Business
FG To Reduce Tarriff On Rice Import

L-R: General Manager, Transmission Station, Mr John Obajulu, Leader of the delegation of board members, Transmission Company of Nigeria (TCN), Alhaji Musa Gumel and a member, Prof. Peter Akper, during the facilities tour of the regional transmision station by TCN board in Kaduna last Tuesday.
The Minister of Finance, Dr Ngozi Okonjo-Iweala, has said the Federal Government was contemplating a downward review of tariff on importation of rice.
Okonjo-Iweala, who disclosed this while answering questions at the ‘Budget 2014 Jam’, in Abuja said the drop in the tariff would reduce smuggling of the commodity into the country.
The Tide source reports that Budget 2014 Jam is a youth online programme where the minister answers questions on the Federal Government’s 2014 budget from youths across the nation.
The three-day programme, which began on Tuesday is organised by the Ministry of Finance in collaboration with IBM Technology, a telecommunication firm.
The minister said the existing 110 per cent duty on the importation of rice was encouraging smuggling of the commodity into the country.
“We increased the tariff to 110 per cent, and it encouraged some people to go and grow rice and we grew 1.1 million metric tonnes of the product.
“But it also encouraged smuggling from neighbouring countries because they immediately dropped their own tariffs to 10 per cent,” she said.
She added that the rice issue was similar to tariff on importation of used vehicles, saying “we are watching it now to see what the appropriate tariff to be paid on it will be.”
The minister added, “For rice, we decided to bring it down because we see that it is not working.”
Okonjo-Iweala explained that the government had decided to encourage the automobile industry to ensure that vehicles were manufactured in the country.
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Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor
The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.
He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.
Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.
“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”
Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.
“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.
Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.
Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
Business
PHCCIMA Leadership Hails Rivers Commerce Commissioner for Boosting Business Ties …..Urges Deeper Collaboration to Ignite Economic Growth
