News
CBN Raises Exchange Rate For Cargo Clearance To N1,605 Per Dollar
The Central Bank of Nigeria (CBN), on behalf of the Federal Government, has again increased the exchange rate for cargo clearance to N1,605 per Dollar.
This adjustment follows recent fluctuations, with the rate initially rising to N1,515/$, then dropping to N1,472/$.
Since January, there have been several adjustments in the exchange rate, starting from N952/$ in December, then moving to N1,356/$, followed by N1,413/$, and eventually reaching N1,444/$ before hitting the current rate of N1,605/$.
According to The PUNCH, checks on the portal of the Nigeria Customs Service on Wednesday morning showed that the new rate was reflected on the portal.
Barely a month ago, the Federal Government, through the CBN, elevated the exchange rate for cargo clearance from N952 per dollar to N1.356 per dollar.
This adjustment follows weeks after the rate was raised from N783 per dollar to N952 per dollar.
Recall that as at November 2023, the exchange rate for cargo clearance was increased from N757 per dollar to N783 per dollar, marking a 3.4 per cent rise.
Subsequently, in December, it was further raised from N783 per dollar to N952 per dollar.
The updated rate in the subsequent month has been implemented on the Nigeria Customs Service portal.
In response to the development at the time, a member of the Association of Nigerian Licensed Customs Agents, Remilekun Sikiru, expressed his views during a conversation with journalists saying: “How do we explain this? From N952/$ to N1.4/$ as of Friday morning with about N404 increase? It’s quite unfortunate that the prices of goods and commodities will automatically increase. Importation would further decrease and depreciate, vehicle prices would skyrocket again.
Since this unification of a thing, the government has refused to look inward and critically into the maritime industry regarding importation and exportation. The sector has been neglected, and things are getting worse daily. The question now is, how would freight forwarders and customs brokers agents cope with this new rate?”
News
Netizens Slam Lawmakers As They Sing Tinubu’s Anthem At Budget Presentation
Netizens slam lawmakers after they were sighted singing “On Your Mandate We Shall Stand” as President Bola Ahmed Tinubu took the stage to present the 2025 national budget.
The incident, which is in a viral video clip, showed the lawmakers singing the song, which has become synonymous with Tinubu’s political supporters.
The gesture, however, has ignited outrage among Nigerians, who questioned its appropriateness in light of the country’s current economic challenges.
Many critics took to social media to express their disappointment, describing the act as insensitive and unprofessional. They argued that lawmakers should focus on addressing pressing national issues, such as a inflation, unemployment, and hardship, rather than engaging in political theatrics with Tinubu during a crucial budget session.
“What kind of leadership did we vote for? Instead of scrutinizing the budget and ensuring accountability, they’re busy singing praises,” one commenter wrote.
Others questioned the mandate the lawmakers you were celebrating, with some accusing them of being disconnected from the realities faced by ordinary Nigerians. “What mandate are they standing on when the citizens are struggling to make ends meet?” another critic remarked.
The 2025 budget presentation, meant to outline the government’s financial plans and priorities for the year, has now been overshadowed by this controversy, with many calling for lawmakers to prioritize governance over partisan loyalty.
Read some netizens’ reactions as lawmakers sings for Tinubu during budget presentation;
@emeka: This is really problematic 🤣🤣
@agwai: This is the reason the president don’t do well in Nigeria because the people around him feed him with lies. And praise him when things is not good. Just clapping
@abyusuf: The lawmaker’s rendition of “On Your Mandate” should serve as a wake-up call, reminding us that it’s time to take a closer look at the people we’ve elected to represent us.
@danleety: I now believe there’s serious disconnect between the lawmakers and their constituents.
News
Tax Reforms: Those criticising it lack knowledge -Akpabio
The Senate President, Godswill Akpabio, has flayed critics of President Bola Tinubu’s tax reforms as lacking an understanding of what the initiatives were truly about.
Akpabio disclosed this during his remarks at the presentation of the 2025 budget estimate by President Tinubu to a joint session of the National Assembly on Wednesday.
He said, “Your Excellency, we commend you on your groundbreaking tax reform initiative. The four tax reform bills—the Joint Revenue Board of Nigeria (Establishment) Bill, 2024; Nigeria Revenue Service (Establishment) Bill, 2024; Nigeria Tax Administration Bill, 2024; and Nigeria Tax Bill, 2024—represent a monumental shift in our fiscal landscape.
It is disheartening that those who have not taken the time to understand these bills are the loudest critics. I urge all Nigerians, especially those in public office, to engage with these vital reforms thoughtfully. This initiative marks the first comprehensive tax reform since Nigeria’s independence, presenting a transformative opportunity for rejuvenating small and medium enterprises and enhancing the livelihoods of ordinary Nigerians.
“These reforms will not only improve Nigeria’s revenue profile but also create a more conducive and internationally competitive business environment, transforming our tax system to support sustainable development.”
News
Tinubu presents N47.9trn 2025 Resurrection Budget
Defence and insecurity , infrastructure, health and education were some of the sectors with high allocations in the N47.9tn Budget Proposal presented by President Bola Tinubu before a joint session of the National Assembly on Wednesday afternoon.
“It is with great pleasure that I lay before this distinguished joint session of the National Assembly, the 2025 Budget of the National Assembly of Nigeria titled, ‘The Resurrection Budget’ security peace, building prosperity,” Tinubu said as he concluded his 30-minute speech at 1:10pm on Wednesday.
Earlier in his presentation, the President listed some of the highlights of the budget as defence and security – N4.91tn, infrastructure – N4.06tn, health – N2.4tn, education – N3.5tn, among others.
He expressed commitment to economic renewal, thanking all Nigerians for embarking on the journey of reform and transformation in the last 18 months together.
The President said the economy is responding to stimulus and that his government would continue to take the right steps for economic progress. “The reforms yielding results, no reversals,” he said.
Tinubu stressed that food security is non-negotiable, adding that the government is taking steps to ensure Nigerians feed and not go to bed hungry.
Tinubu said, “Our 2025 is not just another statement of projected government revenue and expenditure; it is one that calls for action.
It is disheartening that those who have not taken the time to understand these bills are the loudest critics. I urge all Nigerians, especially those in public office, to engage with these vital reforms thoughtfully. This initiative marks the first comprehensive tax reform since Nigeria’s independence, presenting a transformative opportunity for rejuvenating small and medium enterprises and enhancing the livelihoods of ordinary Nigerians.
“These reforms will not only improve Nigeria’s revenue profile but also create a more conducive and internationally competitive business environment, transforming our tax system to support sustainable development.”
-
News24 hours ago
N141bn Agreements: Reps to Probe Non-Delivery of Tractors, Harvesters
-
News23 hours ago
Constitutional Breach: Reps invite CDS, COAS
-
Sports20 hours ago
Humility, focus fetched my son CAF Player of the Year award – Lookman’s dad
-
News20 hours ago
FG endorses N30 billion for 30 Fed Universities of Agric to begin mechanized farming
-
News20 hours ago
SAD! Youth Corps member slumps, dies in Orientation camp
-
News15 hours ago
Insecurity : Nigerians spent N2.2trn as payment for ransom in one year -NBS
-
News10 hours ago
Three to die by hanging for killing Delta monarch
-
Sports10 hours ago
CAF Awards 2024: Full List of Winners