Business

‘Second Abuja Airport Runway Project, A National Priority’

Published

11 years ago

October 15, 2014

Guest Lecturer at the 5th Triennal Delegate Conference of NAWOJ, Rivers State, Mrs Victoria Opara (right) former Chairman, Rivers State, Mrs Uche Atuzie (middle) and Director, Publication ,Rivers State Newspaper, Mrs Juliet Njiowhor at the Ministry of Women Affairs, Port Harcourt, recently.

The Federal Government has said that the second runway project at the Nnamdi Azikiwe International Airport, Abuja, would be treated as a national priority.
The Senior Special Adviser to the President on Aviation, Capt. Shehu Iyal, disclosed this while briefing State House correspondents on the achievements of the Jonathan administration in the sector.
To this end, Iyal said that President Goodluck Jonathan had given aviation authorities a marching order to immediately revisit the project and bring it to fruition.
He said “President Goodluck Jonathan has approved and directed the authorities to revisit the second runway project immediately and it is being revisited.
“I am proud to inform you here that I am part of the committee of the second runway project and it is going to be treated as a priority.
“There will be a second runway in Abuja for safety, for security and for efficiency.’’
The senior special adviser said that the project would ease the busy traffic on the existing runway and minimise the delay in take-off and landing, currently experienced by passengers at the airport.
On the issue of missing luggage and touting at the nation’s airports, the president’s aide said government was aware of the situation and was putting measures in place to address them.
He, however, said that missing of luggage was not peculiar to the nation’s airports, adding that it was a global challenge in the aviation sector.
“Luggage get missing both locally and internationally. Personally, I have experienced two instances; one coming from Frankfurt in Germany of all places.
“The second instance was at the Heathrow airport in London, where I lost a luggage while coming to Nigeria; such things happen.
“I am not saying that we are right and so we should leave it unchecked. I am sure the people in charge of that are looking into it,” he added.
On touting, Iyal said that the Federal Airport Authority of Nigeria (FAAN) was currently training and retraining its security personnel to deal with the problem.
He said the Federal Government had resolved to assist airports with policemen and soldiers to check the activities of touts.
According to Iyal, the Jonathan administration has raised the country’s aviation sector to global standard in the last six years.
One of the greatest achievements, he said, was the retention of the U.S. Federal Aviation Administration (FAA) Category One Status, which Nigeria achieved in 2010 after a rigorous audit by FAA.
He said “just last month (September), we were able to retain the U.S. Federal Aviation Administration (FAA) Category One Status, which we got in 2010.
“It will interest you to know that India, which is one of the top 10 economies in the world, just lost their own Category One status, but we are able to retain our own.
“I think this is an achievement all Nigerians need to be proud of.”
The President’s aide said that the election of Mr Olumuyiwa Aliu as President of the International Civil Aviation Organisation (ICAO) Council was another major achievement of the Jonathan government.
He explained that Aliu’s election had placed Nigeria in the league of countries doing well in the global aviation sector.
“Coming back home, we have today, what is called Total Radar Coverage of Nigeria (TRACON), which actually started some years ago.
“The completion of the TRACON project under the Nigeria Airspace Management Agency (NAMA) was completed under the leadership of Jonathan.
“What TRACON means is that anywhere within the Nigerian airspace, we are able to track every aeroplane that is either flying in or out.”
Iyal said that the role played by the aviation sector in the success story of the fight against Ebola could not be overstressed.
According to him, the U.S. has started replicating the Nigerian example at the John F. Kennedy International Airport in New York. (NAN)
ARU/VI/HA

Business

FIRS Clarifies New Tax Laws, Debunks Levy Misconceptions

Published

2 days ago

December 5, 2025

The Tide

The Federal Inland Revenue Service has said that Nigeria’s newly enacted tax laws are designed to strengthen economic competitiveness, attract investments, and improve long-term fiscal stability.

The agency also clarified that the much-debated four per cent development levy on imported goods is not a new or additional tax burden, but a streamlined consolidation of several existing levies.

According a statement released Wednesday, one of the most misunderstood elements of the new tax framework is the four per cent development levy with the agency explaining that the levy replaces a range of fragmented charges — such as the Tertiary Education Tax, NITDA Levy, NASENI Levy and Police Trust Fund Levy — that businesses previously paid separately.

This consolidation, it said, reduces compliance costs, eliminates unpredictability and ends the era of multiple agency-driven levies. The law also exempts small businesses and non-resident companies, offering protection to firms most vulnerable to economic shocks.

Another major clarification relates to Free Trade Zones. Earlier commentary had suggested that the government was rolling back the incentives that have attracted export-oriented investors for decades. However, the reforms maintain the tax-exempt status of FTZ enterprises and introduce clearer guidelines to preserve the purpose of the zones.

“Under the new rules, FTZ companies can sell up to 25 per cent of their output into the domestic market without losing tax exemptions. A three-year transition period has also been provided to allow firms to adjust smoothly.

“Government officials say the reforms aim to curb abuses where companies used FTZ licences to evade domestic taxes while competing within the Nigerian market”, it said.

With the new measures, Nigeria aligns with global FTZ models in places like the UAE and Malaysia, where the zones function primarily as export hubs for logistics, manufacturing and technology.

The introduction of a 15 per cent minimum Effective Tax Rate for large multinational and domestic companies has also been met with public concern. But the FIRS notes that this policy aligns with a global tax agreement endorsed by over 140 countries under the OECD/G20 framework.

Without this adoption, Nigeria risked losing revenue to other countries through the “Top-Up Tax” mechanism, where the home country of a multinational collects the difference when a host country charges below 15 per cent. By localising the rule, Nigeria ensures that tax revenue from multinational operations remains within its borders.

Business

CBN Revises Cash Withdrawal Rules January 2026, Ends Special Authorisation

Published

2 days ago

December 5, 2025

The Tide

The Central Bank of Nigeria (CBN) has revised its cash withdrawal rules, discontinuing the special authorisation previously permitting individuals to withdraw N5 million and corporates N10 million once monthly, with effect from January 2026.

In a circular released Tuesday, December 2, 2025, and signed by the Director, Financial Policy & Regulation Department, FIRS, Dr. Rita I. Sike, the apex bank explained that previous cash policies had been introduced over the years in response to evolving circumstances.

However, with time, the need has arisen to streamline these provisions to reflect present-day realities.

The statement said the new set of cash-related policies is designed to reduce the cost of cash management, strengthen security, and curb money laundering risks associated with the economy’s heavy reliance on physical currency.

“These policies, issued over the years in response to evolving circumstances in cash management, sought to reduce cash usage and encourage accelerated adoption of other payment options, particularly electronic payment channels.

“With the effluxion of time, the need has arisen to streamline the provisions of these policies to reflect present-day realities,”

“Effective January 1, 2026, individuals will be allowed to withdraw up to N500,000 weekly across all channels, while corporate entities will be limited to N5 million”, it said.

According to the statement, withdrawals above these thresholds would attract excess withdrawal fees of three percent for individuals and five percent for corporates, with the charges shared between the CBN and the financial institutions.

Daily withdrawals from Automated Teller Machines (ATMs) would be capped at N100,000 per customer, subject to a maximum of N500,000 weekly stating that these transactions would count toward the cumulative weekly withdrawal limit.

The special authorisation previously permitting individuals to withdraw N5 million and corporates N10 million once monthly has been discontinued.

The CBN also confirmed that all currency denominations may now be loaded in ATMs, while the over-the-counter encashment limit for third-party cheques remains at N100,000. Such withdrawals will also form part of the weekly withdrawal limit.

Deposit Money Banks are required to submit monthly reports on cash withdrawals above the specified limits, as well as on cash deposits, to the relevant supervisory departments.

They must also create separate accounts to warehouse processing charges collected on excess withdrawals.

Exemptions and superseding provisions
Revenue-generating accounts of federal, state, and local governments, along with accounts of microfinance banks and primary mortgage banks with commercial and non-interest banks, are exempted from the new withdrawal limits and excess withdrawal fees.

However, exemptions previously granted to embassies, diplomatic missions, and aid-donor agencies have been withdrawn.

The CBN clarified that the circular is without prejudice to the provisions of certain earlier directives but supersedes others, as detailed in its appendices.

Business

Shippers Council Vows Commitment To Security At Nigerian Ports

Published

2 days ago

December 5, 2025

The Tide

The Nigerian Shippers Council (NSC)has restated its commitment towards ensuring security at Nigerian seaports.

Executive Secretary/Chief Executive Officer of the Council, Dr Pius Akuta, said this in Port Harcourt, while declaring open a one day workshop organized by the Nigerian Shippers Council in collaboration with the Nigerian police( Marin Division).

Theme for the workshop was ‘Facilitating Port Efficiency; The strategic Role of Maritime police “

Akuta who was represented by the Director, Regulatory Services, Nigerian Shippers Council, Mrs Margeret Ogbonnah, said the workshop was to seek areas of collaboration with security agencies at the Ports with a view to facilitating trade

Akuta said the theme of the workshop reflects the desire of the council and the Nigerian police to build capacity of police officers for better understanding and administration of their statutory roles in the Maritime environment.

He said Nigerian seaports has constantly been reputed as one of the Port with the longest cargo dwell in the world, adding,”This is so, because while it takes only six hours to clear a containerized cargo in Singapore Port, seven days in Lome Port, it takes an average of 21 days or more in Nigerian Ports” stressing that this situation which has affected the global perception index on Ease of Doing Business in Nigerian seaports must be addressed.

Akuta said NSC which is the economic regulator of the Ports has the responsibility of ensuring that efficiency is established in the Ports inorder to attract patronages.

“Pursuant to its regulatory mandate, the NSC has been collaborating with several agencies to ensure the facilitation of trade and ease of movement of cargo outside the Ports to avoid congestion”he said.

Also speaking the commissioner of police, Eastern Port Command, Port Harcourt, CP Tijani Fakai, said Maritime police has played some roles in facilitating Ports efficiency.

He listed some of the roles to include ensuring security and crime prevention at the Ports, checking of illegal fishing activities at the Ports, checking of human trafficking and drug smuggling and prevention of fire incident at the Ports.

Represented by ACP, Rufina Ukadike, the CP said police at the Ports have also helped in the decongestion and prevention of unauthorized Anchorage.

He commended the Nigerian Shippers Council for the workshop and assured of continuous collaboration.

Speaking on the dynamics of cargo handling, Deputy Controller of customs, Muhydeen Ayinla Ayoola, said the launching of electronic tracking system and dissolution of controller General Taskforce has helped to ensure efficiency at the Ports.

Ayoola who represented the custom Area Controller Port Harcourt 1 Area command, however raised concerned over rising national security threat , which according to him has affected efficiency at the Ports.

John Bibor