Connect with us

news

Breaking : Oyedele, Says, Fiscal Policy and Tax Reforms Committee recommends N800/$ for Customs duty rate

Published

on

••••Pushes for new national tax structure

The Presidential Committee on Fiscal Policy and Tax Reforms has recommended an exchange rate of N800 per dollar Customs import duty rate for the rest of the year.

This move will be a huge departure from what obtains currently where Customs duty is changed erratically, sometime twice a day with total changes effected so far this year at about 40 times.

Also the value has followed the sharp swings in the exchange rate on the foreign exchange market with a wide range of between N900 and N1,700 to one US Dollar this year alone, a situation that has attracted widespread condemnation across business sectors.

Chairman of the committee, Taiwo Oyedele, disclosed the new direction, yesterday, while speaking on the activities of the tax panel in Lagos.

The tax expert, a former partner at PwC Nigeria, said that the frequent changes in the import duty rate adopted by the Nigeria Customs Service (NCS) due to the volatility of the foreign exchange (FX) market do not allow for adequate planning by businesses.

His words: “When we did the budget, we said naira to dollar will be N800, now it is way more than N1,000. People need to plan.

“So now, we are saying to the government, can you please sign an order that says for the purpose of paying import duty, we shall use N800 for the rest of the year, till December. So, we have proposed N800.”

Customs typically adopt FX rates recommended by the Central Bank of Nigeria (CBN) for import duties based on trading activities in the official FX market.

Many analysts have criticized this approach, noting that it is bad for businesses as it puts business planning in disarray.

P-CNGi commissions CNG tricycle assembly plant
FG secures $500m World Bank loan to fund Discos
As a way out, Dr Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), had recommended that the Customs should set a quarterly exchange rate between N800/$ and N1000/$ for import duties assessment.

Meanwhile, Oloyede said the committee has also recommended that the over 100 different tax collection agencies at the federal, state and local council levels in the country be collapsed into a central tax agency, known as the Nigerian Revenue Service.

The committee, Oyedele further said, also recommended implementing zero-based budgeting, and introducing long-term appropriation.

“The budget must be restructured to classify items under infrastructure, human capital investment, personnel cost and productivity, administrative overheads, debt service and sinking funds,” he said.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

news

BREAKING: Tinubu replaces Service Chiefs, names Gen. Oluyede CDS

Published

on

 

President Bola Ahmed Tinubu has approved major changes in the leadership of the Armed Forces, appointing new Service Chiefs in a decisive move aimed at strengthening national security architecture.

According to a statement on Friday by his Special Adviser on Media and Public Communication, Chief Sunday Dare, the President named former Chief of Army Staff, Lt. General Olufemi Oluyede as the new Chief of Defence Staff, replacing General Christopher Musa.

Major-General W. Shaibu has been appointed Chief of Army Staff, Air Vice Marshal S.K. Aneke takes over as Chief of Air Staff, while Rear Admiral I. Abbas is the new Chief of Naval Staff.

The Chief of Defence Intelligence, Major-General E.A.P. Undiendeye, retains his position.

All appointments, the statement said, take immediate effect.

President Tinubu, who is also the Commander-in-Chief of the Armed Forces, expressed deep appreciation to the outgoing Chief of Defence Staff, General Musa, and other retired Service Chiefs for their “patriotic service and dedicated leadership” during their tenure.

He charged the newly appointed military heads to justify the confidence reposed in them by demonstrating “enhanced professionalism, vigilance, and comradeship” in the discharge of their duties.

The shake-up in the military hierarchy comes as part of ongoing efforts by the Tinubu administration to reposition the security sector, improve coordination among the services, and sustain momentum in the fight against terrorism, banditry, and other security challenges across the country.

Continue Reading

news

JUST IN: Court Rejects “Terrorists’ Negotiator” Tukur Mamu’s Third Bail Application

Published

on

A Federal High Court in Abuja has rejected a fresh application for bail filed by detained alleged terrorists negotiator, Tukur Mohammed Mamu.

Justice Mohammed Umar, in a ruling on Wednesday, noted the health complaint by Mamu and held that the detaining authority, the Department of State Services (DSS) should not release him but take him to an appropriate health facility where he would be adequately attended to.

Justice Umar noted that, by the history of the case so far, the prosecution has exhibited diligence in it handling of the case and exhibited diligence in prosecuting the case.

The judge said one of the reasons for granting bail is where the prosecution is not diligent, noting that since the prosecution in this case is diligent, the application for bail cannot be granted.

He subsequently ordered that the defence lawyer should choose the health facility comfortable to the defendant, to which he should be promptly taken.

He also asked the DSS to allow the defendant access to members of his family.

The ruling on Wednesday is the third time the court will reject his application for bail since his was arraigned on March 21, 2023 by the Federal Government on a 10-count charge bordering on terrorism financing, among others.

Mamu was arrested on September 7, 2022 by Egyptian security officials at the Cairo International Airport, on reasonable suspicion of financing Boko Haram terrorism activities.

He was alleged to have convinced the terrorists to discuss ransom payments with individual families of the hostages of the train attack instead of the Chief of Defense Staff Committee set up by the Federal Government for his personal financial gain.

He was said to have been nominated by the terrorists that attacked the Abuja-Kaduna bound train sometime in March 2022 which took scores of persons hostage.

Mamu was alleged to have collected ransoms on behalf of the Boko Haram terrorists from families of hostages, confirmed the amount and facilitated the delivery of same to the terrorists.

Continue Reading

news

BREAKING: ASUU suspends two-week warning strike

Published

on

The Academic Staff Union of Universities has announced the suspension of its ongoing two-week warning strike.

The National President of ASUU, Prof. Chris Piwuna, made this known in an ongoing press briefing in Abuja on Wednesday.

According to Piwuna, the decision stemmed from the meeting of the National Executive Council meeting which was held overnight and ended by 4:00 am on Wednesday.

Piwuna noted that the union decided to embark on the strike due to the failure of the government to meet its demands on time.

“We’ve had useful engagements with representatives of the government to consider the response to the draft renegotiation of the 2009 agreements. However, we are definitely not where we were prior to the commencement of the strike.

Continue Reading

Trending

Copyright © 2025 Newsthumb Magazine | All rights reserved