Business
Group Wants Customs To Release Information On Tax Waivers
The Environmental Rights
Action/Friends of the Earth Nigeria (ERA/FoEN), has requested that the Nigeria Customs Service (NCS) to release detailed information on tax waivers, grants and other benefits that British America Tobacco Nigeria (BATN) and other tobacco companies benefited from under the now-rested Export Expansion Grant (EEG) Scheme introduced by the Chief Olusegun Obasanjo administration in 2002.
The EEG scheme is an export incentive designed to assist indigenous exporters to expand the volume and value of their exports, diversify export markets and become more competitive in the international market.
The group in a statement said exporters get cash grants for exporting semi-manufactured or manufactured products with the incentive element in the graduation of the grant according to volume of export sales.
The Head, Media and Campaigns of the Organisation, Philip Jakpor noted that Under the scheme, which was adjusted in 2003, the federal government gave up to 40 per cent to any industry that exported and repatriated money on intermediate and finished products.
According to him,’’ ERA/FoEN believes that BATN which had over the years claimed it was paying billions of naira in taxes did not actually qualify to benefit from the scheme and merely hid under the platform of manufacturer to lech on Nigeria.
In a letter addressed to the Comptroller-General of NCS on 28 November 2016 and copied to the Minister of Finance, titled Request for information under the Freedom of Information Act with specific reference to the tax benefit (s) in the tobacco industry, ERA/FoEN made 11 specific requests.
In the letter by ERA/FoEN solicitors – A. M. Kotoye, FCTI, the group is requesting the volume and brand names of cigarettes exported from Nigeria from 2002 till present, by which company and to which country, and volume and brand names of cigarettes imported into the country within the same time frame.
ERA/FoEN is demanding the release of information on how much BATN benefited from the EEG from 2004 to 2014, tax waivers or tax exemptions the company benefitted from the Nigerian government from 2004 till date, and how much tax waiver, or grants benefited by any other tobacco company operating in Nigeria within the same time frame.
It is also asking for information on the volume of raw tobacco leaf BATN imported into Nigeria and from which country, volume of shredded tobacco imported into Nigeria by BATN and from which country as well as volume of raw tobacco leaf imported into Nigeria by any other tobacco company, into Nigeria and from which country.
The group also wants to know the volume of shredded tobacco by any other tobacco company, into Nigeria and from which country, location of cigarette factories in Nigeria as well as volume and brands produced from each factory.
The text of the letter also detailed that if the NCS believes that another agency, ministry or department of the government has greater interest in the information requested for, it is obligated under Section 5 of the FOI Act to transfer the request to that agency, ministry or department within three days but not later than seven days of receiving the request.
On why the FOIA request,
Business
Food Vendors, Others Relocate To New Site At PH Airport
The raging controversy between the Port Harcourt International Airport Management and restaurants/canteen operators and theirallies over relocation has been brought under control, as the operators have commenced relocation to their structures at the new site.
Recall that there had been serious feud over a directive by the Manager of the airport, Mr. Michael Area, for food vendors and their allies to relocate to the new site.
They insisted that the new site was too distant and hence, would negatively affect patronage from customers, with possible loss.
They further also insisted that it wouldcost them much money to put up another structure, given the economic situation in the country, since the airport management did not build any structure for them, apart from providing the empty land they have to also pay for.
The situation had led to flexing of muscles, which made the Airport Manager to order for sealing of all shops, resulting in scarcity of food, as airport users could not find a place to eat, apart from the only Genesis fast food spot available.
As at last Friday, The Tide observed that most of the food vendors had transferred their structures to the new place, and had started doing business there already.
Meanwhile, customers have started settling down at the new location as they were seen patronising shops for foods and drinks, in spite of the distance.
Few of the remaining structures at the old site, The Tide further gathered, will also be removed as quickly as possible, and the owners are making efforts to get funds for the job to be done.
One of them, Mrs Aka Love explained that she was going to relocate to the new place before the end of March.
Currently, business activities at the old site have come to null, as the place which was usually a beehive of food, drinks and relaxation, has completely winded down.
By: Corlins Walter
Business
MOWCA Strengthens Maritime Crime Prevention
Secretary General of the Maritime Organisation of West and Central Africa (MOWCA), Dr. Paul Adalikwu, has stepped up interaction with the United States Government to lift restrictions placed on some member countries allegedly implicated in illicit shipping activities.
Adalikwu, who led a delegation from the MOWCA Secretariat to the US Embassy in Abidjan for a first leg of the strategic consultation aimed at promoting seamless participation of MOWCA countries in international trade within the global maritime space, reiterated the organisation’s commitment to the best ethical and lawful maritime practices.
Addressing the U.S Ambassador to Côte d’Ivoire, H.E Mrs Jessica Davis Ba, the MOWCA SG stated the organisation’s interest in promoting the International Ship and Port facility Security (ISPS) code which aims at enhancing security of vessels and their ports of call.
He expressed the commitment of MOWCA in promoting environmentally friendly, safe and cost effective shipping without any encumbrance that may limit the economic potential of member countries.
Dr Adalikwu recalled that at the instance of the U.S. Department of State invitation, MOWCA participated in the 2023 Registry Information Sharing Compact (RISC) Conference in Larnaca, Cyprus, on February 28–March 1, 2023, and a virtual meeting held on June 6 2023, with Mrs Jennifer Chalmers, Officer in change of Counterproliferation Initiative.
He recalled The U.S. DOS willingness to support MOWCA’s effort for preventive maritime security through the establishment of the Center for Information and Communication (CINFOCOM) with the aim to ensure a maritime situational awareness domain within MOWCA’s member states’ waters.
He added that MOWCA under his watch is committed to training and retraining of maritime practitioners and experts to enhance the human capital capabilities of member states.
The CINFOCOM will help prevent transnational crimes committed at sea like sanctions evasion by North Korea and other state actors, who exploit poor enforcement due diligence by ship open registries to circumvent United Nations and U.S. trade restrictions.
By: Nkpemenyie Mcdominic, Lagos
Business
Nigeria’s Public Debt Hits N97.3trn – DMO
The Debt Management Office (DMO) has hinted that Nigeria’s public debt increased by 10.7 per cent from N87.87 trillion in the third quarter of last year, to N97.34 trillion as at December 31, 2023.
DMO, in an update data released last Friday, said the increase in the debt stock was largely due to new domestic borrowing by the Federal Government to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
The office noted that the N97.3 trillion public debt comprises of domestic debt of N59.12 trillion and external debt of N38.22 trillion. The sum of $3.5 billion was used to service external debt during the review period.
“Nigeria’s Public Debt Stock as at December 31, 2023 was N97.34trillion or $108.229 billion. This amount comprises the domestic and external debt stocks of the Federal Government of Nigeria (FGN), the 36 States Governments, and the Federal Capital Territory (FCT).
“There was an increase of N9.43 trillion over the comparative figure for September, 2023, which was largely due to new domestic borrowing by the FGN to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
“At N59.12 trillion, total domestic debt accounted for 61 percent of the total public debt stock, while external debt at N38.22 trillion accounted for the balance of 39 percent.
“Consistent with the debt management strategy, Nigeria’s external debt stock was skewed in favour of loans from multilateral (49.77 percent) and bilateral lenders (14.02 percent) or total of 63.79 percent which are mostly concessional and semi-concessional.
“Whilst the DMO continues to employ best practice in public debt management, the recent and on-going efforts of the fiscal authorities to shore up revenue will support debt sustainability”, DMO stated.
By: Corlins Walter
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