Connect with us
nairametrics
UBA ads

Business News

Nigeria Customs Service to distribute N3.2 billion worth of food items

The Nigeria Customs Service (NCS) has announced its decision to distribute relief materials valued at N3.2 billion to Nigerians.

Published

on

NAHCO reacts to $8.06 million intercepted by Customs at Lagos Airport, Audit Query: Customs CG disagrees with AGF over N28bn unremitted funds. Nigerian Customs Service to distribute N3.2 billion food items

The Nigeria Customs Service (NCS) has announced its decision to distribute relief materials valued at N3.2 billion to Nigerians. The items are meant to be distributed in a bid to cushion the negative economic effects of the ongoing lockdown in the country due to Covid-19.

The approval to distribute the materials was given by the Comptroller-General of Customs, Col. Hameed Ali (Rtd), according to a statement that was released by the NCS’ Public Relations Officer, Joseph Attah.

UBA ADS

The items, according to Attah, include 46,000 metric tons of (158 trailers), 30 trucks of vegetable oil (25l) 36,495keg, one truck of Palm oil 3,428 kegs, and 54 trucks of tomatoes paste 136,705 cartons. Other items include Spaghetti/Noodles (2,951 cartons and 1,253 packets), one truck of wrappers (Ankara) comprised of 828 bales, and one truck of lace fabric comprised of 2,300 rolls.

(READ MORE: COVID-19: NCDC distributes medical supplies to states)

Reasons for the decision: Attah explained that the outbreak of the coronavirus pandemic had elicited various reactions from Nigerians. According to him, many people advised the Service to share the seized items at its disposal to help Nigerians during this period.

GTBank 728 x 90

Some people also insinuated that the Nigerian Customs Service had shared the seized items among themselves. However, this notion is false. And that is one of the reasons the approval was given to share the items. According to Attah, the approval was the Service’s way of contributing its quota to the Federal Government’s ongoing efforts to provide relief for Nigerians during this difficult time. He said:

“Reacting to pains associated with the effects of the lockdown in some parts of the country, some Nigerians have taken to the social media to call on Nigeria Customs Service to share seized rice and other edible items to members of the public.

“While some of these calls appear well intended, others had attempted to create the impression that Customs Officers have the liberty to use seized items as they deem fit. Some even mischievously impugned that the items may have already been shared to cronies. Nothing can be further from the truth.

“It is, therefore, necessary to explain that in line with the provision of section 167(2) of CEMA CAP C45 LFN 2004, seized items upon condemnation and forfeiture to the Federal Government by a competent court of jurisdiction are kept in government warehouses pending Government directive on its disposal.”

READ ALSO: FG sets committee to support tech start-ups with affordable internet access amid lockdown

app

devland

In the meantime, some Nigerians have taken to Twitter to berate the NCS for deciding to distribute the items which were apparently seized from importers. According to some of those who have criticised the decision, the Customs’ DG had at some point argued that foreign rice is poisonous and unfit for consumption. Why then is he deciding to distribute the poisonous rice at this point?

app

Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - chidinma.nwagbara@nairametrics.ng

3 Comments

3 Comments

  1. Maaruf hayatu ladan

    April 8, 2020 at 3:20 pm

    What i really understand at this juncture is that, CGC has said that, most of the rice are poisonous which means not all rice is or are poisonous, there are some bags of rice that where careful tested in the NAFDAC lab to make sure it’s harmless to the masses, I am optimistic that, CGC will do his best to make sure that good rice should be distributed to the citizens as directed from the President through the office of Humanitarian here in Nigeria thanks to CGC and Mr President for there awesome performance

  2. Margaret Giwa

    April 9, 2020 at 3:18 am

    Some thing is wrong somewhere. What is the mission of those who came from China.? Confusion na one.

  3. Paul

    April 9, 2020 at 10:19 pm

    These seized items, can somebody tell me why the were seized, and now become beneficial to the citizens. Oh my country Nigeria.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Economy & Politics

BREAKING: CBN reduces MPR to 12.50%, holds other metrics

Central Bank of Nigeria (CBN) has reduced the Monetary Policy Rate (MPR) from 13.50% to 12.50% and retains CRR at 27.5%, Liquidity ratio at 30%.

Published

on

IMF, COVID-19, CBN OMO ban could give stocks a much-needed boost , CBN’s N132.56 billion T-bills auction records oversubscription by 327% , Nigeria pays $1.09 billion to service external debt in 9 months , Implications of the new CBN stance on treasury bill sale to individuals, Digital technology and blockchain altering conventional banking models - Emefiele  , Increasing food prices might erase chances of CBN cutting interest rate   , Customer complaint against excess/unauthorized charges hits 1, 612 - CBN , CBN moves to reduce cassava derivatives import worth $600 million  , Invest in infrastructural development - CBN Governor admonishes investors , Credit to government declines, as Credit to private sector hits N25.8 trillion, CBN sets N10 billion minimum capital for Mortgage firms, CBN sets N10 billion minimum capital for Mortgage firms , Why you should be worried about the latest drop in external reserves, CBN, Alert: CBN issues N847.4 billion treasury bills for Q1 2020 , PMI: Nigeria’s manufacturing sector gains momentum in November, CBN warns high foreign credits could collapse Nigeria’s economy, predicts high poverty, MPC Member, BVN, Fitch, Foreign excchange (Forex), Overnight rates crash after CBN’s N1.4 trillion deduction

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has reduced the Monetary Policy Rate (MPR) from 13.50% to 12.50%.

Governor, CBN, Godwin Emefiele, disclosed this while reading the communique at the end of the MPC meeting on Thursday in Abuja.  Meanwhile, other parameters such as the Cash Reserve Ratio  (CRR) remained at 27.5%, Liquidity ratio at 30%.

UBA ADS

 

Details later …

GTBank 728 x 90
Continue Reading

Economy & Politics

Just in: Buhari seeks approval from green chamber to borrow fresh $5.5billion

Buhari, is also seeking the approval for the revised 2020-2022 mid-term expenditure framework (MTEF) which became necessary as a result of the crash in crude oil prices and the cut in the production output.

Published

on

President Muhammadu Buhari is seeking the approval of the House of Representatives to borrow fund to finance capital projects at the federal and state (to support state governors) levels in the 2020 budget.

This request was disclosed via the official twitter handle of the House of Representatives.

UBA ADS

The president’s letter, which indicated that the fund would be sourced locally and internationally, was read on the floor of the House of Representatives by the Speaker, Femi Gbajabiamila, during plenary on Thursday, May 28, 2020.

In the letter to the lower chamber, Buhari, is also seeking the approval for the revised 2020-2022 mid-term expenditure framework (MTEF) which became necessary as a result of the crash in crude oil prices and the cut in the production output.

Although the tweet did not contain the total amount of loan that is being requested, reports suggests that the President is seeking approval to borrow the sum of $5.513 billion from external sources to finance 2020 budget deficit and support state governments to meet challenges caused by the coronavirus pandemic.

GTBank 728 x 90

Details shortly…

Continue Reading

Business News

CBN’s MPC unlikely to cut rates, as Nigeria’s foreign reserves hit $36.16 billion

Note that Nigeria’s inflation could potentially rise to 14% by the end of the year due to a higher VAT and a weakened naira.

Published

on

CBN, GTBank, CBN disagrees with IMF, says land border closure boosting local production, Border closure: Emefiele says Benin, others must engage Nigeria before borders are reopened , bvn 2.0, CBN reveals banks’ foreign assets rise to N14.19 trillion in 2019

The CBN’s Monetary Policy Committee (MPC) is expected to leave the interest rate of 13.5% unchanged during its meeting later today.

The projection is coming on the heels of macroeconomic fundamentals released by the National Bureau of Statistics (NBS), which showed that inflation rose to 12.34%; its seventh consecutive monthly rise and highest level since April 2018.

UBA ADS

Note that Nigeria’s inflation could potentially rise to 14% by the end of the year due to a higher VAT and a weakened naira. Therefore, in order to minimise the risk of exacerbating inflationary pressures, the CBN is unlikely to further cut rates. This possible outcome from the MPC meeting will help stimulate economic growth, just like it did in 2019.

Meanwhile, despite the foreign exchange liquidity crisis being experienced in the currency spot market, data obtained from CBN revealed that the country’s foreign exchange reserves have further increased to $36.16 billion (Gross Estimate) as of 28th of May, 2020.

(READ MORE: Naira depreciates to N460/$1 at the parallel market, despite improved liquidity)

GTBank 728 x 90

The surge in Nigeria’s external reserves is due to the fact that the price of crude had gained more than 40% since the deadly COVID-19 pandemic started, coupled with reports that foreign investors are returning to Nigeria. The disbursement of $3.4 billion emergency facility by the International Monetary Fund (IMF) to CBN has also been a contributing factor.

Nigeria’s foreign exchange reserves hit $36.16 billion, Nigeria’s Central Bank MPC meet today

Recall that the CBN Governor, Godwin Emefiele, had promised more liquidity in the currency market, assuring that all genuine dollar demands would be met.

However, an Interest rate expert, Ola Oladele, during a phone chat with Nairametrics, advised that the CBN should keep its word by boosting Nigeria’s Forex supply as the persistent downtrend in the currency black market continues. She said:

“The depreciation of the naira in the parallel market as a result of low supply of FX from official sources and less optimistic outlook on the economy due to falling oil prices.

app

“The BDCs haven’t received supply from official sources since our borders were closed and the crash in oil prices has made natural sellers of FX more cautious.

devland

“We hope that the recent statements by the regulator will restore confidence and subsequently, supply to the market.”

Continue Reading