Business
‘ Fuel Subsidy Removal ‘ll Check Corruption’
The Emir of Kano, Malam
Muhammadu Sanusi II, has said that stopping oil subsidy would go a long way in stopping corruption in the country.
Sanusi said this at a one-day Symposium on 2015 Budget of the Federal Government of Nigeria, organised by the Institute of Chartered Accountants of Nigeria (ICAN) in Lagos, recently.
The programme had the theme “ Come Back Nigeria: The Nation’s Fiscal Challenges and Way Forward for the New Administration’’.
He said that stopping subsidy was the first step to sanitising the country’s economy and ensuring structural reforms in all ramifications. Sanusi criticised government’s resort to huge external borrowing to finance budget deficits even when there was minimum impact in the lives of Nigerians.
‘’One of the major challenges of the country over the years, in spite of its abundant resources, has been over-dependence on oil revenue and lack of structural reforms.
‘’This is caused by irregular budget cycle, fiscal indiscipline, huge cost of governance, poor budgeting ethics, implementation processes and weak structures and these have continued to contribute to poor economic performance.
‘’We spend so much and generate little revenues. We can begin to restructure our economy by fixing the revenue chain and blocking the leakages.
‘’And one way of doing that is by stopping subsidy because it gives room for corruption in our country, ‘’ he said.
Sanusi urged state governments to be creative and strengthen their internal revenue generation drives to meet the demands of their people. He also urged Nigerians to pray and support the present administration as it made tough decisions for the survival of the nation’s economy.
‘’President Buhari is trying to cut down the number of ministries, parastatals and agencies, as well as reduce the cost of governance.
‘’It is not going to be easy, but we all need to make sacrifices because every positive change comes with a price, ‘’ he said.
Also speaking, Gov. Akinwunmi Ambode of Lagos State said the nation was going through a critical period that called for decisive reforms to reverse the direction in which the economy was heading.
Ambode, who was represented by the Deputy Governor, Dr Idiat Adebule, said the ultimate objective of a budget was to meet the yearnings and aspirations of the people.
According to him, a main yardstick for measuring a well designed and implemented budget is not its size but the improvement it has brought into people’s lives.
‘’It is evident that our budgets have over the years fallen short of these expectations. This, no doubt, accounts in no small measure for the general state of our economy today.
‘’A situation where budgets do not get approved until about six months in the budget year and lack of budget discipline have constituted to the observed cycle of under-performance of our budgets.
‘’Another factor I consider very crucial is the structure of our budget, which has in most cases been in favour of recurrent at the expense of capital expenditure.
‘’It is in this light that the recent directive of President Buhari for a reduction of the recurrent estimate must be applauded, ‘’ he said.
For officers and men of the Western Marine Command of the Nigeria Customs Service (NCS), the battle is not over until smuggling is over.
In the wake of Wednesday May, 8, 2024, the ever vigilant officers, acting on a tip-off, intercepted 177 sacks and 61 kegs of 25 litres containing petroleum products, valued at about N8.750,000million.
The items were intercepted along Isalu Creek, Badagry Waterway en-route Benin Republic.
While briefing newsmen, the Command’s Customs Area Controller, Comptroller Paul Bamisaiye, said: “This seizure is most economically significant to the Command at this period of scarcity of Petroleum Products, especially Premium Motor Spirit (PMS) in our cities, and shows the anticipatory posture in our response to economic saboteurs.
“At about 2:330hrs on Wednesday 8th May 2024, while on joint patrol by teams in the Command, credible intelligence was received of the movement of 2 boats laden with what was suspected to be petroleum products concealed in sacks. Upon receipt of the information, the team moved into Isalu creeks, Badagry waterway.
“On sighting the approach of the Officers, the smugglers took to their heels through the shore of the Creek. The loaded boats were then towed to the station at Badagry where preliminary examination was conducted and transferred to Western Marine Command Headquarters, Ibafon, Apapa, Lagos.
“Careful examination at the Command Headquarters revealed that the arrest was found to contain One Hundred and Seventy Seven (177) Sacks and Sixty One (61) Kegs of 25 Litres Premium Motor Spirit (PMS) containing Twelve Thousand Five Hundred (12,500) Liters with a total Duty Paid Value standing at Eight Million Seven Hundred and Fifty Thousand Naira (N8,750,000) only”.
Bamisaiye noted that the action of the smugglers is a contravention of Section 245 & 254 of the Nigeria Customs Service Act 2023 which the service, through Western Marine Command, is responsible for enforcing.
“The Command, under the leadership of Compt. PK Bamisaiye, is poised more than ever to rid the waterways of all acts of smuggling and economy sabotage for the benefit of the growth of economy of Nigeria”, he said
Bamisaiye said so far, no suspect was arrested in the Command’s anti-smuggling operations.
Nkpemenyie Mcdominic, Lagos
Petroleum products being sought by motorists have disappeared from virtually all filling stations within Lagos and its environs, but are now booming in business in retail outlets.
Investigations by our correspondent revealed that while the product could not be got at some of the petrol service stations, activities are in top gear in the local retail outlets where the price has gone beyond the reach of users.
It was also gathered that in some filling stations supplied with the products, preference are often given to retail outlet operators by petrol attendants against the consuming public.
A source, directly involved in the business, said some petrol dealers are cashing on the irregular supply to divert the products to retail outlets where they could easily make their gains.
It was also gathered that some sales representatives in the service of major oil marketing firms indulged in the diversion exercise because of their personal interest.
At the retail outlets a liter goes for N950,00 against the normal N760,to N800 at some stations.
Nkpemenyie Mcdominic, Lagos
The Nigeria Customs Service Board (NCSB) has confirmed the appointment of five Deputy Comptroller-Generals (DCGs) and eight Assistant Comptrollers-General (ACGs) of Customs during its 59th regular meeting.
The meeting, chaired by the Honorable Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, was held at the Nigeria Customs Service Headquarters in Abuja last Tuesday.
National Public Relations Officer of the Service, Chief Superintendent of Customs, Abdullahi Maiwada, who disclosed this in a statement yesterday, gave details of the confirmed appointments as: O.O. Peters (DCG /Commander, Training and Doctrine Command (rtd); B.M. Jibo (DCG Enforcement Inspection & Investigation); and B.U. Nwanfor (DCG Excise, Free Trade Zone & Industrial Incentives).
Others are: S.A. Bomia (DCG, Commander Training and Doctrine Command); and C.K. Niagwan (DCG, Tariff & Trade).
The Assistant Comptrollers General (ACGs) are: B. Imam (ACG Board); A.A.S. Oloyede (ACG, Trade & Tariff); S.K. Dangaldima (ACG/Zonal Coordinator, Zone ‘B’); A. Abdul Azeez (ACG/Zonal Coordinator, Zone ‘D’); S.A. Yusuf (ACG, Human Resource Development); N.P. Umoh (ACG, Training and Doctrine Command); C.O. Obih (ACG/Zonal Coordinator, Zone ‘C’); and S. Chiroma (ACG, Strategic Research and Policy).
The new appointments, according to the statement, were made to fill the vacancies created by some senior officers who recently retired from the Service, noting that the principles of federal character, seniority and merit guided the appointments approved by the board.
“These appointments are a testament to the officers’ exemplary services and dedication to the Nigeria Customs Service. The NCSB remains committed to providing strategic leadership to ensure effective and efficient service delivery for optimum performance”, he said.
While thanking the retired members of the management for their meritorious services, the Comptroller General of Customs, Bashir Adewale Adeniyi, congratulated the newly confirmed officers and charged them to redouble their efforts to ensure the service attains greater heights in its mandates of revenue generation, suppression of smuggling, and trade facilitation amongst others.
Nkpemenyie Mcdominic, Lagos
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