News

JUST IN: Customs Increases Import Duty Rate By 43 Percent

Published

2 years ago

February 2, 2024

The Central Bank of Nigeria, CBN, has approved an increase in the import duty rate by 43 percent.

Recall that the exchange rate for duty collection is usually determined by the CBN.

Importers and stakeholders in trading woke up on Friday to find the increase in the exchange rate, which before now was set at N951.842 per $1 as of December 2024, taken up to N1356.42.

Reacting to the development, Chief Executive Officer of the Center for the Promotion of Private Enterprises, CPPE, Dr. Muda Yusuf, expressed shock at the development, saying that the increase will further worsen the already bad economic situation.

Yusuf wondered if anybody was advising the Governor of the CBN on the implications of these actions.

He said, “I am shocked at the development, I mean with all these suffering, with all these costs, we have not recovered from the unification of the exchange rate they just did, now another increase in duty.

“This increase will definitely affect every area of our economic life, already; we recorded a drop in the volume of import last year, so you imagine what will happen with this increment.

“The sharp depreciation and the increment of import duty will no doubt affect the volume of trade because the cost of import is going to increase significantly and this will affect practically all the key components of cost.

“That is the cost of transportation, the cost of shipment, the cost of clearing and this will slow down the velocity and the tempo of activities in the maritime sector. And that tempo has already reduced anyway and it further reduces.”

He warned against the upward review of the exchange rate for the computation of import duty, adding that it would be devastating for both the economy and the citizens.

Speaking in a similar vein, former Executive Secretary of the Nigerian Shippers Council, Mr. Hassan Bello, said that the velocity of the exchange rate is affecting every sector of the economy, adding that the country needs to export more than import.

He said, “As the Naira further depreciates against the Dollar, we will have less importation.”

News

Trump’s Airstrikes: Halt Military Cooperation With US Immediately – Sheikh Gumi Tells Tinubu Govt

Published

50 minutes ago

December 26, 2025

Editor

Islamic cleric, Sheikh Ahmad Gumi has called on the Federal Government to immediately halt all military cooperation with the United States following reported US airstrikes.

Gumi warned that American involvement could worsen Nigeria’s security challenges and undermine national sovereignty.

Gumi made the call in a statement posted on his Facebook page on Friday.

He said while Islam permits the fight against terrorism, such actions should only be carried out by what he described as “clean hands,” arguing that the United States lacks the moral authority to lead such efforts because of its global military record.

According to the cleric, Nigeria made a mistake by allowing foreign powers to play a role in its counterterrorism operations, insisting that “terrorists do not truly fight terrorists” and that such interventions often result in civilian casualties and hidden political motives.

Gumi warned that allowing Nigeria to become a theatre of war would attract anti-US forces into the country, further destabilising it.

He also cautioned that US involvement, particularly under claims of protecting Christians, could polarise the country along religious lines.

The cleric further argued that airstrikes alone cannot defeat terrorism, stressing that effective counterterrorism requires strong ground operations, which he said Nigeria has enough personnel to carry out if properly organised.

“This is the mistake Nigeria has made. Terrorists don’t fight terrorists in truth; they may only kill innocent people and have ulterior motives behind the drama of fighting ‘terror’.

“As a principle, no nation should allow its land to be a theater of war. And no nation should allow its neighbors to be their enemies.

“If Nigeria wants military assistance, China, Turkey, and Pakistan can do the job effectively,” part of his statement reads.

News

Shehu Sani Reacts To Trump’s Military Strikes In Nigeria

Published

59 minutes ago

December 26, 2025

Editor

Former lawmaker, senator Shehu Sani, has reacted to reports of United States military strikes on terrorist targets in Nigeria’s North-West, saying foreign powers cannot permanently handle the country’s security challenges.

Sani made the remarks on Friday via his X handle while responding to a post by the United States Africa Command, AFRICOM, which indicated that the strikes were carried out in coordination with Nigerian authorities.

According to him, if the reported strikes were indeed a joint operation with Nigerian security agencies, then such action was justifiable, given the threat posed by terrorist groups in the region.

He described terrorists operating in parts of northern Nigeria as “cancerous cells,” stressing that they survive through violence and should be confronted decisively.

Sani also dismissed narratives suggesting that terrorist attacks target only one religious group, describing such claims as false and misleading.

He said: “If actually, the military strikes against the terrorists targets in the North Western part of Nigeria were a joint operation with the ‘Nigerian Authorities’ as posted by the US AFRICOM on their verified X handle, then it’s a conscionable action.

“Terrorists have become cancerous cells in our part of the country.They live by the sword.The narrative that the evil terrorists only targets one faith, remains absolutely false and misleading.

“Again, the ultimate security and peace in our country lies with ourselves and not with the US or any foreign power. They can complimentarily or unilaterally strike, but they can’t eternally fight our battles.”