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FG gives N1.02 trillion concessions to businesses in 4 years

The FG has disclosed giving import duty waivers, concessions, and grants of about N1.024 trillion in the past 4 years.

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land borders to be reopened soon, Finance, Ministaer, vow to recover AMCON debt through issuance of promissory notes, FG reiterates stance on IPPIS as ASUU threatens strike, Finance Minister, Zainab Ahmed identifies capital market as key driver for economic growth , Nigeria has paid $1.09 billion to service its debts in 2019  , Dividends on oil proceeds will be taxed - FG , State governments own most bad roads - Finance Minister says, Budget deficit increases by N351.98 billion, as FG misses revenue target, Economy: Funding MSMEs in Nigeria , Finance Bill: New tax regime to take effect from Jan 2 - FG , Again, Finance Minister argues that Nigeria is not in debt distress , ECOWAS: Single currency regime not kicking off in 2020  , FG: CBN holds N43 billion stamp duty charges collected by banks , FG may shift deadline to deactivate bank accounts without tax verification, Confusion as ministry and presidency disagree over Finance Act start date, 7.5% VAT: Implementation to begin Feb 1 – FG , Finance Minister: Nigeria to go into recession if ..., Foreign tech companies that will now pay tax to FGN: see the criteria

The Federal Government disclosed on Monday that it has conceded about N1.024 trillion import duty waivers, concessions, and grants to drive economic growth in the country in the past 4 years.

This disclosure was made by the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, at a one-day sensitization seminar on the Automated Import Duty Exemption Certificate, held at the Nigeria Customs Training College, Kano.

According to a report from News Agency of Nigeria, the Minister, represented by the Kano State Commissioner of Finance, Alhaji Shehu Na-Allah Kura, said between 2011 and 2015, the FG had conceded about N1.024tn through the grant of four types of incentives including import duty waivers, VAT waivers, pioneer status non-oil companies, and pioneer status PPT on oil companies.

Ahmed said, “For the records, between 2011 and 2015, the government conceded about N1.024 trillion through the grant of only four types of incentives namely import duty waivers, concessions; grants, N503.587billion, Value Added Tax (VAT) waiver, N227.789billion, Pioneer status on non-oil companies, N73.511billion; and Pioneer status on oil companies, N219.545billion.”

While pointing out that the government also granted approximately N341.94 billion waivers between August 2017 and August 2019, the Finance Minister said the basis for providing these incentives was to stimulate growth and overall development.

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She disclosed that the granting of the incentives was not discretionary but was targeted at sectors with kinetic capacity for high impact multiplier outcomes on the overall economy. These sectors include agriculture, power, cement, solid minerals, utilization of Nigerian gas, Liquefied Natural Gas (LNG), modular refineries and so on.

She also said that with the scope of the requests for waivers and concessions, expanding has brought about the need to have in place modern technology to drive its administration.

She said, “Up till March 2020, we processed the grant of the IDEC incentives annually. The process was quite cumbersome, tedious, time consuming and it was beset with undue human interface with its attendant challenges. The automated IDEC portal will deliver benefits online with the ministry’s Strategic Revenue Growth Initiative (SRGI).”

According to her, the FG created the new platform for administering and easing the process of acquiring import duty exemption certificate (IDEC) in the country, as part of efforts to provide incentives to stimulate industrialization and economic growth and promote the ease of doing business in the country.

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What you should know

  • The granting of import duty waivers, concessions and grants by the Federal Government to investors are part of measures attract investments into the economy and stimulate economic growth.
  • IDEC is a tool used by the FG in achieving some of its fiscal policies of increasing economic activities and employmentS in certain target sectors.
  • However, part of the problem of this policy is that it has allegedly been a subject of abuse by some top government officials. The automated IDEC is expected to guarantee ease of doing business and ensure effective tracking of fiscal incentives that have been granted and ensure accountability.

Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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53,460 3G and 4G Base Transceiver Stations (BTS) deployed in Nigeria – Prof. Danbatta

The 3G and 4G base transceiver stations deployed in Nigeria in the last 5 years increased from 30,000 to 53,460.

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Buhari reappoints Danbatta as NCC Vice Chairman/CEO

A total of 53,460 third-generation (3G) and fourth-generation (4G) base transceiver stations (BTS) have been deployed in Nigeria in the last five years.

This was disclosed by the Executive Vice Chairman of Nigerian Communications Commission (NCC), Prof. Umar Danbatta at a briefing session for the new Permanent Secretary of the Federal Ministry of Communications and Digital Economy, Engr. Festus Yusuf Daudu.

According to Danbatta, the effective regulatory regime put in place by his leadership has created the desired impetus for the increased deployment of infrastructure by various telecoms operators, which in turn, has helped to improve the broadband penetration and other related service delivery in the telecoms industry.

The BTS, fibre optic cables and other related infrastructure are central to the provision of improved service experience for Nigerians by their respective telecoms service providers.

“The licensed Infrastructure Companies (InfraCos) are also expected to add 38,296km to optic fibre cables when they commence full operations.

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What they are saying

According to Prof Danbatta:

  • The Commission will continue to put in its best in the discharge of its mandates, especially in facilitating the deployment of broadband, which is central to diversifying the Nigerian economy and national development”
  • “Also, it is our belief that the communications industry, under the leadership of the Ministry of Communications and Digital Economy, will experience more quantum leaps and retain its current leadership role in the telecommunications space”

In his reaction and comment, the new Perm Sec, Engr. Festus Yusuf Daudu said:

  • “I want to thank NCC for its contribution to the Nigerian economy so far. I am not exaggerating about the achievements of NCC, in terms of contribution to GDP and how NCC’s effective regulatory role has been helping the economy in so many ways

What you should know

  • The BTS system is part of a GSM network that is responsible for the reception and transmission of radio signals from mobile phones.
  • A Base Transceiver Station is a general description of equipment consisting of the telecommunication technology and the air interface of the mobile network (GSM, UMTS etc.).
  • The deployment of the 3G and 4G base transceiver stations (BTS) increased from 30,000 to 53,460, in the last 5 years
  • While the Fibre Optic Transmission cables expanded from 47,000km to 54,725km
  • As at November, 2020, active telephony subscribers stood at 208 million with tele-density standing at 108.92%
  • Active Internet subscriptions of 154.9 million were achieved with broadband penetration rate of 45.07%
  • The number of subscriptions to DND service hit over 30 million as the service empowers Nigerians to be able to protect themselves from the menace of unsolicited text messages and calls.

Why this matters

Having more Base Transceiver Stations (BTS) is quite imperative for driving an improved broadband/telecoms service delivery to Nigerian subscribers.

The poor services currently experienced by many telephony subscribers, especially in areas not sufficiently covered by Base stations, will now be a thing of the past as even subscribers in the remotest rural areas can conveniently receive and make calls and as well as enjoy other subscription services, without hitches.

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Steps to take to get your NIN

Getting your national identification number is free and would not take you a lot of time if you follow the right steps.

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You cannot fully claim to be a citizen of a country if you don’t have a means of identification. There are several means of identification for Nigerians like the international passport, voter’s card, or driver’s license. Still, the most recognized and widely accepted means of identification is the National Identity Card which carries a unique number.

Your national identification number is required for almost anything you do in Nigeria these days, including opening a bank account and get a sim card. Getting your national identification number is free and would not take you a lot of time if you follow the right steps. There are three types of enrolment processes:

READ: NIN Registration: NIMC adopts booking system for enrolment from December 30

1. Self Service:

In this case, you walk into an enrollment centre and apply by yourself. All you have to do is feel an enrollment form, submit it to the officer available and do your biometrics, after which your NIN would be given to you.

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2. Assisted Service:

For the assisted service, you walk in and get assistance from a support officer who helps you fill your form correctly and make sure your application is submitted. This service is mostly for people that can neither read nor write. It makes the process easier for them and helps to avoid time wastage.

READ: FG directs the suspension of NIMC staff involved in extortion of NIN applicants

3. Mobile Service:

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You also have the option of walking into a mobile enrollment centre in your neighbourhood, and either do a self or assisted service. Check online for the mobile enrollment centres close to you.

To get your unique national identification number, there are some steps you have to take. They include;

Step 1: Walk into the nearest NIMC enrolment centre with the required documents (any means of identification and your BVN if you have one). Make sure you have not enrolled before, if you have, go along with your old national identification number.

READ: FG extends deadline for Telcos to block SIMs without NIN to February 2021

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Step 2: Get and fill the enrollment form providing all the required information.

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Step 3: Submit the filled form to the enrollment officer, who then inputs your details into the online enrollment application.

Step 4: Verify and confirm the enrolment data on the system to avoid mistakes.

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READ: Beware of fake NIN app, NIMC warns Nigerians

Step 5: Capture your headshot photo, fingerprints and signature

Step 6: Give the enrolment officer your supporting documents to scan

Step 7: Your enrolment is acknowledged, and two slips are generated for you. The first slip should be a transaction slip and the second slip should be a NIN slip indicating completion of enrolment.

READ: FG commences NIN enrollment for foreign diplomats

The federal government recently made it mandatory for all Nigerians to link their NIN with their sim, so it is essential for you to get your NIN if you don’t have one. Getting your NIN should not be difficult if you have the required documents and follow the steps stated above.

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FG commences NIN enrollment for foreign diplomats

The NIMC has announced that it has started the enrolment of NIN for foreign diplomats in Nigeria.

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FG invalidates SIM integration using BVN generated NIN, applicants must visit NIMC offices

The National Identity Management Commission (NIMC) announced that it has started the enrolment of NIN for foreign diplomats in Nigeria.

This was disclosed by the NIMC in a statement on Friday.

“The Minister of Communications and Digital Economy, Isa Ali Ibrahim (Pantami) in his bid to ensure seamless enrolment of all diplomats in the country for the purpose of the ongoing NIN-SIM linkage and other need, directed the setting up of the enrolment center at the Ministry of Foreign Affairs, Abuja,” the agency said.

READ: Beware of fake NIN app, NIMC warns Nigerians

The enrolment of diplomats started on Monday, 18th January 2021.

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NIMC assured Nigerians that it would ensure the enrolment of all Nigerians and legal residents into the National Identity Database.

READ: FG invalidates SIM integration using BVN generated NIN, applicants must visit NIMC offices

What you should know: Nairametrics reported earlier that the Federal Government on Sunday announced the mandatory National Identity Number (NIN) enrolment for foreign diplomats in the country.

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