News
Tax reform committee wants N800/$ as customs import duty rate
By Kayode Sanni-Arewa
The presidential committee on fiscal policy and tax reforms says it has asked the federal government to adopt an exchange rate of N800 per dollar for customs import duty.
Taiwo Oyedele, chairman of the committee, spoke on Thursday while engaging journalists on the activities of the tax panel in Lagos.
While presenting some recommendations of the committee, the tax expert expressed concern over the import duty rate which constantly changes due to the volatility of the foreign exchange (FX) market.
This, Oyedele said, does not allow for adequate planning by businesses
“When we did the budget, we said naira to dollar will be N800, now it is 1,000 something. People need to plan,” he said.
”So now, we’re saying dear government can you please sign an order that says for the purpose of paying import duty, we shall use N800… for the rest of the year till December.
“So, we have proposed N800.”
In recent times, the import duty rate has witnessed incessant adjustments by The Nigerian Customs Service (NCS).
On May 27, the customs adjusted the FX rate for tariffs and duties to N1,480 per dollar.
Customs typically adopt FX rates recommended by the Central Bank of Nigeria (CBN) for import duties based on trading activities in the official FX market.
On May 16, Muda Yusuf, the director-general of the Centre for the Promotion of Private Enterprise (CPPE), said the customs should set a quarterly exchange rate between N800/$ and N1000/$ for import duties assessment.
News
IGP approves massive distribution of kits, uniforms to police officers nationwide
The Inspector-General of Police, IGP Kayode Adeolu Egbetokun, has again approved the distribution of new kits and uniforms to NPF personnel in the rank-and-file cadre, reaffirming his commitment to improving officers’ welfare and boosting their morale.
This initiative underscores his vision of enhancing improved working conditions and professionalism within the force.
Spokesman of the police, ACP Muyiwa Adejobi, who made the disclosure, noted that the IGP expressed optimism that, with the approval of the 2025 budget, more welfare-focused projects will be implemented to further support officers in carrying out their duties effectively.
“The Nigeria Police Force remains dedicated to maintaining a well-equipped and motivated workforce for the safety and security of all Nigerians,” he said.
News
FG Accepts New VAT Sharing Formula Proposed By Governors
The Federal Government through the Presidential Tax Committee says it has no objection to the new “equitable” sharing formula for Value Added Tax (VAT) as proposed by the state governors.
This position was made known by the chairman of the presidential committee, Taiwo Oyedele, on Saturday.
Speaking as a guest on The Platform, an event organized by The Covenant Nation, Oyedele said arriving at a conclusion regarding such reforms anywhere in the world, needs to factor in technical inputs as well as political considerations.
Recall that state governors had earlier rejected the VAT-sharing formula of 20 percent based on equality, 60 percent based on derivation, and 20 percent based on population as proposed by the Oyedele-committee.
However, after a meeting with the committee, the governors, under the auspices of the Nigeria Governors’ Forum (NGF), announced a new proposed revised formula of 50 percent based on equality, 30 percent on derivation, and 20 percent based on population.
Speaking on the development, Oyedele told the audience on Saturday that the proposal has been accepted.
“You also need to consider other things, including political considerations, and so once the governors proposed their formula for sharing the VAT revenue.
“We have no objections to that, because, at the end of the day, if you need to move one kilometre, you don’t have to move all of that at once; you can’t even jump one kilometre at once.
“Maybe sometimes you need to just move gradually. You know, you take a breather. You reflect, have more data, and then you move again,” he said.
The chairman of the presidential committee also gave assurances that the VAT-sharing formula will benefit all sectors of the economy.
He urged those still against the proposal to get familiar with the details as recommended by the committee.
“All sectors will be positively impacted, particularly agriculture and manufacturing, as well as industries generally.
“We also have a provision in those tax bills where we call them priority sectors. And there’s a priority sector incentive, you know, power generation, innovation.
“So I’ll say, even if you’re not going to look at everything in that bill, go and find that section where we have those sectors.
“It’s a pointer to you about where the government wants to redirect the incentive regime,” Oyedele added.
News
We have lost confidence in electoral process – Ondo residents
Some residents of Okitipupa in Okitipupa Local Government Area of Ondo State have attributed the lack of confidence in the electoral process to the apathy toward Saturday’s local government election in Ondo State.
The News Agency of Nigeria (NAN) reports that many residents did not come out to cast their votes at the polling centres across the state.
NAN observed some residents going about their normal businesses while others stayed indoors in parts of the state.
Some private and commercial vehicles, as well as motorcycles, were seen on the roads while a few traders opened their shops to customers.
In separate interviews with NAN on Saturday in Okitipupa, some of the residents said that their votes were not likely to change anything.
They called on the government to find a lasting solution to the poor economy for citizens to enjoy the dividends of democracy.
A commercial driver at the Okitipupa New Garage, who simply gave his name as Segun, told NAN that he had lost confidence in the electoral process and that was why he did not bother to go and vote.
“What have we gained from all the elections we have been participating in? Nothing but untold hardship and hunger
“I no longer have interest in the process,” he said.
Mr Charles Ikuedowo, a commercial motorcyclist, said that there was serious hunger in the country and the only way out now was to be dedicated to work in order to feed the family,” he said.
Also, Madam Felicia Akingbaso, a beverage vendor, said that she considered participation in the election a waste of time.
According to her, politicians seeking votes of the electorate make promises when campaigning, but after their victory, they disappear.
She urged the government to give priority to residents’ welfare for them to enjoy the dividends of democracy.
A charcoal dealer who gave her name as Yetunde said that going to the polling centre to vote was a waste of time. (NAN)
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