Custom | InsideOjodu https://www.insideojodu.com ...conecting the community Wed, 10 Jan 2024 16:42:43 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.10 http://www.insideojodu.com/wp-content/uploads/2018/12/favicon.ico Custom | InsideOjodu https://www.insideojodu.com 32 32 Customs seize contrabands worth N10bn in 2023 — Comptroller https://www.insideojodu.com/customs-seize-contrabands-worth-n10bn-in-2023-comptroller/ https://www.insideojodu.com/customs-seize-contrabands-worth-n10bn-in-2023-comptroller/#respond Wed, 10 Jan 2024 16:42:43 +0000 https://www.insideojodu.com/?p=53200 The Nigeria Customs Service, Federal Operations Units Zone A, Ikeja, said it made 1,119…

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The Nigeria Customs Service, Federal Operations Units Zone A, Ikeja, said it made 1,119 seizures of contrabands worth N10bn in 2023.

The Customs Area Controller, Hussein Ejibunnu, disclosed this on Wednesday while addressing journalists at the command.

He said that 83,170 bags of foreign rice equivalent to 139 trailers were seized within the period under review.

“Last year we made 1,119 seizures worth a total duty paid value of N10,395,123,943; comprising bags of foreign rice, vehicles, marijuana, tramadol, used tyres, poultry products, footwear, petroleum products, etc. The most prominent of the seizures is foreign parboiled rice which amounted to 139 trailer loads (83,170 bags of 50kg),” he said.

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FG to streamline FIRS, Customs, other revenue-collecting agencies for enhanced efficiency https://www.insideojodu.com/fg-to-streamline-firs-customs-other-revenue-collecting-agencies-for-enhanced-efficiency/ https://www.insideojodu.com/fg-to-streamline-firs-customs-other-revenue-collecting-agencies-for-enhanced-efficiency/#respond Tue, 11 Jul 2023 11:30:18 +0000 https://www.insideojodu.com/?p=46956 The Federal Government of Nigeria plans to harmonize various revenue-collecting agencies in a bid…

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The Federal Government of Nigeria plans to harmonize various revenue-collecting agencies in a bid to optimize operations and increase overall revenue generation.

This development was disclosed by Zach Adedeji, the Special Adviser to President Bola Tinubu on Revenue, during an interview on Channels Television’s Politics Today program.

Adedeji emphasized that the government aims to double the current annual revenue, which falls below N15 trillion, by implementing a robust revenue collection system, leveraging technology to monitor all government revenue-collecting agencies in real-time.

The focus will be on enhancing fiscal discipline and integrating revenue channels to address Nigeria’s existing revenue challenges.

Citing the Nigerian Constitution’s Section 162, Adedeji highlighted the requirement to deposit all government revenue into the Federation Account.

Harmonization, as he clarified, entails the integration of collecting agencies onto a single platform. This integration will enable a comprehensive view of operations in agencies such as NIMASA, NPA, NCC, Customs, and the Federal Inland Revenue Service (FIRS), using technology as a means to ensure real-time transparency.

Adedeji made it clear that the Tinubu administration does not intend to dissolve key revenue-generating bodies like NNPC Limited, FIRS, NIMASA, or the Nigeria Customs Service.

Instead, the government will employ technology to integrate these agencies, enabling effective monitoring of revenue and eliminating any form of parallel governance.

Furthermore, Adedeji underscored that Tinubu has already granted approval for the harmonization of all revenue-collecting agencies.

He assured that NNPC will retain its distinct identity as a limited company, while revenue collection will undergo a technological transformation driven by data.

The move aims to address the absence of a concrete legal framework governing these agencies, thereby streamlining their activities.

Adedeji also noted that the removal of petrol subsidy and the unification of foreign exchange rates have rectified economic distortions. He expressed confidence that Nigerians will soon experience the benefits of these measures, leading to shared prosperity across the nation.

 

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Tinubu suspends telephone tax, defers Finance Act, Customs Tariff https://www.insideojodu.com/tinubu-suspends-telephone-tax-defers-finance-act-customs-tariff/ https://www.insideojodu.com/tinubu-suspends-telephone-tax-defers-finance-act-customs-tariff/#respond Thu, 06 Jul 2023 15:30:04 +0000 https://www.insideojodu.com/?p=46760 President Bola Tinubu has taken steps to address the issue of multiple taxation in…

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President Bola Tinubu has taken steps to address the issue of multiple taxation in Nigeria by signing four Executive Orders.

These orders include the suspension of the five percent Excise Tax on telecommunication services and the escalation of excise duties on locally manufactured products.

Some of these taxes were originally introduced through an Executive Order by former President Muhammadu Buhari during his final days in office.

Dele Alake, the Special Adviser to the President on Special Duties, Communications, and Strategy, announced the suspension of these taxes.

He provided this information during a briefing with State House correspondents at the Presidential Villa in Abuja.

Additionally, Tinubu signed the Finance Act (Effective Date Variation) Order, 2023. This order defers the commencement date of the changes outlined in the Act from May 23, 2023, to September 1, 2023.

The purpose of this delay is to ensure compliance with the 90-day minimum advance notice for tax changes, as stipulated in the 2017 National Tax Policy.

Furthermore, the President signed The Customs, Excise Tariff (Variation) Amendment Order, 2023. This order shifts the commencement date of tax changes from March 27, 2023, to August 1, 2023, in accordance with the National Tax Policy.

Tinubu also suspended the newly introduced Green Tax on Single Use Plastics (SUPs), which includes plastic containers and bottles. Moreover, the Import Tax Adjustment levy on certain vehicles was also suspended.

These orders were issued by the President to alleviate the negative impacts of the tax adjustments on businesses and households in various sectors.

Tinubu remains committed to addressing concerns related to multiple taxation and anti-business practices.

The administration will implement friendly policies to support business growth and will not impose further tax increases without extensive consultations and a coherent fiscal policy framework.

Tinubu recognizes the importance of business owners and local as well as foreign investors in achieving higher GDP growth and reducing the unemployment rate through job creation. The government will continue to provide the necessary support to enable businesses to thrive in Nigeria.

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Customs boss unveils $3.2bn e-system to end manual operations https://www.insideojodu.com/customs-boss-unveils-3-2bn-e-system-to-end-manual-operations/ https://www.insideojodu.com/customs-boss-unveils-3-2bn-e-system-to-end-manual-operations/#respond Fri, 02 Jun 2023 13:38:27 +0000 https://www.insideojodu.com/?p=45276 Retired Colonel Hameed Ali, the Comptroller-General of the Nigeria Customs Service, inaugurated a $3.2…

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Retired Colonel Hameed Ali, the Comptroller-General of the Nigeria Customs Service, inaugurated a $3.2 billion modernization project on Thursday, aiming to eliminate manual operations and fully automate the NCS.

During the inauguration of the Project Management Office in Abuja, Ali expressed his satisfaction with the project, emphasizing its purpose of enhancing the service’s processes and eradicating corruption. Trade Modernization Project Limited oversaw the execution of the project.

“This is a momentous occasion as we witness the implementation of cutting-edge technology. Today, we proudly look back on the journey we embarked upon in 2015,” said Ali.

Ali stated that the NCS opted for automation due to its numerous advantages, including improved efficiency, transparency, and effectiveness. The project would enable the NCS to adapt to market dynamics, automate operations, and generate revenue for the economic growth and well-being of Nigerians.

Despite the challenges faced during the project’s realization, Ali highlighted the determination, resilience, and foresight of the NCS.

“The inauguration symbolizes the NCS’s commitment to embracing the power of digitization,” he added.

Addressing concerns that the adoption of technology would lead to reduced employment opportunities, Ali dismissed such claims as unfounded.

He mentioned that the modernization of the NCS would actually necessitate the recruitment of more personnel to effectively cover the borders and ensure public security. Aligning with global practices was emphasized as a priority.

Saleh Ahmadu, Chairman of TMPL, disclosed that the project would involve a $3.2 billion investment over a 20-year period, with an estimated revenue generation of over $200 billion.

The first stage of the project secured $300 million in financing from financial partners, along with a $9 million cash-backed performance fund.

Ahmadu stressed the significance of capacity building within the project, stating that a substantial portion of the investment would be dedicated to enhancing the skills of the staff.

According to NAN, the e-customs project received approval from the Federal Executive Council on April 20.

Bergman Securities Consultant and Suppliers Limited were selected as the project sponsor, with Africa Finance Corporation and UFC serving as lead financiers, and Huawei Technologies as the primary technical service provider.

As part of the agreement, the concessionaire provided the government with $9 million (equivalent to N4.135 billion) as security for the project’s satisfactory performance.

Additionally, the concessionaire executed a debt facility worth $300 million (equivalent to N138 billion) to fund the initial phase of the project.

The revenue sharing arrangement entailed 45 percent of the accruals from the comprehensive input service scheme going to the concessionaire, while 55 percent went to the Federal Government.

Five percent was allocated to the Nigerian Responsible Action Scheme, with 75 percent designated for the Federal Government.

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