Finance Bill 2022: FG Set To Reorganize, Rename FIRS

The Federal Government (FG) is set to reorganize and rename the Federal Inland Revenue Service (FIRS) according to the proposed amendments of the Finance Bill 2022 which was sent to the National Assembly by President Muhammadu Buhari. The Minister of Finance, Budget and Economic Planning, Zainab Ahmed disclosed this on Thursday to the Senate Committee on Finance stating that the amendments would change the FIRS to the Nigerian Revenue Service (NRS).

Ponmo Consumption: FG Plans Ban To Revive Leather Industry

In a bid to revive Nigeria’s leather industry, the Federal Government (FG) has announced its plan to ban the consumption of animal skin, locally known as ponmo in the country. This was disclosed by Muhammad Yakubu, the Director-General (DG) of the Nigerian Institute of Leather and Science Technology (NILEST), who stated that ponmo consumption had no nutritional value, adding that it should be stopped in order to revive the industry and boost the country’s economy.

Weekly Cash Withdrawal Policy: CBN Increases Limit For Individuals, Corporations

Amidst public outcry, the Central Bank of Nigeria (CBN) has increased the weekly cash withdrawal limit for individuals and corporate entities to N500,000 and N5 million respectively which was previously set by the apex bank at N100,000 for individuals and N500,000 for corporate organizations. This was contained in a circular released by the CBN on Wednesday and signed by the Director of Banking Supervision Department, Haruna Mustafa which stated that the review was due to feedback from stakeholders.

NCAA Renews Azman Air Licence Hours After Suspension

The Nigerian Civil Aviation Authority (NCAA) has renewed the air transport licence (ATL) of Azman Air to enable the airline to resume operations. This development is coming hours after the NCAA suspended the airline for failing to provide the required documents for its ATL renewal. According to NCAA, Azman’s licence has been renewed fulfiling all outstanding requirements.

Abuja-Kaduna Train Services: NRC Adjusts Departure Times

The Nigerian Railway Corporation (NRC) has announced the adjustment of the departure times for the last 2 trains of the Abuja-Kaduna Train Services (AKTS) to ensure that passengers arrive at their destinations early. This was disclosed on Friday by the Manager, Abuja-Kaduna Train Service, Mr. Pascal Nnorli in an interview with the News Agency of Nigeria (NAN), adding that the trains are now scheduled to depart 30 minutes earlier than their previous departure times.

IPMAN Strike Triggers Fear Of Fresh Fuel Scarcity

Fresh fuel scarcity is looming in northern states of Nigeria including Abuja, Kaduna, Nasarawa, Kogi, Niger, and neighbouring states as independent marketers, Yesterday, announced a three-day warning strike over non-payment of outstanding fuel transportation costs, otherwise referred to as bridging claims. The Chairman of IPMAN, Suleja Depot Branch of the Independent Petroleum Marketers Association of Nigeria, Yahaya Alhassan said marketers had stopped the supply of Premium Motor Spirit (PMS) from the depot, as the union had prevented trucks from moving product to the northern states. According to Alhassan said marketers were withdrawing their services until the Federal Government settled their outstanding bridging claims of N50.5bn. “The Petroleum Equalisation Fund has not paid our money. We have N50.5bn (to be paid by PEF) and because of that we are withdrawing our services,” he said.

SERAP Drags FG To ECOWAS Court Over Illegal Oil Pipelines

The Socio-Economic Rights and Accountability Project has filed a lawsuit against the government of the President, Muhammadu Buhari , over “the failure to probe the operations of illegal oil pipelines between 2001 and 2022, to name and prosecute those suspected to be involved, and to recover proceeds of crime.” The suit was filed by SERAP, Chief Eric Dooh, (who is suing for himself as a leader of the Goi Community in Gokana Local Government Area of Rivers State, and on behalf of the Goi Community), and 15 other concerned Nigerians.

FG Suspends Proposed 5% Tax On Telecoms

The Federal Government yesterday suspended the proposed excise duty on telecommunication services. The suspension was made public by the Minister of Communications and Digital Economy, Isa Pantami, on Monday during the inaugural meeting of the Presidential Committee on Excise Duty for the Digital Economy Sector in Abuja. According to Pantami, the telecommunications sector is already overburdened by excessive and multiple taxation. The committee includes: Pantami Chairman, the Minister of Finance and National Planning, the Chairman of Federal Inland Revenue Services (FIRS), the Executive Vice Chairman (EVC) of the Nigerian Communications Commission (NCC), and Representatives of all the telecom companies in Nigeria are members.

Abuja-Kaduna Rail Services Resumes Operations Nov 28

The Abuja-Kaduna rail services are set to resume operations on Monday, 28 November 2022 with skeletal train schedules. According to an internal memo, the first train will depart Abuja by 9:45 am while the second train will leave by 3:30 pm. Similarly, the first train will leave the Kaduna train station by 8:00 am while the second train will depart in the afternoon at 2 o’clock.

Trapped Funds: CBN Releases $265m To Foreign Airlines

In a bid to check the current crisis in the country’s aviation sector, the Central Bank of Nigeria (CBN)  on Friday released $265 million to foreign airlines operating in Nigeria, in order to settle outstanding ticket sales. A breakdown of the funds shows that $230 million was released as special foreign exchange intervention while the sum of $35 million was released through Retail SMIS (Secondary Market Intervention Sales) auction.