Maritime

LG Chairman Supports VAT Increase

Published

6 years ago

March 9, 2020

The chairman of Eleme Local Government Area, Hon. Philip Okparaji, has endorsed the recent increase in the Value Added Tax (VAT) by the Federal Government.
Okparaji said the VAT increase would generate more revenue for government, thereby helping in the payment of the new minimum wage.
The council chairman told The Tide in a telephone interview that the additional revenue would also help government in carry out meaningful projects that would be beneficial to the masses.
According to him, government must have consulted widely across sectors before taking the decision and signing same into law.
He advised all companies in the country to look at the long term effects of the increase and embrace the policy.
“I support it and l know that the additional revenue would be utilised for the masses, especially in carrying out meaningful projects”, he said.
In a related development, the Manager of Igwe & Co Consultants (a financial audit firm), Mr Silas Igwe, said the VAT increase would help the Small and Medium Enterprises (SMEs).
Igwe, who is a financial expert said the “increase is a good omen for Nigerian government”.
He, however, noted that the only way the increase can benefit the masses “is when government manages the added revenue well”.
He called on the government to ensure proper management and usage of the added revenue for the benefit of Nigerians.

Maritime

Lagos Announces 15-day Closure Of Marine Bridge For Maintenance Repairs

Published

6 days ago

October 13, 2025

The Tide

The Lagos State Government has announced that the Marine Bridge in Ijora, Apapa Local Government Area, will be closed for 15 days to allow for essential maintenance works.

The State Commissioner for Transportation, Oluwaseun Osiyemi,

disclosed this in a Statement posted on his official X account.

Motorists are advised to plan ahead and be patient while the Federal Ministry of Works, in coordination with Lagos State, carries out essential bridge maintenance.

“The Lagos State Government wishes to inform the general public that the Marine Bridge in Ijora, Apapa Local Government Area, will be closed for 15 days to allow for essential maintenance works,” the statement read in part.

It added, “Motorists are advised to be patient, as the closure is part of the traffic management plan for maintenance works on the underlying bearings of some sections of the Marine Bridge by the Federal Ministry of Works (Office of the Federal Controller, Lagos).”

The statement further explained that the maintenance project will be carried out in two phases. Phase I, running from Saturday, 11th October to Saturday, 18th October 2025, will cover the area from the foot of Marine Bridge along Lawani Oguntayo Road near UBA, inbound toward Apapa and Costain.

During this period, motorists traveling from Ijora Olopa to Apapa will be diverted via the Ijora Causeway Access Ramp near Omni Retail Company, continue to Ijora 7up, turn left onto the Lilypond Access Ramp, and proceed on their journeys.

Phase II, from Sunday, 19th October to Saturday, 25th October 2025, will focus on the stretch between Ijora Badia and Lilypond Access Ramp, inbound toward Apapa.

Motorists from Ijora Olopa heading to Apapa and Costain would be diverted about 50 meters before the work zone into a contraflow with Constant traffic, rejoining the main carriageway after 500 meters.

Those traveling from Apapa toward Costain, Lagos Island, or Ijora Olopa would maintain through traffic but will also be redirected into a contraflow near the work zone for roughly 500 meters before resuming normal access.

Maritime

NRC Generates ?1.95bn Revenue In Q1 2025, Records 37% Growth – Says NBS

Published

6 days ago

October 13, 2025

The Tide

The National Bureau of Statistics (NBS) says the Nigerian Railway Corporation (NRC) has generated ?1.95 billion in passenger revenue in the first quarter (Q1) of 2025

The Bureau said the amount represent a 37.36 percent increase from the ?1.42 billion recorded in the same period of 2024.

The data, released in the NBS Rail Transportation Report on October 5, showed steady growth in rail patronage across the country. Between January and March 2025,

NBS said that a total of 929,553 passengers travelled by train, marking a 37.65 percent rise compared to 675,293 passengers transported in Q1 2024.

Similarly, the volume of goods and cargo conveyed by rail climbed to 181,520 tons in Q1 2025, up from 160,650 tons in the corresponding period of 2024.

The Bureau said Revenue from freight operations also increased by 8.19 percent to ?657.03 million, compared to ?607.32 million in the same quarter of the previous year.

The report further revealed a sharp rise in other receipts — which include income from services such as leasing, station fees, and sundry charges — amounting to ?115.68 million, a 355.39 percent jump from ?25.40 million in Q1 2024.

For comparison, the NBS noted that in Q4 2024, the rail system transported 1,037,113 passengers, reflecting a 54.29 percent increase from 672,198 in Q4 2023.

The report said that Passenger revenue during that quarter stood at ?1.92 billion, up from ?1.07 billion in Q4 2023.

However, freight revenue in Q4 2024 declined slightly by 7.46 percent, from ?423.22 million in Q4 2023 to ?391.64 million, while ?8.93 million was realized from transporting 1,260 tons of goods through pipelines in the same period.

Meanwhile, other receipts for Q4 2024 rose to ?434.44 million, representing a 10.34 percent increase from ?393.72 million recorded in Q4 2023.

According to the NBS, the consistent rise in passenger traffic and earnings reflects growing public confidence in Nigeria’s rail transport system, driven by continuous investments in rail infrastructure and service expansion by the NRC.

By: Chinedu Wosu

Maritime

NSC Says Credible And Enforceable Laws Are Backbone Of Port Regulation

Published

6 days ago

October 13, 2025

The Tide

The Executive Secretary and Chief Executive Officer CEO, Nigerian Shippers’ Council (NSC), Dr. Akutah Pius has said that credible and enforceable laws are crucial for effective port regulation in Nigeria.

Pius stated this in his Paper Presentation at the 2025 League of Maritime Editors’ summit held in Lagos.

Represented at the summit by its Director, Regulatory Services Department Mrs, Margaret Ogbonna, Pius highlighted the importance of aligning competitive laws with institutional capacity to drive benefits like competition, investment, and predictability.

He stressed the need to pass the Port Economic Regulatory Agency Bill (NPERA) into law to enhance transparency, competition, and dispute resolution in the maritime sector.

The Shippers boss who noted that strong laws are essential stated however that their effectiveness depends on proper implementation and stakeholder buy-in.

“Without effective implementation, laws can’t serve their purpose. Regulation requires full stakeholder buy-in.”, he said.

Highlight of the event was the presentation of the Maritime Chief Executive Officer CEO Year award for his outstanding contributions to the maritime industry and economic growth by the 2025 League of Maritime Editors Summit.

By: Chinedu Wosu