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30 of 65 verified private jets to pay customs duties

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The Nigeria Customs Service (NCS) says 30 out of 65 private airplanes verified so far are liable to pay required duties to the Federal Government.

The Customs Public Relations Officer, Mr Joseph Attah, said in Abuja on Sunday and explained that some of these airplanes came into the country by Temporary Importation agreement which allows them to bring the jets without payment because it was secured by bond.

He said that thereafter many of them failed to turn up to pay on the expiration of the agreement which necessitated the verification.

He stated that with this exercise, there would be more revenue to be accrued to the Federal Government because those who failed to adhere to the agreement would be made to pay the duties.

The customs’ spokesperson said the verification had also given opportunity to the service to clearly differentiate those airplanes in the country that were on commercial operations from those owned and used for private purposes.

Attah restated that the verification was not meant to embarrass anybody but to ensure that the right or required duties were paid to the government by the owners of these private airplanes.

He further disclosed that with the impact of the first two weeks extension, the service had again given another two weeks which commenced from Monday, July 26, to Friday, August 6.

“Considering the rising number of compliance and the number of jets that are liable for payment of duties as well as indications by those people to do so, the Comptroller-General has again graciously given them another two weeks.

“The exercise as I stated in our previous briefings, is not intended to be punitive or to embarrass them but to ensure that these private jets that operate in the country are properly documented.

“And also, to ensure every collectable revenue is collected into the coffers of the Federal Government.

“As you all know the case of increasing economic challenge, every source of revenue is important to the government and beyond that, for security purpose.

“With this, you can now tie proper ownership to every aircraft or private jet that flies into and out of the country. Through the exercise, we have been able to know those hiding under temporary importation agreement.

“We are aware that owners of private jets are highly placed Nigerians who should be respected and approached in a manner that provides all necessary convenience and that is what these extensions stands for,” he explained.

According to him, this will be the last extension because whoever fails to turn up for the verification will have his aircraft impounded.

First-Bank-HQ

FBN Holdings posts N45.2bn profit

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FBN Holdings has posted a profit before tax (PBT) of N45.2 billion in its unaudited financial results for the half year (H1) ended June 30.

The company’s Group Managing Director, Mr Mr Urum Kalu Eke, disclosed in a statement on Saturday in Lagos said the profit before tax rose by 9.2 per cent when compared with N41.4 billion recorded in the comparative period of 2020.

Profit after tax (PAT) stood at N38.1 billion against N35.6 billion posted in the corresponding period of 2020, indicating an increase of 6.9 per cent.

However, the company’s gross earnings decreased by 1.7 per cent to N291.2 billion in the period under review against N296.4 billion recorded in the preceding period.

The company’s operating expenses recorded an increase of 9.6 per cent of N152.6 billion from N139.2 billion posted in the comparative period.

Commenting on the results, Eke said the result was reflective of FBNHolding’s focus on strengthening the organisation as well as commitment to strategic objectives to drive stability in performance and delivering sustainable growth.

“In line with our focus on revenue diversification, we continue to grow our non-interest income as we progressively become a more transaction-led institution and implement innovative and technological driven measures to improve overall efficiency.

“The macro and socio-economic conditions remain challenging given the COVID-19 pandemic and the low-interest rates environment.

“While these points negatively impacted overall revenue generation, we are confident that FBNHoldings can navigate this challenging operating environment and keep delivering sustained innovative solutions that enrich customer experience,” he said.

Dr Adesola Adeduntan, the Chief Executive Officer of FirstBank and its subsidiaries, said: “The commercial banking group’s financial performance in H1 was impressive with a 17.9 per cent and 14.9 per cent uplift in PBT and PAT, respectively.

“These results were delivered despite the challenging macro-economic conditions that were further exacerbated by the negative impacts of the COVID-19 pandemic as well as the prevailing low yield environment which continues to compress margins.

“The effects of these factors resulted in the slight drop recorded in gross earnings and net interest income.

“Going into the second half, the bank will fully harness the returns from the strong and quality risk assets portfolio created in the first half of the year, taking advantage of the uptick in interest rates,” Adeduntan said.

He said accelerated growth in the second half of the year would be supported by the bank’s dominance and increased opportunities in the financial inclusion and digital banking businesses.

Forex

MAN urges compliance to CBN directives on forex

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The Manufacturers Association of Nigeria (MAN) has urged commercial banks to comply strictly with the Central Bank of Nigeria (CBN) directive on the sale of foreign exchange to eligible customers.

Dr Okwara Udensi, MAN Chairman, Edo/Delta chapter, made the appeal in Benin on Friday.

Udensi expressed optimism that the CBN’s decision to channel foreign exchange allocations to commercial banks would strengthen the nation’s currency.

He added that the development would bring down the prices of imported raw materials.

Udensi noted that the banks needed to assist the CBN in the implementation of the policy by not being involve in ‘sharp practices’.

“The banks should keep to their own obligations, we don’t want situations where the banks will hoard the foreign currencies and say they are yet to receive supply from the CBN,” he said.

He also appealed to the apex bank to give prompt response to bank customers with compliants as regards access to forex through its toll free lines.

The CBN Governor, Mr Godwin Emefiele, said the Bureau De Change (BDC) operators had abandoned the main objective of their establishment, which is to serve the retail end-users who needed 5,000 dollars or less.

Emefiele made the disclosure while briefing journalists at the end of a two-day meeting of the Monetary Policy Committee (MPC) in Abuja on Tuesday.

He said they had become wholesale dealers and illegally transacted FX to the tune of millions of dollars per transaction.

The CBN said that given the rent-seeking behaviour of the BDCs, the MPC decided with immediate effect to discontinue the sale of FX to the BDCs and allow the CBN to no longer process or issue new licences for BDC operations in the country.

The members voted to channel significant portion of weekly allocations of BDC allocations to the commercial banks to meet legitimate FX demands.

They also instructed all commercial banks in the country to create a dedicated teller point in designated branches for the sale of FX for legitimate transactions.

2019-budget

Delta state proposes N425bn as budget for 2022

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Delta state has proposed a total sum of N425 billion as the appropriation for year 2022, indicating that the budget would soon be transmitted to the State House of Assembly.

The State Commissioner for Information, Mr Charles Aniagwu, flanked by his counterparts in Economic Planning, Mr Barry Gbe, and Housing, Mr Festus Ochonogor, said the figure was part of the decisions reached at the State executive Council meeting on Friday in Asaba.

Aniagwu said that the council meeting was the first after the newly-constituted cabinet on Thursday, July 29, following the dissolution of the executive council by Gov. Ifeanyi Okowa on May 18.

He said that the meeting approved many memos, including those for the budget proposal, low cost housing for low-income workers, road projects, among others.

“So, a number of issues were taken up, ranging from development of infrastructure, to the 2022 budget, housing scheme for low-income workers, procurement of medical equipment for the Mother and Child Centre, Owa Alero.

“The council approved for construction, the 756-metre Amoro Street in Enerhen, Uwvie Local Government Area, Osamo Street in Ika North East; Ozu-Onyia Ogbe Stree in Ika South and Okpolo/Enwie Road in Isoko South LGAs.

“Also approved is a high-powered committee to be headed by the deputy governor, Deacon Kingsley Otuaro, to look into issues of sanitation to ensure that we maintain a much healthier sanitation in our state,” he said.

He said that the council also approved the increased pace of work in Warri/Uwvie ongoing storm water projects to extend and work on phases III and IV areas to tackle the anticipated flood occasioned by heavy rains.

“The council also approved the UTM-Off-Shore limited for the state to invest in floating liquefied natural gas projects to create jobs, a private sector driving investment is worth investing in, given the enormous natural gas in our state.

On his part, Gbe, explaining the parameters for preparing the proposed budget, said that the state adopted the Medium-Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP), according to the Fiscal Responsibility Law 2020.

According to him, “having secured approval of the state council for MTEF and FSP, it will also be taking to the State House of Assembly for approval before we can commence the process of distributing envelops to the ministries, departments and agencies.

“What I recommend as Commissioner for Economic planning is for us to spend a total of N388 billion for 2022 as against the N38 billion for 2021. However, the council, after deliberations, increased the 2022 budget to N485 billion.

“On the macroeconomic indicators, we deliberately adopted the Federal Government MTEF and FSP; the planned reasoning oil to be sold at US$ 57 per barrel, daily production of oil as 1.88 million barrels per day and an exchange rate of N410 per dollar”.

He noted that the internally generated revenue for the first half of 2021 was N35 billion, adding that the state would embark on aggressive revenue drive to fund the 2022 budget to shore the IGR up from the target of about N61 billion in 2021 to N75 billion next year.

He said that with the expected statutory allocation, IGR, grants from donor agencies, and intervention programmes, the state would try to scale down net financing. It may not need to borrow much to finance the budget.

According to him, the projection is that the capital expenditure should be higher that the recurrent expenditure in the ratio of 56 to 44 distribution.

Also, Ochonogor explained that the council approved a pilot scheme project for low housing development plans in three locations; Owa-Oyibu, Kwale and Ozoro where the state government has secured land for the projects.

He appealed to communities, particularly those in the central senatorial district, to make lands available to the government without asking for compensation to facilitate the construction of such low-cost housing schemes in their areas.

He said that the ministry of housing also secured approval to urgently complete and deliver the needed facilities at the newly-established three universities to enable them take off smoothly.

frcn

FRC to partner with tertiary institutions on fiscal responsibility awareness

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Mr Victor Muruako, the Chairman, Fiscal Responsibility Commission (FRC) says the commission is seeking to create awareness of fiscal responsibility initiatives in universities and Colleges of Education (COEs) in Nigeria.

Muruako said this when he visited the Executive Secretary, National Commission for Colleges of Education (NCCE), Prof. Paulinus Okwelle, and the Executive Secretary, National Universities Commission (NUC), Prof. Abubakar Rasheed.

A statement by Mr Bede Anyanwu, Head, Strategic Communications, FRC, on Thursday in Abua, said the commission hoped to deepen fiscal responsibility awareness and enthusiasm amongst Nigerian youths and the intellectual community.

Muruako said a survey of members of the National Youth Service Corp (NYSC) and selected lecturers showed lack of knowledge of the initiative in tertiary institutions.

He, however, requested its inclusion in the curriculum of the tertiary institutions, and collaboration with the regulating institutions.

Muruako said this would ensure the orderly and deliberate development of a well-coordinated and productive tertiary institution’s system, and guarantee quality and relevant education for national development and global competitiveness.

He said the term “relevant education for national development” covered education that prioritised discussions, advisories, instruction and research about how best to provide for prudent management of the nation’s resources.

He added that it would ensure long-term economic stability of the economy, greater accountability and transparency in fiscal operations within a medium-term fiscal policy framework and promote and enforce the nation’s economic objectives.

These according to him, represented the purpose of the Fiscal Responsibility Act (FRA) 2007.

To this end, Muruako said the commission intended to identify suitable youth influencers and equip them to spread the fiscal responsibility message amongst the youth population.

He added that the commission had started the implementation of this plan by leveraging its partnerships with the Independent Corrupt Practices Commission (ICPC) and others.

“This is with an intention to hold indoctrination sessions with members of ICPC’s Anti-Corruption Vanguard who are university students and believe that these frontline beneficiaries would pass on the message and commitment of fiscal responsibility,” he said.

He also said the FRC had a plan to reach lecturers of Social Sciences, Management, Business, Law and similar disciplines with information that would empower them to give attention to Fiscal Responsibility Management in the due coverage.

He appealed to NUC and NCCE to collaborate with the commission to hold workshops targeted at improving access to knowledge, teaching materials and effective methodologies for disseminating knowledge on Nigeria’s fiscal responsibility management.

Muruako said the collaboration with FRC to hold workshops was targeted at improving access to knowledge, teaching materials and effective methodologies for disseminating knowledge on Nigeria’s fiscal responsibility management.

According to him, it will entrench the required discipline in the growing population and form a more solid foundation for a better society.

Prof. Rasheed appreciated the FRC for coming up with the proposal and assured the commission that the NUC would do its bit to ensure collaboration and realisation of the required projects.

Prof. Okwelle of the NCCE applauded the commission in the effort toward promoting transparency and accountability in government Ministries, Departments and Agencies.

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