NEWS
NCS Hits N3.21trn In 2023, Eyes N5.08trn In 2024
In a briefing to the House of Representatives Committee on Customs and Excise, Comptroller General Bashir Adeniyi disclosed that the Nigeria Customs Service (NCS) successfully generated a total of N3.21 trillion in revenue for the year 2023.
Despite facing challenges that led to falling short of the targeted N3.67 trillion, Adeniyi expressed confidence as he outlined the service’s ambitious goal to diligently contribute N5.08 trillion to the nation’s revenue in 2024.
He said, “In 2023, the revenue target for the service was N3.67trn and remarkably, the service collected a total revenue of N3.21trn from January to December 2023.
“When we compare what we collected in 2023 to what was projected as our targets, there was a negative variance of N462.9 bn, which represents 12.62 per cent of what was approved as revenue targets.
“Though we didn’t achieve what we projected, but we want to say with all sense of modesty that we did our best. And when we consider all factors, we will appreciate the fact that we at NCS did the best we could.”
Adeniyi cited several factors, including the import of goods under the common external tariff, import duty exemption certificates, uncertainties, and anxieties as key contributors to the NCS falling short of its 2023 revenue target.
“One of the factors was the huge import of goods under Chapter 99 of the common external tariff, which resulted in a revenue loss of over N2trn. When we compare this to the total revenue that we had, that was a whopping 63.35 per cent of our total revenue collection.
“Also, revenue due to import duty exemption certificates and other statutory provisions for the year (2023) was also in the region of N1.8 trn which was about 58.52 per cent of the total revenue generated. Cargo through-put dropped from 17.2 per cent to 15 2 per cent during the year.
“For 2024 fiscal year, this target stands at 5.079 trillion and this consists of 3.423 trn in federation accounts, N554.35 bn for non-federation accounts, and N1.101 trn for import Value Added Tax,” he added, noting that “When we compare what was targeted in 2023 and 2024, this year’s target is higher by N1.41 trn or approximately 27.75 per cent over the 2023 budget,” he added.
The NCS boss outlined crucial assumptions to aid the service in achieving its 2024 financial targets. He emphasized the importance of timely roll-out of the 2024 fiscal policy measures and highlighted the pursuit of the national single window project for enhanced process harmonization and standardization.
The approval for the inauguration of the steering committee by Mr. President signals progress in this pursuit, with expectations that the committee will be inaugurated in the coming days.
Adeniyi highlighted the significance of the Vehicle Registration System and the Vehicle Identification Number valuation application as the third driver to combat undervaluation and vehicle tax evasion, aiming to enhance revenue collection for the NCS.
Additionally, he informed the committee about the NCS’s proposed budget expenditure of N706.43 billion in the 2024 fiscal year.
Adeniyi detailed the funding plan, indicating that N623.83 billion is expected from the 4% Free On Board, N22.02 billion from a 2% VAT share for NCS, and N60.58 billion from funds rolled over from ongoing capital projects, totaling the proposed budget.
Committee Chairman Leke Abejide assured the NCS of the lawmakers’ commitment to support its efforts in achieving the national revenue target.
He urged the NCS boss to prioritize the implementation of e-customs and integrate Artificial Intelligence in managing the nation’s border stations for enhanced efficiency and effectiveness.
NEWS
Fuel Pricing: PETROAN Accuses Dangote Refinery Of Monopoly
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has raised concerns over alleged monopolistic practices by Dangote Refinery, following a public dispute about fuel pricing in the downstream petroleum sector.
Recall that the refinery, Africa’s largest, recently disclosed its petrol pricing at N990 per litre in trucks and N960 per litre into ships, a move it justifies as being in line with international rates.
READ MORE: Nigeria’s Debt Service Ratio Falls To 65% As Tinubu Tackles Economic Woes
PETROAN, however, sees this as an attempt to suppress competitors and dominate the Nigerian market.
The rift began when Dangote Refinery claimed that complaints from marketers regarding its pricing were fueled by intentions to import cheaper, potentially substandard products.
In response, PETROAN strongly rejected these allegations, suggesting that Dangote’s claims are tactics designed to maintain a monopoly in the sector.
Joseph Obele, PETROAN’s spokesperson, stated that the association remains committed to importing high-quality products at more competitive rates to ensure affordability for Nigerian consumers.
According to PETROAN, competition in the market is essential for achieving fair pricing, and any attempt to stifle it would be detrimental to consumers.
They argue that Dangote Refinery’s pricing should reflect production costs and fair margins rather than international benchmarks, especially given concessions granted by the government for the refinery’s establishment.
PETROAN also announced its plans to partner with foreign refineries and financial backers to import premium-quality petroleum products at prices below current rates.
The association aims to enter the market by December 2024, pending necessary regulatory approvals.
“The allegations that PETROAN will import substandard products are unfounded and aimed at creating an unfair playing field,” the statement read.
PETROAN warned that similar claims in the past had led to significant price hikes when competitors were pushed out, emphasizing that the entry of new players into the market would lead to more competitive pricing and ultimately benefit Nigerian consumers.
PETROAN expressed appreciation for President Bola Tinubu’s commitment to revitalizing Nigeria’s state-owned refineries and urged the government to consider privatizing the Port Harcourt and Warri refineries once rehabilitation is complete.
The association believes a transparent privatization process will help strengthen Nigeria’s downstream sector and counter monopolistic tendencies.
To address the ongoing pricing challenges in the sector, PETROAN called on the government to convene a comprehensive meeting of industry stakeholders, including major associations like IPMAN, DAPPMAN, MEMAN, NUPENG, and PENGASSAN.
PETROAN believes that collaboration among these groups will be instrumental in establishing a sustainable and competitive pricing framework for petroleum products in Nigeria.
NEWS
Hardship: Let Us Intensify Prayers For Our Leaders – Sultan Of Sokoto Tells Nigerians
Sultan of Sokoto, Sa’ad Mohammad Abubakar II, has called on Nigerians to avoid publicly criticizing their leaders, instead urging citizens to place their trust in God to address leadership concerns as He deems fit.
Speaking at the Regional Conference on Climate Change-Induced Conflicts in Northern Nigeria, organized by the Kaduna State Bureau of Interfaith in collaboration with International Alert, the Sultan emphasized faith and patience in navigating the country’s challenges.
READ ALSO: Gunmen Attack Police Facility In Owerrinta, Female Detainee Killed
Acknowledging Nigeria’s current economic and social hardships, the Sultan encouraged continuous prayer, not only for the nation but for its leaders as well.
“Even though many feel times are particularly hard, we believe relief will come. Let’s increase our prayers for our leaders, trusting God to address them in His way,” he said, expressing hope that divine intervention could bring stability and prosperity.
The Sultan reminded political leaders of their ultimate accountability to God, cautioning that they will stand alone on the Day of Resurrection, with only their deeds to support them.
“On that day, every leader will stand alone. Governors, advisers—none will have support except their own deeds. Let us act with a deep sense of responsibility and fear of God,” he stated.
Addressing religious leaders, he warned against misleading their followers for personal gain, underscoring the trust many place in their religious guidance.
“Only God can save any human being,” he said, encouraging Nigerians to remain faithful and discerning in their spiritual beliefs. “Focus on worshiping Allah and leave the rest to Him. Don’t follow those who might lead you astray.”
With leaders from various religious communities, including the President of the Christian Association of Nigeria (CAN), in attendance, the Sultan called for unity, resilience, and communal effort to tackle pressing issues such as climate change, poverty, and insecurity in the northern region.
He praised the North’s history of unity and resilience, warning against divisive narratives that threaten communal harmony. “When we are united, we can face any challenge and build a prosperous community,” he asserted.
The Sultan’s remarks come amid ongoing social and environmental issues in the region, including a recent surge in climate-related challenges that have exacerbated poverty and security threats.
In light of these issues, he called on both Muslims and Christians to intensify their prayers, saying, “Our country faces many challenges, and we must turn to God in prayer. Let us intensify prayers in our mosques and churches.”
NEWS
#EndBadGovernance Protests: Tinubu Orders Release Of Detained Minors
In a decisive move, President Bola Tinubu has ordered the immediate release of all minors detained by police during the recent #EndBadGovernance protests.
The directive, announced by Minister of Information and National Orientation, Mohammed Idris on Monday, underscores the government’s commitment to protecting children’s rights and ensuring justice.
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Idris confirmed that President Tinubu’s directive prioritizes the welfare of detained minors, instructing the Ministry of Humanitarian Affairs to facilitate their safe reunification with their families.
A committee led by the Ministry of Humanitarian Affairs will be established to oversee the welfare of the released minors and ensure compliance with the president’s orders.
Additionally, President Tinubu has directed a formal investigation into the actions of law enforcement agencies involved in the arrests.
The president emphasized that any misconduct uncovered during the investigation will result in disciplinary action, affirming his administration’s dedication to accountability within law enforcement.