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FG liberalizes the Mining sector, grants 5 years tax concession to miners

In efforts to liberalise the sector, the Federal Government has granted five years tax holiday for miners.

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FG liberalize mining sector, grants 5 years tax concession to miners and other perks

The Federal Government of Nigeria has intensified efforts in liberalizing the mining sector, by granting five years tax holiday for miners who operate in the nation’s mining sector and waivers on imported mining equipment amongst other perks.

This was disclosed by the Minister of Mines and Steel Development, Arc. Olamilekan Adegbite, and reported by Vanguard Newspapers.

Mr. Adegbite said, “We have three to five years tax holiday for miners in Nigeria. Also, duty and waiver on mining equipment imported into the country and government allows 100% ownership for foreign investors.”

The Nigeria Mining Week is an annual Business-to-Business event where key stakeholders in the mining sector are expected to converge to discuss and tackle key issues. Over the years it has been an enabler for the mining sector in Nigeria to leap forward.

Due to the pandemic, this year’s event will be virtual and the conference and exhibition are organized by Miners Association Nigeria (MAN), in conjunction with the Ministry of Mines and Steel Development, Clarion Events, and PwC.

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Being a resource endowed country, the event is expected to avail an opportunity for the country’s potential to be exhibited to the rest of the world, enabling potential investors to have first-hand information about investment opportunities in the mining sector.

(READ MORE:Crude oil prices rally higher as OPEC+ ramps up effort to curb oversupply)

Backstory

Recall that Nairametrics had earlier reported sustained efforts on the part of the Ministry of Mining to shore up revenue and contribute to the GDP by 3.0% by 2025.

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What they are saying

Commenting on the impact of the conference on the development of the mining sector in Nigeria, the National President of Miners Association of Nigeria, Kabir Kankara said, “The annual gathering aims at providing support for the development of the local workforce and the mechanization of the industry, and at facilitating the dialogue between the private and public sectors across the value chain, to boost the future of mining in Nigeria through collaboration and partnerships.

“With a network of industry leaders, investors, visionaries, and pioneers transforming the face of mining in the country, Nigeria Mining Week is the place to be, to uncover the latest projects, meet new partners, and land new deals.”

Why this matters

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The recent efforts are in line with the drive of economic diversification as encapsulated in the Economic Recovery Growth Plan (ERGP). It is capable of increasing the revenue from the sector, creating more jobs, and reducing the over-reliance on oil.

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Chidi Emenike is a graduate of economics, a Young African Leadership Initiative Fellow and an Investment Foundations certificate holder. He worked as a graduate Teaching Assistant in the Federal College of Education Kano and is also a trained National Peer Group Educator on Financial Inclusion

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Business

FG launches N900 million E-Ticketing platform for Abuja-Kaduna railway

The FG has launched an E-Ticketing platform for the Kaduna-Abuja rail services of the NRC.

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Amaechi proposes a capital budget of N205 billion for Ministry of Transportation in 2021, FG approves $3 billion Port Harcourt-Maiduguri railway and $462 million Bonny deep seaport, Banks to hold shipowners accountable for $200m CVFF disbursement. FG sets deadline for completion of Ibadan-Kano rail project, gives reason for delay 

The Federal Government has launched a N900 million E-Ticketing platform for the Kaduna-Abuja rail services of the Nigerian Railway Corporation.

This was disclosed in a social media statement by the Minister of Transport, Rotimi Amaechi on Thursday.

He said the platform would enhance efficiency, save time, and promote accountability, as well as reduce leakage and promote economic growth.

The Minister also disclosed that the platform was a PPP valued at N900 million, stating that the concessionaire, Secure ID Solutions, would provide and manage the system for 10 years in a bid to recoup its investment before handling the service over to the NRC.

The Chief Executive Officer, Secure ID Solutions, Kofo Akinkugbe, said the system, after a successful pilot programme on Thursday, had issued 25,000 tickets online.

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The 3 ways to book are:

  • 1. Mobile app
  • 2. Website
  • 3. POS or Cash at the station

“All automated. A validator is used to scan your ticket barcode before you board the train,” Amaechi said.

The FG urged citizens to check http://nrc.tps.ng to make their bookings.

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FG commences mop-up verification exercise for ex-workers of Nigeria Airways Limited

The FG has commenced verification exercise for ex-workers of Nigeria Airways Limited.

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Airlines want more women stakeholders in aviation sectors , Ministry of Health approves COVID-19 protocols for aviation sector, as airports prepare to resume, Nigerians willing to travel abroad will wait a bit longer- Aviation Ministry

The Federal Government has announced the commencement of a mop-up verification exercise for ex-workers of Nigeria Airways Limited in conjunction with the Presidential Initiative on Continuous Audit (PICA), a department of the Finance Ministry.

This was disclosed in a statement by the FG on Thursday.

The FG said, “The exercise, which is the last the Ministry of Finance will carry out, is meant to verify ex-workers of the defunct Nigeria Airways who have genuine claims but are yet to be paid.

“The Federal Government is determined to ensure that all former public workers, especially those of liquidated agencies, who have genuine and legitimate claims, are not denied of such.”

What you should know 

  • Recall Nairametrics reported in December 2019 that the CEO of the Asset Management Corporation of Nigeria (AMCON), Mr Ahmed Kuru, said airlines failed in Nigeria for “serious issues in aircraft financing” which he blamed on “our people that dabble into the business of aviation with the wrong capital mix.”
  • Managed by a number of foreign companies, including British Airways, KLM, and South African Airways, Nigeria Airways had its heyday in the early 1980s, just before the departure of a KLM team that had been hired to make the airline efficient and profitable.
  • Plagued by mismanagement, corruption, and overstaffing, the airline at the time of closure had debts totalling $528 million, as its operative fleet comprised a single aircraft flying domestic routes, as well as two leased aircraft operating the international network.
  • Nigeria Airways was succeeded by Virgin Nigeria, and the ground facilities were taken over by Arik Air.

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Buhari orders MDAs to grant FIRS access to their systems

Buhari has directed all government agencies and business enterprises to grant FIRS access to their systems for a seamless connection.

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Nigeria signs African Trade Insurance Agency agreement, Xenophobia, FG returns tollgates sixteen years after Obasanjo scrapped it from federal roads

President Muhammadu Buhari has announced that he has directed all government agencies to grant the Federal Inland Revenue Service, FIRS, access to its system for effective service delivery.

The President also stated that the FIRS fully deploying automation is in line with international best practices.

This was disclosed by the President in a social media statement on Thursday.

READ: FG receives N144 billion in dividends from NLNG in 2020

“We must use technology to plug all revenue loopholes,” Buhari said.

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“To this end, I have directed all government agencies and business enterprises to grant FIRS access to their systems for seamless connection. FIRS must fully deploy automation, in line with international best practices,” he added.

READ: How President Buhari plans to boost Power supply, job creation in 2021

What you should know

  • Nairametrics reported that the FIRS announced that it generated N4,952,243,711,728.37 as tax revenue in the 2020 fiscal year. This is about 98% of the tax target of N5.076 trillion that was set for the FIRS by the Federal Government.
  • The FIRS also announced the creation of 35 new Tax Audit Units to combat illicit financial flow across the country.

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