

The AG. Controller general, federal fire service (ffs), Karebo Pere samson has cautioned Nigerians against storage of premium motor spirits (PMS) popularly known as petrol in their homes during this period of scarcity.

 

Karebo said petrol is a highly inflammable liquid which if not handled carefully can cause serious fire explosion.

 

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This was disclosed in a statement released by Abraham Paul the public relations officer of the services

 

Karebo explained that invariably there is always a risk of a fire outbreak or an explosion if there is a source of ignition nearby such as a naked flame or an electrical spark.

 

The ag controller general stressed that Nigerians should avoid any act which could lead to fire outbreak in their environment.

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