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Economy

FMOT To Harmonize Jetty Operators Taxes

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Itakpe-Ajaokuta-Warri Rail Line to Link Abuja – Minister
…Plans to generate 21m Jobs by 2025*** 

The Minister of Transportation, Mu’azu Jaji Sambo, has disclosed that the Federal Government will soon harmonize taxes paid by jetty operators to eliminate double taxation and promote Ease of Doing Business.

Mu’azu disclosed the information this week in Abuja during a meeting with the Technical Sub-Committee of the Presidential Standing Committee on Private Jetties (PSCPJ), led by its Chairman, Engr. Joseph Ororo noted that operators are more often made to pay multiple registration fees by different regulatory agencies such as the National Inland Waterways and the Nigerian Maritime Administration and Safety Agency.

Speaking on the Committee’s mandate of licensing jetties and closure of illegal platforms, the Minister appreciated their exploits while advising that their inspections should not be restricted to timelines but should include unscheduled visits to jetties to ensure compliance with extant laws and regulations.

Earlier, the Chairman, Technical Sub-Committee on Private jetties, Joseph Ororo informed that the Committee was created in 2004, to checkmate security breaches, economic sabotage, gun-running and other criminal activities which were traced to private jetties.

The Honourable Minister of Transportation, Mu’azu Jaji Sambo receives on a courtesy visit, the Minister of Information and Culture, Alhaji Layiwola Mohammed, CON at the Federal Ministry of Transportation headquarters complex.

According to him,  the Technical Sub-Committee is the expert arm of the Presidential Standing Committee on Private Jetties (PSCPJ), adding that prior to the constitution of the Standing Committee, there was a directive shutting down all private jetties across the country due to the intractable illegalities associated with them.

Speaking further, Ororo said the Committee had the following Terms of Reference: “To re-open all jetties deemed vital to the economy of the country as well as to examine all the remaining closed jetties and recommend those to be retained and those to remain permanently closed”.

Others are that: “The Standing Committee meet from time to time to consider applications for operating license for jetties and recommend those to be issued new licences by the Honourable Minister of Transportation.

Also, the Honourable Minister of Transportation to continue to issue licenses for the operation of jetties on the recommendation of the Standing Committee, and the Minister to prepare and present a note to the Federal Executive Council (FEC) on the activities of the Standing Committee for its information, the Minister is also to keep the President fully informed on the work of the Standing Committee”.

Furthermore, Ororo informed that the work of the Sub-Committee has contributed immensely to increased revenue generation for the various regulatory Agencies and the Federal Government as well as bringing about a high level of safety at the respective private jetties.

Similarly, he pointed out that other derivatives from the work of the Committee are that multi-national companies no longer engage jetty facilities if such do not possess valid license duty.

He also observed that there is an improved relationship between the companies and their host communities due to Cooperate Social Responsibility Projects and job creation made available to them and Nigerians by extension.

In another development, the Minister Of Transportation, Muazu Jaji Sambo had said that the federal government would generate 21 million full-time jobs and lift 35 Million people out of poverty by 2025.

Sambo stated this in a speech he delivered at the 2022 Ministerial Retreat at Ibom Icon Hotel, Akwa-Ibom State adding that the Transportation Sector was setting the stage for achieving the government’s commitment of lifting 100 Million Nigerians out of poverty in 10 years.

Sambo said infrastructural gaps that exist in the Sector necessitated the development of the National Development Plans; Medium-Term Development Plans 2021-2025 and a Long-Term Plan called the Nigeria Agenda 2050.

“This is to invest massively in infrastructure, ensure macroeconomic stability, enhance the investment environment, improve living conditions and implement climate change mitigation.

“This will generate 21 Million full-time jobs and lift 35 Million people out of poverty by 2025, thus setting the stage for achieving the government’s commitment of lifting 100 Million Nigerians out of poverty in 10 years.

“The plans are aimed at accelerating the growth of the transportation sector in the country with a strategic Medium-Term Vision Statement, which is to have an effective, intermodal, safe, reliable, affordable and sustainable Transportation system contributing positively to the growth of the Nigerian economy,” he said.

He added that the Policy thrusts to drive the vision included; Improving safety and transportation security, Collaboration and synergy amongst transportation stakeholders.

Others are Professionalism and Human Capacity Building, Strengthening institutional governance and regulation and Multi-modal infrastructural development.

He added that five high-level strategic goals were selected to achieve these policy thrusts of ; Safe and Secure Transportation, Drive Economic Development, Facilitate Connectivity (Intermodal and Multimodal), Develop Local Capacity (Professionalism) and Ensure Sustainability.

“I am well aware that you are all conversant with these high-level goals, as they have become a blueprint for tracking performance towards the delivery of our mandates, addressing the bottlenecks militating against the growth of the Transportation Sector and stimulating domestic growth.

“The key Policy Initiatives and Reform Programmes for the Sector are; Implementation of the 25-year Railway Modernization Programme, the Ports Master Plan, and Inland Waterways Transportation Development.

“Others are; The Nigerian Transportation Master plan (NTM), Tariffs and costs, Creation of Private Sector led National fleet and Manpower capacity development,” he said.

Muazu Jaji Sambo acknowledged that efforts of the President Muhammadu Buhari led administration have been concentrated on the expansion and modernization of the Nation’s Transportation System which has resulted in numerous achievements in the Rail, Maritime and Road Sub-sectors.

He reiterated that the provision of transportation infrastructure is and will always be a work in progress for any nation that desires rapid development.

“This is what informed my call to you to identify and implement low-hanging fruits as was stated at the briefing Sessions held from 14th July – 1st August 2022 on my assumption of duty in the Ministry.

“With the recent presentations on the investment opportunities that exist in the Transportation Sector at various fora, I am optimistic that there will be an influx of international private investors’ patronage in the Sector soon.

“I, therefore, implore us all to leverage this Retreat to galvanize the Transportation Sector to become more competitive, efficient and productive,” he added

He further commended Prince Ademola Adegoroye, Dr. Magdalene Ajani and all members of staff of the Ministry for their support and diligence.

 

 

Economy

Eid-el-Fitr: Tinubu Urges Sacrifice, Integrity For National Rebirth

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Eid-el-Fitr: Tinubu urges sacrifice, integrity for national rebirth

 President Bola Tinubu has urged Nigerians to continue to make sacrifices and exhibit integrity for national development.

Tinubu said this after observing the Eid-el-Fitr prayer at the Eid Ground at Dodon Barracks on Wednesday in Lagos.

The President also called on Nigerians to continue to have faith in his government and remain patriotic citizens.

Tinubu said that the Renewed Hope Agenda of his administration, aimed at bringing prosperity to Nigerians, was being diligently implemented.

Encouraging Muslims to extend the values of sacrifice and resilience beyond the fasting period, Tinubu emphasised the need for Nigerians to prioritise the exhibition of love for their country.

‘’The resilience and sacrifice that we have shown and made during these months should be preserved.

“Be a kind and cheerful giver. We must love our country more than any other country because this is the only one we have.

‘’We must continue to protect the integrity of our government and leadership. The Renewed Hope Agenda is alive, well and fine, and Nigerians should continue to be very hopeful. Without hope, there is no salvation.

“Without hope, there is no development. Without hope, there is no life. Eid Mubarak,’’ the President said at the end of the prayers led by the Chief Imam of Lagos State, Sheikh Sulaiman Abou-Nolla.

Earlier in his sermon, the Chief Imam urged Nigerians to shun all acts of violence, ensure peaceful co-existence, and continue to have faith in the country.

He asked those in leadership positions to remain faithful to their oaths of office and work towards alleviating the suffering of the less privileged.

‘‘Let us not forget our brothers and sisters in Gaza and other areas of conflict,’’ the Chief Imam said.

He offered prayers of God’s guidance, wisdom, and protection for the President and the Lagos State government, as well as for peace and stability in the country.

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Economy

Lawmaker Secures Release of 4 Persons Involved in Illegal Arms Manufacturing in Delta

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Lawmaker Secures Release of 4 Persons Involved in Illegal Arms Manufacturing in Delta

Sen. Ned Nwoko (PDP-Delta), on Wednesday, disclosed that he had secured the release of four family members involved in manufacturing arms at the Onicha-Olona Illegal Arms Factory in Delta.

Nwoko representing Delta North Senatorial District, who disclosed this in an interview in Abuja, said that the release of the four persons was through collaborative efforts.

On March 12, troops of 63 Brigade, Asaba, uncovered an illegal arms manufacturing factory in Onicha-Olona, Delta North Senatorial District and arrested eight family members in connection with the crime.

Nwoko disclosed that efforts have been made to ensure fair treatment for those involved, balancing justice with the opportunity for rehabilitation and contribution to society.

“Following my recent visit to the headquarters of 63 Brigade, Asaba and productive discussions with the Brigade Commander, I am pleased to announce progress in addressing the situation regarding the illegal arms factory discovered in the Onicha-Olona community, Delta.

“Efforts have been made to ensure fair treatment for those involved, balancing justice with the opportunity for rehabilitation and contribution to society.

“I am pleased to reveal that through collaborative efforts, I have successfully secured the release of four family members implicated in the illegal activity.

“However, our commitment to upholding the law remains unwavering, and endeavours continue for fair judgment and potential pardon for the remaining four individuals,” he said.

The lawmaker stressed that the underlying issue highlighted by the discovery, however, remained of paramount importance.

“We must seize the opportunity to redirect the talents demonstrated by those involved towards lawful and productive endeavours.

“The young man in the family, known for his passion and ability to build drones, exemplifies this potential.

“His skills should be harnessed and put to good use,” he said.

Nwoko added that the Industrial Revolution served as a pertinent historical precedent where individual efforts catalysed transformative change and made possible by governments that created conducive environments.

“We can emulate this model here. We can provide support and opportunities for talented individuals like the young drone builder, and stimulate a new wave of innovation and economic growth in Nigeria.

“As previously stated, Nigeria’s economy faces significant challenges exacerbated by escalating imports, particularly in the realm of arms and weaponry.

“Therefore, we must harness our indigenous talents for the greater good and bolster our local industries,” he said.

Nwoko further said that the Defence Industries Corporation of Nigeria (DICON), as well as the Ministry of Science and Technology, have crucial roles to play in this regard.

According to him, by engaging with individuals possessing such skills, we can offer them legal avenues for their expertise to flourish.

“The aim is not only to prevent the proliferation of illegal arms or other weapons manufacturing but also to channel these talents towards legitimate industries for national development.

“I reiterate the need for the government to support and integrate such offenders with specialised skills and talents into the formal economy.

“This initiative should focus on recognising their capabilities and providing opportunities for them to contribute to the development of our local indigenous technology.

“As noted earlier, an individual capable of modifying an AK-47 magazine, originally designed to hold 30 rounds, to accommodate 60 rounds using rudimentary equipment, holds immense potential for greater achievements.

”Such individual can do more with proper legal support and access to adequate resources.”

He disclosed that he was committed to proposing or supporting a new law aimed at assisting talented and skilful individuals involved in illegal activities and also partnering with law enforcement agencies in these endeavours.

“I am committed to proposing or supporting a new law aimed at assisting talented and skilful individuals involved in illegal activities and also partner with law enforcement agencies in these endeavours.”

“They have the intelligence and insights of the potential beneficiaries of this “amnesty” drive towards creating a new cadre of indigenous technologists.

“This law would establish an agency dedicated to providing government support and resources to rehabilitate and engage these individuals in legal and productive activities.

“I tentatively suggest naming this proposed law the “National Talent Rehabilitation and Integration Act”.

“This legislation will not only focus on rehabilitation but also on harnessing the skills and talents of offenders for the benefit of society.

“By providing a structured environment and necessary support, this agency will facilitate the transition of individuals from illicit activities to lawful and productive ventures.

”And they will be contributing to both their personal rehabilitation and national development,” Nwoko added.

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Economy

NGX Market Capitalisation Gains N836bn

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Stock Market Gains N18bn; FTN Cocoa Processors, Prestige Assurance lead Losers’ Chart 

…Tantalizers, NASCON lead the losers’ chart 

The Nigerian Exchange Ltd.(NGX) market capitalisation, which opened at N57.697 trillion on Tuesday, gained N836 billion or 1.45 percent closing at N58.533 trillion.

Also, the All-Share Index rose by 1.45 percent or 1,480 points to close at 103,524.44, as against 102,044.84 recorded on Monday.

As a result, the Year-To-Date (YTD) return rose to 38.45 percent.

Interest in Telco heavyweight and Tier-one banks such as MTN Nigeria, UBA, Access Corporation, Guaranty Trust Holding Company(GTCO), and sustained interest in Transcorp Power(TransPower) kept the market in the green.

Market breadth closed positive with 35 gainers and 14 losers.

On the gainer’s chart, UBA led in percentage terms of 10 to close at N25.30, followed by MTN by 9.98 percent to close at N243.50 per share.

Julius Berger also gained 9.71 percent to close at N61, While Access Corporation rose by 9.51 percent to close at N22.45 per share.

Veritas Kapital Assurance went up by 9.38 percent to close at 70k per share.

Conversely, Tantalizers led the loser’s chart by 7.89 percent to close at 35k, and National Salt Company of Nigeria(NASCON) trailed by 6.77 percent to close at N53.70.

Morison Industries Plc shed 6.62 percent to close at N1.41, C&I Leasing lost 6.45 percent to close at N3.48, while Cutix Plc dropped 6.30 percent to close at N2.53 per share.

However, analysis of the market activities showed trade turnover settled lower, relative to the previous session.

The value of transactions was also down by 16.76 percent.

A total of 565.79 million shares valued at N14.23 billion were exchanged in 11,519 deals,  compared to 436.90 million shares valued at N17.09 billion exchanged in 11,344 deals traded on Monday.

On the activity chart, Transcorp led in volume with 170.72 million shares traded at a value of N3.13 billion, Access Corporation followed by 48.57 million shares valued at N1.06 billion.

GTCO sold 39.04 million shares worth N165.80 million, Jaiz Bank traded 36.78 million shares valued at N72.51 million and UBA transacted 31.96 million shares valued at N796.24 million

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