Naija News

Reps Question N5bn Import Duty Waiver To Chinese Company

Published

3 years ago

February 4, 2021

THE House of Representatives Committee on Public Accounts has questoned the duty waiver granted a Chinese company, China Harbour, valued at N5bn, to import construction materials.

The committee was not happy that a Chinese firm was given such an privilege knowing the fact that Nigeria had multi-billion dollar loans to repay China.

Wole Oke, chairman of the committee, spoke at an investigative hearing on Wednesday based on an audit query issued against the Nigeria Customs Service by the Office of the Auditor General of the Federation.

Oke condemned the complacency of the various regulatory agencies that approved such waivers allegedly in breach of due process and extant financial regulations, which according him had caused the country a huge loss of revenue.

YOU CAN FOLLOW US ON FACEBOOK

The lawmaker further did not accept what he called flagrant breach of various policies and regulations guiding the waivers and capital allowances granted to some multinational companies and public quoted companies between 2014 and 2020.

The committee directed Niyi Adebayo, the Minister of Industry, Trade and Investment, , to provide evidence of the capital allowance certificates granted to over 600,000 companies and other relevant documents during the period under review.

Oke quoted the query by the auditor-general as expressing concern over the depletion of revenue accruing to the Federation Account, which he said was “nose-diving.”

He added, “And they (OAuGF) asked us why we not filing the revenue profile of Customs. They said it should be audited. That is what they said. And so, we called Customs and Customs came and presented the list.

“There are a lot of things like tax avoidance. Tax avoidance is lawful but we are only checking the abuses. That is what we are doing. In a situation where you are based in Nigeria, import from France for example and the documents emanate from Mauritius.”

Oke also added “Some multinational companies indulge in the abuse of tax avoidance and transfer service schemes, and they use that to undermine revenue generation in Nigeria. “The prices at which they buy from the manufacturers are not what is contained in the shipping documents. By so doing, they can even cut down 50 per cent of duty that they ought to have paid to Nigeria.

“That is the issue the auditor-general is raising; that collections by Nigeria Customs (Service), collections by FIRS (Federal Inland Revenue Service), remittance by DPR (Department of Petroleum Resources) and NNPC (Nigerian National Petroleum Corporation) is nose-diving and that we should check it.

“They are particular about Customs, that we should audit it and that is why we invited Nigeria Customs; and Nigeria Customs availed us – in response to the committee’s invitation – a list of over 600,000 companies.

“We cannot invite over 600,000 companies; we don’t even have the budget because it will cost us N1.2bn to write them. So, we have to do sampling to conform to the fiat in the issues raised by auditor-general.”

Atiku Promises to Privatise NNPC Even if it Kills HiM

Customs Officials Escape Death in Gbaj i

Related Topics:Reps question to chinese company

Up Next

Police react as over 2,000 IDPs arrive Yobe from Borno

Don't Miss

Fire Guts Tippee Market in Gwarinpa

Click to comment

Labour Force

Kogi Governor Approves Implementation of N30,000 Minimum Wage for workers

Published

2 years ago

February 16, 2022

GiftUgbede

Kogi Governor Approves Implementation of N30,000 Minimum Wage for workers

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

Follow Us on Facebook

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.

Finance

CBN to End Forex Sales to Commercial Banks in 2022

Published

2 years ago

February 11, 2022

GiftUgbede

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.

YOU CAN FOLLOW US ON FACEBOOK

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.

Customs Corner

Customs CG Deploys 37 Comptrollers as Comptroller Attah Heads Kebbi Command

Published

2 years ago

February 8, 2022

Onyebuchi Aniekeyi

Customs CG Deploys 37 Comptrollers as Comptroller Attah Heads Kebbi Command

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.

YOU CAN FOLLOW US ON FACEBOOK

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.

Comptroller Ali Ibrahim Assumes Duty as New Customs FOU Zone ‘C’ Boss