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Thursday, 06 February 2025 04:51

Imported goods to cost more as Nigeria Customs imposes new levy

The Nigeria Customs Service (NCS) has announced the introduction of a 4 percent levy on the free-on-board (FOB) value of imported goods. The FOB value refers to the cost of goods and transportation expenses incurred up to the point of loading the goods onto the vessel at the port of departure. Under FOB terms, the seller is responsible for delivering the goods to the port, clearing them for export, and loading them onto the vessel. Once the goods are on board, the risk and associated costs transfer to the buyer. In a statement issued on Wednesday, Abdullahi Maiwada, the NCS…

Thursday, 06 February 2025 04:43

At least 17 students die in fire in Zamfara

At least 17 students died in a fire in Zamfara state on Tuesday night, a state police spokesperson said on Wednesday. The students at an Islamic school in Kauran Namoda town in Zamfara State, who were between seven and 17 years old, died in the blaze while around 12 others were taken to hospital with severe burns, the police said. Police spokesperson Yazid Abubakar said an investigation was ongoing to ascertain the cause of the blaze. Hussaini Adamu, who lost two children to the inferno, said the fire started in a nearby house and spread to the Islamic school. Reuters

Wednesday, 05 February 2025 04:19

Trump proposes US’ ownership of Gaza Strip; to ‘level it out, rebuild it’

The U.S. will "take over the Gaza Strip," level it and rebuild the area, President Donald Trump said during a press conference Tuesday evening after meeting with Israeli Prime Minister Benjamin Netanyahu at the White House. "The U.S. will take over the Gaza Strip, and we will do a job with it, too," Trump said Tuesday evening in a joint press conference with Netanyahu. "We'll own it and be responsible for dismantling all of the dangerous, unexplored bombs and other weapons on the site." "Level the site and get rid of the destroyed buildings, level it out, create an economic…

Wednesday, 05 February 2025 04:18

FG launches toll collection on major Nigerian highway

The Federal Government began collecting tolls Tuesday on the 227.2km Abuja-Keffi-Akwanga-Lafia-Makurdi Highway, marking a significant shift in infrastructure management. The launch took place at the Garaku Toll Plaza. Minister of Works David Umahi, represented by Minister of State Bello Goronyo, emphasized the highway's crucial role in connecting central and northern Nigeria. The project operates under a 25-year concession agreement with MS China Harbour Operations and Maintenance Company, established in 2023 and funded through a China Exim Bank loan. The toll rates are: - Cars: N500 - SUVs: N800 - Minibuses: N1000 - Multi-axle vehicles, trucks, and buses: N1600 Commercial light…

Wednesday, 05 February 2025 04:17

FG to issue N758bn bonds to settle pension arrears

The Federal Government plans to issue bonds worth N758 billion to clear outstanding pension liabilities, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced on Tuesday in Abuja. Speaking after the 23rd Federal Executive Council (FEC) meeting at the Aso Rock Villa, Edun explained that the debt, accumulated under the old Defined Benefit Scheme before the Contributory Pension Scheme was introduced in 2004, will be addressed through the Debt Management Office (DMO). According to the minister, these pension arrears have built up over time due to periodic wage increases, making it difficult to settle them through…

Wednesday, 05 February 2025 04:15

Shell reports another oil spill in N’Delta

Shell Petroleum Development Company (SPDC) reported an oil spill on Tuesday at its facility in Ogale, near Port Harcourt, Rivers State, after a saver pit overflowed during flushing operations in the Niger Delta region. The oil major confirmed that its spill response team swiftly contained the overflow and notified relevant authorities. A Shell spokesperson stated that arrangements are underway for a regulator-led joint visit to assess the cause and impact of the spill. According to the Youths and Environmental Advocacy Centre (YEAC-Nigeria), the spill occurred when an underground pit filled with crude oil began flowing into a pipeline that separates…

Tuesday, 04 February 2025 04:36

Nigerian internet subscribers drop by 24.5m amid economic crisis

The Nigerian Communications Commission (NCC) reported a significant decline in internet subscribers to 139.28 million in December 2024, down 15% from 163.83 million in December 2023. This sharp decrease appears to coincide with Nigeria's deepening cost of living crisis, as many citizens struggle to afford basic telecommunications services. Economic Context The reduction in internet subscriptions reflects the broader economic challenges facing Nigerian consumers. The removal of fuel subsidies in 2023, combined with rapid currency devaluation and soaring inflation, has severely impacted household purchasing power. Many Nigerians have been forced to prioritize essential needs like food and housing over telecommunications services,…

Tuesday, 04 February 2025 04:35

FG threatens sanctions on oil producers exporting quotas meant for local refineries, tightens domestic supply rules

The federal government, through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has announced a strict ban on the export of crude oil allocated for domestic refineries, aiming to boost local refining capacity and reduce pressure on foreign exchange. The move comes as approximately 500,000 barrels per day meant for domestic refining have reportedly been diverted to international markets. New Regulatory Measures In a letter dated February 2, 2025, NUPRC Chief Executive Gbenga Komolafe warned that the commission will deny export permits for crude oil cargoes intended for domestic refining. Any changes to designated cargoes must receive express approval from the…

Tuesday, 04 February 2025 04:32

Nigeria Customs to reinstate 24-hour cargo clearance

The Nigeria Customs Service (NCS) has announced plans to reinstate 24-hour cargo clearance as part of its ongoing modernisation initiative, codenamed B’Odogwu. Speaking at a stakeholder engagement in Apapa on Monday, the Deputy Comptroller General (DCG) in charge of ICT and Modernisation, K.I. Adeola, highlighted the project’s transformative potential for Nigeria’s trade ecosystem. The B’Odogwu project, approved in May 2022 and ratified by the Federal Executive Council in April 2023, is structured as a 20-year public-private partnership (PPP) between the NCS and the Trade Modernisation Project unit. Adeola stressed that the initiative goes beyond technological deployment, aiming to build a…

Monday, 03 February 2025 04:08

Trump’s tariffs spark different responses from Canada, China

President Donald Trump has ordered new tariffs on imports from key trading partners, triggering contrasting responses from Canada and China. The measures include 25% tariffs on Canadian and Mexican imports and 10% on Chinese goods, set to take effect Tuesday. Canada's Prime Minister Justin Trudeau announced swift retaliation, unveiling countermeasures worth C$155 billion ($107 billion) on U.S. imports. C$30 billion in tariffs will be implemented immediately, matching Trump's timeline, with the remaining C$125 billion following in three weeks. The Canadian tariffs target American products including beer, wine, bourbon, fruits, and orange juice from Florida, along with clothing, sports equipment, and…

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Sunday, 02 February 2025 04:36

Trump imposes tariffs on imports from Canada, Mexico, and China, cites ‘national emergency’

The Trump administration has announced new tariffs on imports from Canada, Mexico, and China, invoking the International Emergency Economic Powers Act (IEEPA) to justify the move. In an executive order signed on Saturday, President Donald Trump authorized the tariffs, which take effect on Tuesday. The order imposes an additional 25% tariff on imports from Canada and Mexico and a 10% tariff on imports from China. However, energy resources from Canada will be subject to a lower 10% tariff. According to the White House, the measure is a response to what the administration calls an “extraordinary threat” from illegal immigration and…

Saturday, 01 February 2025 04:22

PSC reverses earlier order, applies Civil Service retirement rules on senior police officers

The Police Service Commission (PSC) has announced the immediate retirement of senior police officers who are either above 60 years of age or have served for more than 35 years. This decision was made during an extraordinary meeting of the PSC’s management board, according to a statement released on Friday by Ikechukwu Ani, the commission’s spokesperson. Ani explained that the PSC reversed a previous decision made in September 2017, which had allowed police officers to have their date of appointment calculated from their enlistment date. The commission concluded that this earlier decision conflicted with Public Service Rule No. 020908 (i&ii),…

Friday, 31 January 2025 04:45

FIRS collected N21.6trn in 2024 - about half of 2022 collections in dollar value

The Federal Inland Revenue Service (FIRS) announced a revenue collection of N21.6 trillion for the year 2024, surpassing its target of N19.4 trillion. This was disclosed by the Executive Chairman of FIRS, Zacch Adedeji, during his keynote address at the opening of a two-day 2025 FIRS Management retreat held at Fraser Suites, Abuja, on Thursday. The Service has set a revenue target of N25.2 trillion for 2025. Comparative Analysis of FIRS Revenue in Dollar Terms While the revenue figures in Naira show significant growth over the past three years, a comparative analysis in US Dollars reveals the impact of the…

Friday, 31 January 2025 04:44

NHRC reports surge in Human Rights violation complaints

The National Human Rights Commission (NHRC) of Nigeria has documented a dramatic increase in human rights violation complaints throughout 2024, with total complaints exceeding 2 million cases. This represents a remarkable surge from just 1,147 complaints in January 2024 to 355,726 in December 2024. Key Developments Dashboard Implementation - Launched February 14, 2024 - Serves as a monthly analytical tool and graphical presentation system - Functions as both a data collection mechanism and advocacy platform - Provides comprehensive overview of human rights concerns across Nigeria Statistical Analysis The dramatic increase in complaints shows the following pattern: - January 2024: 1,147…

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