Connect with us

Business

Unemployment: Economist Wants FG To Create 3millions Jobs

Published

on

An economist, Dr. Aminu Usman, has advised the Federal Government to create at least three million jobs annually in order to address the high unemployment rate in the country.
Usman, who is a lecturer at the Department of Economics, Kaduna State University, gave this advice in an interview with  newsmen in Abuja, recently.
He said that the Federal Government initially promised to create three million jobs annually but in the last two years it had only generated less than a million jobs.
The don said the unemployment and underemployment reports for the last quarter of 2016 still showed the negative effects of the current recession on the citizens.
The latest unemployment reports released by the National Bureau of Statistics (NBS), showed that the country’s unemployment rate rose from 13.9 per cent in the third quarter to 14.2 per cent in the fourth quarter of 2016.
Usman, however, argued that a number of factors must have contributed to the reports.
He said that one of the contributing factors was the unfriendly government policies towards managing the economy.
“When the recession began to hit hard on the State Government, it resorted to increasing taxes and imposing all kinds of charges on the citizens.
“This is against all known principles of managing recession, which requires lowering and or eliminating taxes to boost consumption.
“One of the first casualties of the recession is employment because of lower consumption rate; factory closure and job layoffs are the hallmarks of any economy in a recession’’.
The economist said that another factor that contributed to the high unemployment rate in the country was the adoption of what he called liberal economic policies, which he linked to the Bretton Woods institutions.
He said the Bretton Woods system of monetary management established the rules for commercial and financial relations among the United States, Canada, Western Europe, Australia and Japan in the mid-20th century.
According to him, the Bretton Woods institutions are the World Bank and the International Monetary Fund (IMF).
“These liberal economic policies seek to make every available service offered by the government to be either commercialised or privatised, making it impossible for the average citizens to enjoy the services.
“By removing subsidy on petroleum products and the hike in electricity tariff means that small scale enterprises, which are arguably the largest employers of labour, would be hard hit.
“Being unable to survive the harsh conditions, they disengaged staff, which further constrained consumption.
“For as long as there is no synergy between economic policies pursued by the State Government and the Federal Government, the economy will continue to suffer,’’ Usman said.
According to him, underemployment is only natural in this situation Nigeria finds itself.

Continue Reading

Business

Western Marine Command Intensifies Anti-Smuggling Operations … Intercepts N8.75m Worth PMS

Published

on

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

Continue Reading

Business

Illegal PMS Trading Booms In Lagos

Published

on

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

Continue Reading

Business

Customs Board Appoints Five DCGs, Eight ACGs

Published

on

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

Continue Reading

Trending