Naija News
FG’ll Increase Revenue Generation, Says Finance Minister
The Federal Government has pledged its commitment to improving revenue generation and enhancing economic competitiveness in the country.
The Minister of Finance, Zainab Ahmed, made the pledge on a virtual platform on Monday during the Executive Roundtable on the Finance Act 2020 and Economic Outlook for 2021 organised by PricewaterhouseCoopers.
In her opening remarks, she said, “The Federal Government of Nigeria will continue to champion economic policies aimed at improving revenue generation, enhancing economy competitiveness, encouraging domestic investors and enhancing macroeconomic stability despite the significant challenges posed by COVID-19.
“This administration is committed to stimulating economic growth by fostering economic resilience in our business communities and broader economy in line with the thematic thrust of the 2021 budget.
“I want to also add that the Federal Government is forging stronger collaboration with the subnational government, state government as well as the local government.”
PwC Partner and Chief Economist, Dr Andrew Nevin, asked Nigeria to leverage on exporting services to the world.
He said Nigeria had a populace of intellectuals earning foreign exchange which should be leveraged on.
He said, “Nigeria exports brains and we are earning significantly from it around the world and that is the asset we need to optimise.
“The interesting thing is that we can export brains from Nigeria without people leaving Nigeria. In fact, if you think about Nigeria’s unique conditions, our ability to export is not manufactured goods.” PwC Tax Leader, Mr Taiwo Oyedele, who spoke on the import levy on cars said that the total tariff to be paid on imported cars was 40 per cent as against five per cent that has been in the public domain.
He said, “This is really important to clarify. For new cars, it is only the levy that has been reduced from 35 to five per cent. The import duty of 35 per cent is still
available on new and used cars which means for a new car, the total tariff you pay on import is 40 per cent.”
Oyedele explained that 40 per cent levy was still high enough to encourage people to buy locally.
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Kogi state governor, Yahaya Bello, has approved the implementation of N30,000 as minimum wage for the workers in the state.
The secretary to the state government, Folashade Ayoade disclosed this on Tuesday after an extensive meeting with the organized labour in Lokoja
She blamed the delay in the implementation on the inability for the committee to meet regularly due to the covid-19 pandemic which has been overcome.
The SSG equally commended the organised labour for their understanding and patience, which she said has resulted into the signing of the implementation of the new minimum wage.
Read Also: FCTA Set to Implement Minimum Wage for FCT Workers
Author: Eunice Johnson, Abuja
The Central Bank of Nigeria (CBN) has put Deposit Money Banks (DMBs) on notice that it will stop selling forex to them by the end of 2022. CBN Governor Godwin Emefiele made this known in Abuja on Thursday at the end of the Bankers’ Committee Meeting where he also introduced the RT200 Programme.
Emefiele said the time had come for the banks to go out there and source for forex by funding entrepreneurs with ideas. The CBN, Emefiele said, will support the banks by granting rebates and other support until the banks find their feet in sourcing their forex by themselves.
He also disclosed that the apex bank’s policies and measures have led to a significant improvement in diaspora inflow from an average of US$6 million per week in December 2020 to an average of over US$100 million per week by January 2022. He added that the CBN would be reviewing these intervention programmes going forward to ensure that they continue to achieve the desired results.
He said international bodies, including some embassies and donor agencies, have been complicit in illegal forex transactions that have hindered the flow of foreign exchange into the country.
Read Also: CBN Encourages Nigerians to Accept E-Naira
Author: Gift Wada, Abuja
The Comptroller General of Customs Col. Hameed Ibrahim Ali (Rtd.) has approved the deployment of 37 Comptrollers to various Units, Departments and Commands across the country.
This was disclosed in a release signed on Tuesday by the Customs Deputy National, DC Timi Bomodi for the Comptroller General of Customs.
Among those deployed are the present National PRO of Customs Comptroller Joseph Attah who will assume the office of Area Controller of Kebbi Command, Comptroller AAS Oloyede who shall be moving from ICT/MOD to Tin Can Island Port Command, while Comptroller SI Bomoi to FCT Command. Other postings are Comptroller BA Jaiyeoba to Oyo/Osun Command, Comptroller A Dappa-Williams to Eastern Marine Command, Compt. MA Umar Kano/Jigawa, Compt. KC Egwuh ICT/MOD, Compt. LM Mark Enugu/Anambra/Ebonyi, Compt. T Tachio CTC Kano, Compt. AA Umar Western Marine, Compt. M Dansakwa North Eastern Marine, Compt. AC Ayalogu T & T and Compt. KD Ilesanmi will assume duty as Comptroller Board among others.
Ali in postings released on 7th of February, charged the newly posted Comptrollers to justify the confidence reposed in them by NCS Management by bringing to bear their years of experience and training in trade facilitation and anti-smuggling activities on their new assignment.
Given the enormous expectations of government regarding revenue generation in the current year, the Comptroller General reiterated the need for all Area Controllers and Unit heads to take full charge of the affairs of their Commands by ensuring absolute compliance with extant fiscal policies while leveraging on the efficient management of data to optimize trade facilitation and revenue collection.
Furthermore, the CGC directed all officers to be extremely vigilant in protecting the lives and wellbeing of Nigerians by ensuring the full fortification of our borders against the incursion of smugglers and other cross border criminals.
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