Business
‘Abuja-Kaduna Rail Line Now Generates N1m Daily’
The Abuja to Kaduna rail line now generates one million naira daily, Minister of Transportation Mr Rotimi Amaechi, has disclosed.
In an interview with newsmen in Benin, Amaechi, said that the feat was because of the increase in passengers that patronise the rail.
He attributed the passenger surge to the security challenges faced by commuters along the route.
“We are spending N56 million per month, we are getting back only N16 million. Now there is an improvement; we now make N30 million, (that is) one million naira per day.
“The improvement started last month because of increase in passengers because of the kidnapping on the road,’’ he said.
The minister said that government was using the previous generated revenues on the maintenance of the coaches and other logistics.
Amaechi said that government would address the issue of touting at the Idu rail station with the expected arrival of 10 more coaches by October.
He, however, disclosed that the arrival of the new coaches would require more resources for maintenance in order to meet customers’ expectations.
It will be recalled that the Abuja-Kaduna rail line commenced commercial operation in July 2016.
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Business
Sugar Tax ‘ll Threaten Manufacturing Sector, Says CPPE
In a statement, the Chief Executive Officer, CPPE, Muda Yusuf, said while public health concerns such as diabetes and cardiovascular diseases deserve attention, imposing an additional sugar-specific tax was economically risky and poorly suited to Nigeria’s current realities of high inflation, weak consumer purchasing power and rising production costs.
According to him, manufacturers in the non-alcoholic beverage segment are already facing heavy fiscal and cost pressures.
“The proposition of a sugar-specific tax is misplaced, economically risky, and weakly supported by empirical evidence, especially when viewed against Nigeria’s prevailing structural and macroeconomic realities.
The CPPE boss noted that retail prices of many non-alcoholic beverages have risen by about 50 per cent over the past two years, even without the introduction of new taxes, further squeezing consumers.
Yusuf further expressed reservation on the effectiveness of sugar taxes in addressing the root causes of non-communicable diseases in Nigeria.
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