Business

Economic Challenges, Surmountable – CBN

Published

10 years ago

October 21, 2016

The Central Bank Gover
nor, Mr Godwin Emefiele, says the current economic challenges facing the country could be easily overcome.
Emefiele said this in Abuja when members of the Senate Committee on Banking and other institutions paid an oversight visit to the apex bank.
One of the economic challenges the CBN boss was referring to is the inflation rate which went from an average of 9.2 per cent in 2015 to 17.85 in September 2016.
It is the highest inflation rate since October 2005, boosted by cost of food, housing and utilities.
Also, the country is in recession, having witnessed negative growth for two consecutive quarters.
There is also the issue of volatile exchange rate and huge margin between the inter-bank rate and parallel market in spite of the introduction of a new foreign exchange policy.
The governor said that with the bank’s targeted interventions, the challenges facing the country would soon be over.
“We seek your support for the success of the activities of the CBN, especially at this difficult time in our country.
“I would like to place on record, the support that the CBN has received from the entire Senate in the course of carrying out our activities as regulators of the banking sector.
“I must confess that yes, it is difficult, but I must say that the challenges are easily surmountable.
“ We will, however, continue to crave the support of the Senate and the banking committee so that we can work together to achieve the common objective of making Nigeria habitable for Nigerians,’’ he said.
Meanwhile, the Chairman, Senate Committee on Banking and other financial institutions, Mr Rafiyu Ibrahim, said the entire members of the committee were at the CBN to get answers on the state of the economy.
“So we are here to listen to you and ask questions as lay men. We are most interested in getting answers on the implementation of the budget.
“We are interested in hearing from you in the areas of monetary policies. Most Nigerians believe that the monetary policies have contributed in plunging the country into recession.
“We will be interested in a breakdown of the various intervention programmes of the CBN. On this one, I believe there will be a need for CBN to send us all supporting documents.
“Also we want to know of all the loans the CBN has given out and how impactful it has been on the economy; the various bailout loans to states and repayment progress reports,’’ he said.
On hearing this, the CBN Governor excused newsmen from the interaction before tackling the committee’s questions.
The visit lasted for about five hours and afterwards, Ibrahim addressed newsmen.
Ibrahim said that the committee was satisfied with the explanations of the CBN concerning the economy.
He said that the CBN was working with the Ministry of Finance and other fiscal policy makers to take the country out of recession.

Business

FG Approves 4 New Channel Management Firms For Seaports

Published

3 days ago

October 26, 2026

The Tide

The Federal Executive Council (FEC) has approved four new channel management companies for seaports across the country in a move aimed at improving vessel navigation and port operations.

Speaking at the recently concluded Annual General Meeting of the Nigerian Association of Master Mariners (NAMM), former General Manager, Marine and Operations, Capt. Ebubeogu Ihenacho, disclosed that there would be changes in the ownership of the Lagos Channel Management Company Limited and the Bonny Channel Management Company.

According to Ihenacho, the four channels serving Nigeria’s major port clusters will have different channel management companies as approved by the FEC.

He said a new company had been approved to manage the Lagos port channel, with a change of name, while the Calabar Channel would be managed by the Calabar Channel Management Company.

He added that Bonny Channel Management Company had also undergone a change of ownership.

On the Warri Channel, Ihenacho said the Federal Government had approved China Harbour Engineering Company (CHEC) and two other companies to form a consortium to manage the Escravos Channel.

He said: “For Warri, it was approved for China Harbour Engineering Company, CHEC, and two other companies, who would now form a consortium.

That consortium will now form a Special Purpose Vehicle (SPV) with the Nigerian Ports Authority to manage the Escravos Channel.”

Recall that the management of the NPA had declined to renew the concessions of the Lagos Channel Management Company Limited and the Bonny Channel Management Company, opting instead for six-month extensions of the existing arrangements.

By; Enoch Epelle

Business

RIRS Warns Against Unauthorised Tax Collection

Published

3 days ago

October 26, 2026

The Tide

The Rivers State Internal Revenue Service (RIRS) has warned motorists, transport operators and business owners against paying taxes, levies or charges to Unauthorised persons and organisations, insisting that only the Service and its duly appointed agents are legally empowered to collect taxes on behalf of the state government.

The Service gave the warning in a public notice dated October 21, 2026, signed by its Executive Chairman, Sir Israel O. Egbunefu, FCTI, in which it clarified that the Rivers State Ministry of Transport was not authorised by the state government to collect road tax or any other tax, levy or charge from motorists and transport operators.

RIRS also specifically disowned Explore Strategic Alliance Ltd, located at No. 7 Rumuodaolu Market Road, Port Harcourt, declaring the company had not been appointed or authorised by either the state government or the Service to collect Motor Vehicle Transport (MOT) tickets or any other tax on its behalf.

The revenue agency consequently cautioned members of the public against making payments to the company or any of its staff, stressing that anyone who ignored the warning would do so at their own risk.

It reaffirmed that only the legally authorised agency responsible for tax collection in Rivers State and the appointed agents that would carry out such duties in accordance with the law.

The Service urged taxpayers to demand official identification from anyone claiming to be its tax agent and verify the person’s credentials directly with RIRS before making payments.

It further warned that individuals or groups found impersonating tax consultants, agents or their representatives to collect Unauthorised taxes would be arrested and prosecuted in accordance with the law.

RIRS also called on members of the public to report suspicious persons and activities relating to Unauthorised tax collection to the Service for appropriate action.

The agency advised taxpayers seeking clarification or assistance to visit any of its offices or contact it through its official email address, info@riversbirs.gov.ng.

The Service reiterated its commitment to protecting taxpayers, promoting voluntary compliance and safeguarding the integrity of tax administration in Rivers State.

By: King Onunwor

Business

Bayelsa consumers Groan Over Inflation As Traders Remain Helpless Over Low Patronage

Published

3 days ago

October 26, 2026

The Tide

Consumers and traders at the Swali ultramodern market in Yenagoa, capital of Bayelsa State have continued to groan over high prices of commodities and poor Patronage due to cost-push inflation.

The Tide reports that in the past weeks prices of goods and services in Yenagoa metropolis has experienced increase.

Notable services like transportation have also increased lately due to increase in the pump price of fuel that has recently further exacerbated inflation in the prices of staple foods like rice, beans, garri and others.

Speaking with The Tide on a market survey, a trader, Mrs Tovie Barakabo said a bag of bean which sold between N120,000-N130, 000 now goes for N140,000-N145,000.

Mrs Barakabo also hinted that the only commodities whose price has not gone up was price of millet which sells N60,000, while big bag of garri now sells for N30,000.

The Tide further gathered from other inside Source that 25 litres of Kings cooking oil currently sells N75,000 as against the former price of N57,000.

Other commodities such as delicious vegetable oil now goes for N68,000, Pure vegetable oil currently goes for N66, 000, while spaghetti is now N18,800 per bag.

The market survey also discovered that Sonnia tomato mix sells N75,609, while a big and small basket of fresh tomatoes are sold for N30,000 and N6,500 respectively.

A disappointed custom, Mrs Juliet Domo who fielded questions from The Tide expressed her worries over the inflation, calling on government to take decisive stands against inflation.

By: Ariwera Ibibo-Howells, Yenagoa