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Economy & Politics

NIMASA’s Revenue Collections In 5 Years Hit $1.34bn

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  • The Nigerian Maritime Administration and Safety Agency (NIMASA) raked into the Federal Government coffers $1.34 billion between 2009 and 2014.
  • A document detailing the agency’s earnings from 2009 till date, which was obtained by LEADERSHIP, shows that the agency’s collection rose from about $172.6 million in 2009 to $288.2 million in 2014.
  • Between 2010 and 2013, the NIMASA made $199.9 million, $214.8 million, $226.6 million and $242.3 million respectively.
  • The figures further reveal that from January to June this year, the agency has already collected $148 million, making the total of the agency’s collections from 2009 to June 2015 to be $1.49 billion. The NIMASA has the statutory mandate to collect 3 per cent levy on all international inbound and outbound cargo.
  • The immediate past management of the agency headed by Dr Patrick Akpobolokemi broke a new revenue frontiers in 2013 when it made Nigeria Liquefied Natural Gas Limited (NLNG) to pay the 3 per cent statutory levy after over 20 years of evading payment with claims that its vessels do not operate in Nigeria’s cabotage regions.
  • It also successfully installed a satellite-based maritime domain awareness and surveillance system which makes it possible for mother vessels coming into Nigeria to be seen several nautical miles away. The system has helped the agency track vessels and eliminate levy evasion by vessels coming into the country.

Source: Leadership

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Economy & Politics

CBN unification of exchange rate a welcome development – MAN

Ahmed urged the CBN to tackle activities that made speculators manipulate the multiple exchange rates.

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CBN unification of exchange rate a welcome development-MAN

The President of the Manufacturers Association of Nigeria (MAN), Mr Mansur Ahmed, announced on Friday that the recent CBN unification of Nigeria’s exchange rate is a welcome development that will boost investor confidence in Nigeria.

He said the exchange rate unification will enable stable planned production for manufacturers in Nigeria leading to economic growth, adding that the Manufacturers Association had urged for an exchange rate unification to enable a market-friendly business environment in Nigeria.

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“Clearly, this is a welcome development and a laudable initiative that has come at the right time.”

“This is more so, particularly, now that the economic outlook is gloomy in light of the impact of the ravaging COVID-19 pandemic that has culminated in uninspiring macroeconomic situations,” he said.

He revealed that the World Bank had attributed Nigeria’s falling Foreign Direct Investment (FDI) to the multiple exchange rates as investors felt a “manipulation of the foreign exchange market.”

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“The unification will also boost investors’ confidence, control rising inflation, and promote transparency, entrench better exchange rate management and eradicate distortions to the barest minimum,” he added.

READ MORE: After hitting a 3-year low during the week, Naira stabilizes as traders wonder what next)

He urged the CBN to tackle activities that made speculators manipulate the multiple exchange rates like “round-tripping” which he says expand the inflows of foreign investment into the economy.

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He called on the Central Bank to implement 2 strategies to ensure a smooth transition into a unified exchange rate system.

“The first is to limit the short-term pains until efficiency gains materialize by responding swiftly with an inward-oriented rescue guideline while the second should seek to boost the pace at which such efficiency gains materialize,” he said.

He advised, it’s necessary the CBN “submit all the instruments of exchange rate determination” towards a free-market approach.

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Economy & Politics

Buhari appoints new Ag. Chairman of EFCC, gives reason for Magu’s suspension

The statement revealed why Ibrahim Magu, was suspended by the President.

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Ibrahim Magu

President Muhammadu Buhari has approved the appointment of Mohammed Umar as the new acting Chairman of the Economic and Financial Crime Commission (EFCC).

Umar who is EFCC’s Director of Operations was asked to take charge and oversee the operations and activities of the anti-corruption agency pending the conclusion of the ongoing investigation on the allegations against Ibrahim Magu and further directives in that regards.

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This was disclosed by the Special Assistant Media and Public Relations to the Attorney General of the Federation and Minister for Justice, Dr Umar Gwandu, in a press statement on Friday, July 10, 2020, in Abuja.

The statement revealed that the former acting Chairman for EFCC, Ibrahim Magu, was suspended by the President in order to allow for an unhindered probe by the Presidential Investigation Panel which is headed by Rtd Justice Ayo Salami under the Tribunal of Inquiry Act and other relevant laws.

The presidential panel was set up to investigate various cases of official misconduct and financial irregularities against Ibrahim Magu, who has been in detention since Monday, July 6, following his invitation for questioning by the panel.

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The allegations were made by the Attorney General and Minister for Justice, Abubakar Malami, who demanded for his removal as the acting Chairman of the EFFC in a memo to President Muhammadu Buhari.

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Economy & Politics

Buhari signs N10.8 trillion revised 2020 budget 

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BREAKING: President Buhari retains portfolio as Petroleum Minister

The revised 2020 national budget, which was passed by the National Assembly in Junewas signed by President Muhammadu Buhari today. 

The personal assistant to the President on New Media, Bashir Ahmad, disclosed this on Friday morning on Twitter. “At exactly 11:04am today, President @MBuhari signed into law, the revised N10.8 trillion budget for the year 2020,” Ahmad tweeted.

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Recall that the National Assembly passed a revised budget of N10,805,544,664,642 on the 11th of June after the Federal Executive Council (FEC) approved a revised budget of N10.523trillion in May. 

President Buhari announced that the budget was revised due to the effect of the COVID19 pandemic on the economy, and disclosed all MDAs will be allocated 50% of their capital allocation by months end. 

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The Oil benchmark in the budget was reduced from $57 per barrel to $25 and crude production was reduced from 2.18 million to 1.94 million barrels per day in the new revised budget which was disclosed by Zainab Ahmed, the Minister of Finance. 

She announced that N5.365 trillion of the budget will be funded by domestic and foreign borrowing while direct revenue funding will cover N5.158 trillion. Adding that the revised sum is just a difference of N71.5 billion compared to the previously approved budget. 

“This is because, as we cut down the size of the budget, we also have to bring in new expenditure previously not budgeted, to enable us adequately respond to the COVID-19 pandemic,” she said. 

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