Connect with us

BUSINESS

Why CBN Set Deadline For Mutilated Naira Notes

Published

on

dirty nigeria naira notes
Share
Stories: Ganiyu Obaaro, Lagos 

The Central Bank of Nigeria(CBN) has explained why it has set September the deadline for the sorting of all mutilated notes across the country.

It would be recalled that the existence of the notes in the nation’s economy has been giving Nigerians concerns, which they describe as constituting potential health hazards and image problem for them and the nation at large.

         

The apex bank, headed by Mr Godwin Emefiele, Governor, has said banks now have between June 3 and September 2, to collect and sort all mutilated notes in their possession for reissuing.

The central bank’s Director of Corporate Communications, Mr Isaac Okorafor, made the disclosure while engaging with leaders of organised labour in Lagos at the weekend.

“The CBN has given banks between the 3rd of June and September 2, to bring back all the mutilated notes for us to reissue them,” he said.

“And we are telling customers, including labour, that they should return all the notes to their bank. And that the banks will bring those notes to us for reissue.

“If any bank is refusing to take back the notes, they should call us and we will take action.”

See also  CBN Defers eNaira Launch To Mark Independence Anniversary

In April, the bank had introduced a ‘Clean Note Policy’ to put an end to the circulation of mutilated naira notes.

Meanwhile, at the engagement activity, which was part of CBN’s communication efforts to dialogue with key stakeholders in the economy, an Executive Member of the Nigeria Labour Congress, Issa Aremu, described CBN’s “creative intervention” in the Nigerian economy as “highly commendable.”

Aremu noted that for the Nigerian economy to improve on its current growth levels, all hands must be on the deck.

“CBN is doing its own side of the bargain, but the other fiscal authorities must also complement the effort of the CBN,” he said.

He added that “organised labour is committed to partnering with CBN to make sure that all these creative initiatives, in terms of development financing, are sustainable.”

The CBN Governor recently said the policies of the apex bank in the past five years had been focused on protecting the purchasing power of the poor and vulnerable persons in the country.

According to Emefiele, the apex bank is very comfortable staying on the side of the weak, vulnerable, and poor masses and protecting their purchasing power.

COVER

Economic Group Backs FIRS on Unremitted Revenue Recovery From States, LGAs

Published

on

Share

An economic policy think tank group, Global Economic Policy Initiative (GEPiN), yesterday said that the powers of the Federal Inland Revenue Service (FIRS) to recover unremitted taxes deducted by states and local governments are well in order, and in accord with the country’s fiscal laws.

The Global Economic Policy Initiative (GEPiN), an economic policy think tank, stated this in a statement issued on Sunday while responding to the communique issued by the Body of Attorneys-General of the 36 States of the Federation (BOAG) at the end of their meeting in Lagos.

The group warned Federal Government agencies to stop issuing threats to state governments claiming that “states are equal and not subservient to the federal government.

The communique of the body came against a backcloth of a public notice released by the Service to commence the enforcement and recovery of unremitted tax deductions owed by some states and local governments.

“The States are pitifully wrong and misguided in this position. The laws demand that they are to deduct Value Added Tax, Withholding Tax among others from their Service providers, on behalf of the Federal Government and remit them accordingly. Their communique was hastily put up and lacked basis in law,” the statement signed by the group’s President, Mr. Bernard Okri stated.

See also  FOREX: CBN Assures Customers of Banks’ Compliance

“BOAG’s position is anything but rational, and can best be described as a puerile and ill-advised one.

“Notwithstanding that Nigeria operates a decentralized tax system where each level of government is independently responsible for the administration of taxes within its jurisdiction, the provisions of Sections 78(3), 79(3), 81 of the Companies Income Tax Act (CITA) and Sections 9(I), 13(1) of the Value Added Tax Act (VATA) mandate Ministries, Departments and Agencies of Government (MDAs), Parastatals and other establishments to deduct WHT and VAT while making payments to third parties and remit same to FIRS.

“By the provisions of the relevant laws, States and Local Governments are also statutorily mandated, as agents of collection, to deduct at source and remit to the Service, all taxes deducted, within twenty-one days.

“However, from the contents of the recent publications by FIRS, most States and Local Governments have failed to comply with these provisions of the law and it not surprising that FIRS is taking every necessary step to recover those unremitted funds within the ambit of the law.

“Much as the concurrent utilization of our tax system is desirable in order to maximize tax revenue collection, to fund critical infrastructure, and create a healthy fiscal relationship between all tiers of government, a cursory look at extant tax laws would reveal the necessity for caution on the part of BOAG and the overriding need to avoid the temerity to question those laws,” GEPiN noted.

See also  Ecobank Earmarks N15 Billion for Agricultural Scheme

GEPiN accused the body of challenging a legitimate process backed by Statute.

“Moreover, BOAG’s position has made only one thing clear: a regrettable rashness that results from underrating the dangers in, or a failure to critically evaluate the consequences of, throwing a spanner in the works by attempting to stop a legitimate process initiated by FIRS, which statutorily assesses, collects and accounts for taxes that are eventually utilized by all the tiers of Government,” it noted.

The statement went further to state that there was so much the States could do to raise revenue, rather than begging cap-in-hand for revenue collected by the FIRS.

“It is simply a continuation of the lazy and beggarly attitude of States who come cap-in-hand to share revenue collected by FIRS.

“There is so much the States can do in terms of internally generated revenue but would rather go to the godfather, the Federal Government to be able to pay salaries. So much disappointment, but what can be expected from typical spineless States that only survive by asking for funds from the Federation account.”

The group commended the FIRS for optimised revenue collection especially given the country’s economic circumstances.

“Certainly, at a time when the nation is in dire need of funds to meet myriads of financial obligations, FIRS has demonstrated and continues to demonstrate its role in optimizing tax revenue collection, therefore deserves encouragement from, and not active hostility or self-serving opposition by, those for whose benefit the taxes are collected.

See also  Financial Inclusion Rate Hits 63.2% - CBN

“Kudos to FIRS for its determination to remain focused on the recovery of those unremitted taxes knowing that their power is derived from the provisions of the relevant laws, notwithstanding BOAG’s impertinent and presumptuous resistance,” the statement noted.

Continue Reading

Agriculture

VCDP Holds 3-Day Enterprise Training for Agri-businesses

Published

on

Share

From David Torough, Makurdi

In a bid to mainstream nutrition sensitive intervention and harness potentials along commodity value chain while empowering youth and women, the Federal Government, International Fund for Agricultural Development, Value Chain Development Programme (FG/IFAD-VCDP)  held a 3-day youth enterprise training for Agri-businesses at the IFAD-VCDP premises, Makurdi, the Benue State Capital.

The six session training equipped participants with practical knowledge on how to process Vitamin A Cassava to snacks (Combo-bite, bread, chinchin, queens cake, Cassa-flakes), Processing of rice flour as substitute for baking flour, Processing of cassava peels to animal feeds as well as de-stoning and packaging of milled rice.

There was also an intense training for some youths on knapsack application and calibration as well as an entrepreneurship class for establishing a One-Stop Agro input shop.

According to IFAD-VCDP Rural Institution, Gender and Youth Mainstreaming Officer (RIGYMO), Mrs Sandra Agber 41 male youths, 39 female youths and one adult female were beneficiaries of the training.

She revealed that, the need to engage and empower youths and women to be self-employed in a sustainable manner and to add value to agricultural produce was the primary justification for the training. 

Mrs Agber disclosed that though the training is a youth empowerment programme, women were prioritized in line with VCDP’s gender mainstreaming initiative hence the high number of female participants particularly in the rice and cassava processing trainings.

See also  World Bank Fears Destabilisation of Nigerian Banks

In his remarks during the opening ceremony, VCDP State Programme Coordinator, Mr Emmanuel Igbaukum charged the participants to take the training serious as VCDP is poised to continually supporting its farmers to maximize output as well as harness all potentials along agriculture commodity value chain.

He disclosed that participants would be given start up kits to support their various enterprises.

Two participants, Babara Yaaya and Veronica Chigba, who were trained on rice processing  and  One-stop agro shop establishment respectively, in their separate remarks at the end of the training appreciated IFAD-VCDP for their unceasing support to farmers and agripreneurs in the state and prayed God to give them the strength and resources to upscale these interventions.

Continue Reading

Oil & Gas

FG Awards Licences for 161 Marginal Fields as 13 Remain Dormant

Published

on

Share

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has awarded Petroleum Prospecting Licences (PPLs) to 161 successful 2020 marginal fields awardees.

The commission also officially unveiled the Host Communities Development Regulations and model Petroleum Prospecting Licences (PPLs).

Chief Timipre Sylva, the Minister of State Petroleum Resources, at the unveiling and licences presentation on Tuesday in Abuja said the maiden presentation of the PPL was part of the implementation of Petroleum Industry Act (PIA), 2021.

This is as the  Federal Government revealed that 13 out of the 30 marginal fields awarded since 1999 were not producing crude oil, as only 17 of the fields were currently meeting the target of crude oil production, adding that a total of N202.91bn was raked in by the government from the just concluded 2020 marginal field bid round.

The award, the government said  was pursuant to the provisions of the Petroleum Industry Act 2021.

This came as successful awardees, such as Matrix Energy Group, Petrogas Energy, among others, promised to begin oil search from the fields in earnest to boost the country’s crude oil production.

In his address at the event, the Chief Executive Officer, Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, stated that one of the major tasks inherited by the NUPRC upon its inauguration last year, was the need to conclude the 2020 bid round.

See also  Reps Probe CBN, FIRS, Others Over Forex

“Consequently, we pursued the matter frontally and are delighted to inform you that the exercise which commenced in June 2020 is being concluded today,” he stated.

Komolafe explained that historically, the marginal fields award initiative began in 1999 and was borne out of the need to entrench the indigenisation policy of government in the upstream sector of the oil and gas industry and build local content capacity.

He said, “Besides, the initiative was also targeted at creating employment opportunities and encouraging increased capital inflow to the sector.

“Since its inception, a total of 30 fields have been awarded, with 17 currently producing. A breakdown of the allocation of the fields to indigenous operators is as follows: two fields awarded in 1999, 24 in 2003/2004, one each in 2006 and 2007, and two in 2010.

He added, “Ten years after, in 2020, 57 fields were put up for bidding. Again, it is noteworthy that the 2020 marginal field bid round exercise in respect of which PPLs are being issued today has attracted government revenue of about N200bn and $7m (N2.91bn at official exchange rate of N415.64/$) respectively.”

Speaking to journalists on the sidelines of the event, the Group Chief Executive Officer, Matrix Energy Group, Adisa Aliu, said successful investors in the bid round would commence oil search as fast as possible.

See also  MAN Decries High Electricity Tariff Charged Kano Manufacturers

Aliu, who’s company emerged successful in the exercise, said the contributions of marginal field operators would help the country in meeting the monthly oil production quota approved for Nigeria by the Organisation of Petroleum Exporting Countries.

For several months running, Nigeria has been failing to meet its crude oil production quota approved by OPEC, a development that has further depleted the country’s revenue from oil.

“We are delighted at the conclusion of this exercise and we are ready to contribute our quota in assisting to meet the target approved for Nigeria and as well help in shoring up revenue for our county,” he stated.

He, however, noted that security should be improved in the Niger Delta, as this had been a challenge to not just the production of crude oil, but to the meaningful progress of the sector.

Meanwhile, the NUPRC in its presentation at the event, stated that the passage of the Petroleum Industry Act had brought an end to the era of marginal field awards.

Section 94(9) of the Act stated that “No new marginal field shall be declared under this Act”.

The agency stated that the Minister of Petroleum Resources shall now award PPL on undeveloped fields following an open, fair, transparent, competitive, and non-discriminatory bidding process in line with Sections 73 and 74 of the Act.

See also  CBN, NCC Raise USSD Charges to N6.98 per Transaction

It urged the new investors to hit the ground running in developing their awarded assets in line with industry best practices.

“Also, we shall continue to provide a predictable and enabling regulatory environment to operators in line with our technical and commercial statutory

mandates with a view to optimising the development and exploitation of the nation’s hydrocarbon resources,” it stated.

It said it was worthy of note that the average price of crude oil in recent months had been above $100/barrel, adding that investors in the fields should take advantage of this upward swing in market fundamentals, caused by the Russian/Ukraine conflict.

Continue Reading

Email Subscription

Name *

Email *

Top Stories

Religion15 hours ago

Katsina-Ala Catholic Diocese, Installs Dugu, New Bishop

Share Post Views: 28 From David Torough, Makurdi Most Reverend Isaac Dugu was on Friday installed the new Bishop of...

COVER15 hours ago

Economic Group Backs FIRS on Unremitted Revenue Recovery From States, LGAs

Share Post Views: 39 An economic policy think tank group, Global Economic Policy Initiative (GEPiN), yesterday said that the powers...

COVER15 hours ago

2023 Presidency: PDP, APC Chieftains Bicker Over  Atiku, Tinubu Chances.

Share Post Views: 32 The Ondo Central Senatorial Candidate on the platform of the Peoples Democratic Party (PDP), Mr Ifedayo...

COVER15 hours ago

Nigerian Households Spend $14bn Annually to Fuel Generators

Share Post Views: 33 Over 40 per cent of households in Nigeria own and use generators to meet their electricity...

POLITICS2 days ago

APC Upholds MacDonald’s Exco in Imo

Share Post Views: 36 By Jude Opara, Abuja The All Progressives Congress (APC) yesterday upheld the MacDonald Ebere led State...

Health4 days ago

Free Medical Outreach in Nasarawa

Share Post Views: 46 Tatara community in Panda Development area has praised the executive chairman of Karu Local government area,...

POLITICS4 days ago

NPC Commissioner reaffirmed Plans for a Paperless Census in 2023

Share Post Views: 54          The federal commissioner representing Nasarawa state at the National Population Commission Abuja, Silas Ali Agara, has...

CRIME4 days ago

4, 770 Terrorists, Families surrender to Nigerian Troops, 11 arrested – DHQ

Share Post Views: 55 By Gom Mirian, Abuja  The Defence Headquarters said a total of 4, 770 Boko-Haram terrorists and...

POLITICS5 days ago

2023: Umahi’s Deputy Governor, Igwe speaks on his Defection from APC to LP

Share Post Views: 49 Godwin Okeh, Abakaliki Ebonyi state deputy governor, Chief Kelechi Eric Igwe has few months to the...

CRIME5 days ago

Troops arrest 10 Robbers, rescue 3 Victims in Kaduna 

Share Post Views: 59 By Gom Mirian, Abuja  The military high command, yesterday said its troops deployed on internal operations...

Copyright © 2021 Daily Asset Limited | Powered by ObajeSoft Inc