News

JUST IN: Customs Increases Import Duty Rate By 43 Percent

Published

3 months ago

February 2, 2024

Editor

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

EFCC Trial: ‘Even The Prophets Went To Prison’ – Buhari’s Minister Comforts Self In Court

Published

7 hours ago

May 10, 2024

Editor

A former Minister of Aviation, Hadi Sirika, standing trial for an alleged N7.2bn fraud, said he was ready to go to prison just like the prophets.

Sirika, his daughter, and three others were arraigned at a Federal Capital Territory High Court on Thursday on a six-count amended criminal charge before Justice Sylvanus Oriji.

A video of the ex-minister speaking in court with his lawyers surfaced on X on Thursday.

In the video, Sirika, dressed in cream Babariga, could be heard saying, “It’s okay. Fatima, it’s okay,” while comforting his daughter.

He continued, “Even prophets have gone (to prison). Those that went, haven’t they finished theirs already?…whatever Allah says”

The Economic and Financial Crimes Commission had accused the ex-minister, his daughter, son-in-law and Al-Duraq Investment Limited, of fraud in connection with the botched Nigerian Air project.

Meanwhile, the court granted each of the defendants bail in the sum of N100m with two sureties each.

Before the trial judge, Justice Sylvanus Orji granted the bail request of the defendants, they pleaded not guilty to all the charges preferred against them after it was read out to them.

The prosecution counsel, Rotimi Jacobs SAN, had informed the court of an amended charge by the EFCC dated May 7, and filed on May 8, which was not opposed by the counsel for the defendants.

Sirika’s lead counsel, Kanu Agabi (SAN), informed the court of his client’s bail application dated May 6.

The other defendants similarly, moved their bail applications and prayed the court to be liberal in the bail conditions.

Jacobs, on his part, told the court that all the defendants were on administrative bail and asked the court to grant bail on the condition that would make them appear for their trials.

Apart from the N100m bail, Justice Osuji added that one of the sureties must own a landed property with valid land titles in like sum within the Federal Capital Territory.

The judge also held that the sureties must depose to an affidavit of means while he barred the defendants from travelling outside the country without its permission.

He added that failure to fulfil the bail conditions would earn the defendants a stay in a correctional facility.