The Nation Newspaper

Author: The Nation

  • AfCTA: Customs awaits list of waived duties, charges

    AfCTA: Customs awaits list of waived duties, charges

    By John Ofikhenua, Abuja

     

     

    THE Nigerian Customs Service (NCS) on Tuesday said it was awaiting the National Action Committee (NAC) for the list of duties and charges waived for liberalised goods under the African Continental Free Trade Area (AfCTA).

    Its National Public Relations Officer (NPRO), Joseph Attah, a Deputy Comptroller, made this known in a statement.

    Attah explained that instead of  proceeding in a chaotic manner, the NCS as a policy implementor understands the importance of spelling out the rules and responsibilities of  parties in this agreement and the conditions attendant on its implementation.

    “We wish to re-confirm our willingness and readiness to play our role as trade facilitators in this regard. However, we also wish to remind the public that our functions are highly automated and primarily systems driven. Hence the need to methodically harvest and integrate all data associated with AfCFTA into our system for easy deployment, access and use by the trading public,” he said.

    Read Also: Onne Customs generates N118.9b revenue

    Attah said NCS acknowledges the transformational impact this agreement portends for businesses within the continent in generals and Nigeria in particular and are fully committed to its success.

    According to him, the Service recommends that each member country should have a representative in the continental Chamber of Commerce to ensure transparency within the body, thereby generating confidence in the system.

    “While awaiting clear directives concerning tariffs for all goods covered by this agreement, we want to assure the public of our preparedness to fully deploy our services at the shortest notice. Our desire is to imbue trust in the system while guaranteeing the economic safety and wellbeing of businesses within the country. We look with optimism to an era of complete economic integration which will lead to growth and prosperity for businesses within the region,” the statement read.

  • Belgian agency offers 200, 000 euros to firms

    Belgian agency offers 200, 000 euros to firms

    By Daniel Essiet

     

    BELGIAN Directorate-General for Development Cooperation (DGD) is  offering grants ranging from 50,000 euros to 200,000 euros (N93 million) to  firms in Nigeria and  other  developing  countries carrying out  projects  with the Sustainable Development Goals (SDGs) goals.

    This initiative is in partnership  with King Baudouin Foundation  under  its  Business Partnership Facility Enterprises for SDGs (BPF).

    BPF was  initiated and financed by DGD to stimulate private sector involvement in achieving the SDGs in developing countries.

    The international agency, which said it is looking for viable, entrepreneurial business initiatives with a strong social impact, noted that projects that would be considered must lead to the creation and maintenance of decent jobs, improvement in average income for low income families, inclusion and economic development of women and young people,positive impact on the environment through saving resources, reducing emissions and/or preserving biodiversity.

    In  Sub-Saharan Africa, apart from Nigeria, businesses in Benin, Burkina Faso, Burundi, Cameroon, Côte d’Ivoire, Democratic  Republic of Congo, Ethiopia, Ghana,Guinea, Kenya, Madagascar, Malawi, Mali, Mozambique, Niger, Rwanda, Senegal,South Africa, Tanzania, Uganda, Zambia can benefit from the grants..

    The financing, it  noted , was  to help to bridge the high-risk period, with the final result being a commercially viable business.

    The selection emphasises job creation and improving the position of women, (alleviating) environmental impacts and creating sustainable economic feasibility, as well as opportunities for growth or dissemination of the business model.

  • ‘FIRS generated N4.9 trillion in 2020’

    ‘FIRS generated N4.9 trillion in 2020’

    Nduka Chiejina, Abuja

     

    THE Federal Inland Revenue Service (FIRS) yesterday said it collected a total N4,952,243,711,728.37 tax in 2020.

    This figure represents 98 percent of the national tax target of N5.076 trillion set for the FIRS by the Federal Government.

    At a briefing in Abuja, FIRS Executive Chairman, Mr. Muhammad Nami said: “This near 100 percent collection feat was all the more remarkable when placed against the backdrop of the debilitating effects of COVID-19 on the Nigerian economy.’’

    Besides, other unforeseen factors like the low price of crude oil in the international market; business disruptions and lootings during the #EndSars protests; generous tax waivers granted by the FIRS to ease the impact of the COVID-19 shutdown; additional tax exemptions granted to small companies in the 2019 Finance Act; and insecurity in some parts of the country were identified as the reason the FIRS did not meet its target.

    “Oil, which used to contribute over 50 percent in tax returns through the Petroleum Profits Tax in previous years, accounted for only 30.6 percent contribution to the tax revenue generated in 2020,” the FIRS boss said.

    He added that the non-oil tax collection was 109 percent last year, which is nine percent higher than the previous year.

    According to Nami, the revenue generation feat achieved in 2020 could be attributed to the various reforms initiated by the Board and Management of the Service. These include the capacity building for staff members, improved staff welfare package, promotion and proper placement of staff, deployment of appropriate technology for tax operations, segmentation of taxpayers to ease tax compliance; continuous collaboration with relevant stakeholders, among others.

    Read Also: PALU backs first African IBA President to shine

    He expressed the optimism that the FIRS will perform better in the current fiscal year than last year. He hinged this optimism on the assurance that the Service’s reforms are expected to yield greater dividends, especially as different parts of tax administration are being automated.

    Nami said the Service is “optimistic that exploration activities will improve in the oil sector and increase the prospect of higher tax revenue from the sector. Similarly, the ongoing reforms by the Service together with increased stakeholder collaborations will brighten the prospect of improved voluntary compliance and consequently higher tax revenue generation for the country this year and beyond.”

     

  • Fed Govt, private sector raise N2.55tr from capital market

    Fed Govt, private sector raise N2.55tr from capital market

     Taofik Salako (Deputy Group Business Editor)

     

    THE Federal Government and private companies raised more than N2.55 trillion from the capital market in 2020 as government and companies intensified the use of the capital market to finance their activities, despite the lockdowns and disruptions that marked the year.

    A breakdown of the capital raisers last year showed that the Federal Government raised more than N2.36 trillion through bond issuances, representing 92 per cent of the total bond issuances during the year. Companies also raised N192 billion through debt issues.

    At a review and preview of the capital market yesterday,  a virtual event, Chief Executive Officer, Nigerian Stock Exchange (NSE), Mr Oscar Onyema, said capital-raising activities in the fixed income market increased significantly in 2020 with the NSE’s bond market capitalisation rising by 35.52 per cent from N12.92 trillion in 2019 to N17.50 trillion in 2020.

    According to him, continuing the trend in recent years, the Federal Government (FGN)-dominated issuances, raising over N2.36 trillion which comprised 92 per cent of total bond issuances.

    He added that corporates also leveraged the low yield environment to fund expansion objectives and pursue debt refinancing, raising a total of N192 billion.

    He outlined some of the ground-breaking achievements in the debt segment of the capital market in 2020 to include the listing of Interswitch’s N23 billion 15 per cent Fixed Rate Series 1 bond, a premier bond listing that illustrated the potential of the Exchange to support fintechs and growth companies across various economic sectors.

    Other major highlights were the listing of Dangote Cement’s N100 billion 12.50 per cent Series 1 bond under its N300 billion bond programme which became the largest corporate bond issuance in Nigeria’s fixed income market and the listing of Primero Plc’s first bond on the NSE – the Primero BRT Securitisation SPV Plc bond valued at N16.5 billion.

    Onyema noted that 2020 was indeed a historic one for global capital markets marked by headwinds, sharp swings and steep losses, but largely remained resilient and orderly amid rising uncertainty.

    He pointed out that the Nigerian stock market rode on the back of renewed investor optimism coupled with improved economic conditions and low fixed income yields to a major bull run.

    Read Also: Fed Govt awards N1.4b to fight erosion in Anambra communities

    “Of 93 global equity indices tracked by Bloomberg, the NSE All Share Index (ASI) emerged the best-performing index in the world, surpassing the S & P 500, +16.26 per cent, Dow Jones Industrial Index, +7.25 per cent and other global and African market indexes, to post a one-year return of +50.03 per cent,” Onyema said.

    According to him, the Nigerian equities market got off to a strong start in 2020, returning 10.4 per cent by the eighth trading session and by October, the equities market entered a much awaited bull run. Buoyed by the formal declaration of the United States president-elect, unattractive fixed income yields and better-than-expected corporate earnings, the ASI recovered from  first quarter 2020 to close the year at 40,270.72, a return of 50.03 per cent, erasing losses of 14.90 per cent recorded in 2019.

    He noted that during its remarkable year end run, the ASI gained 6.23 per cent in a single trading session which triggered a 30-minute halt of trading on all stocks for the first time since the NSE Circuit Breaker was introduced in 2016 to safeguard market integrity in periods of extraordinary volatility.

    “At the close of the year, the NSE’s equity market capitalization was up by 62.42 per cent, from N12.97 trillion in 2019 to N21.06 trillion in 2020 while market turnover saw an uptick of 7.25 per cent, from N0.96 trillion in 2019 to N1.03 trillion in 2020. Although Initial Public Offering activity was mute, the value of supplementary issues increased dramatically from 2019, rising by 851.37 per cent to N1.42 trillion, from N148.77 billion. Also noteworthy is that for the second consecutive year, equity market transactions were dominated by domestic investors who accounted for 65.28 per cent of market turnover by value-retail: 44.98 per cent; institutional: 55.02 per cent while foreign portfolio investors accounted for 34.72 per cent,” Onyema said.

     

     

  • ESP: Lifting 20m Nigerians out of poverty in next two years within reach – Osinbajo

    ESP: Lifting 20m Nigerians out of poverty in next two years within reach – Osinbajo

    Our Reporter

     

    Following the successful activation of the Economic Sustainability Plan’s (ESP) Cash Transfer scheme aimed at delivering financial support to at least 1 million urban-based households using technology, the Buhari administration’s vision of reducing extreme poverty by lifting at least 20 million Nigerians out of poverty in the next two years is now within reach,  Vice President Yemi Osinbajo has said.

    Osinbajo in a statement by his side Laolu Akande, said this on Tuesday in Abuja while flagging-off, virtually, the cash transfer scheme to be facilitated through a wholly technology-based approach called the Rapid Response Register (RRR)

    RRR is the means by which urban poor and vulnerable population can be speedily identified using geographic satellite technology and other related means for the purposes of delivering cash to households affected by the fallouts of the COVID-19 pandemic in the country.

    According to the Vice President “the groundbreaking success of the RRR, now emboldens us to achieve our aspiration of a social security programme for a minimum of twenty million Nigerians in the next two years. This will be the largest of its kind on the continent. This (aspiration) is, at least from the perspective of this tested approach, now well within our reach.”

    “The only constraint, of course, is the funding which we must look for because, this country deserves a social security scheme that will not merely alleviate poverty but also create wealth for the millions of those who are waiting for this opportunity.

    “Our government launched the National Social Protection Policy (NSPP) in 2017 to provide the framework for institutionalizing the work we started since 2016 on reducing extreme poverty in Nigeria, based on our administration’s vision to create a comprehensive social security programme for the poor and vulnerable and thereafter the pledge to lift 100 million Nigerian’s out of poverty in ten years.”

    The Vice President maintained that the launch of the (RRR) social protection method of targeting, which is the first strategy to be developed and tested in the Sub-Saharan Africa region, would enable Nigeria tackle poverty in a more systematic manner, leveraging technology to expand the scope of the interventions.

    His words: “As of 31st December 2020, we have identified and registered about 24.3 million poor and vulnerable individuals into the National Social Register; equivalent to about 5.7 million households. Through this project, we are currently injecting about N10 Billion directly into the hands of about 2 million poor and vulnerable people every month.

    “This is about the largest evidence-based effort by any administration on poverty reduction and its impact on the lives of the poor is huge; by way of improving the livelihoods of the beneficiaries through enhanced household purchasing power; smoothening consumption; increasing savings and acquisition of household assets; and improving the local economy. There are many more ramifications.”

    Read Also: Buhari, Osinbajo pay respect to fallen heroes

    Earlier in her remarks, the Minister of Humanitarian Affairs, Disaster Management and Social Development, Hajiya Sadiya Farouq said the initiative would provide a gateway to other important government programmes, adding that Nigeria now has a database for impact tracking and the expansion of social interventions and related programmes, in line with President Muhammadu Buhari’s vision of extending financial support to more Nigerians.

    She said “By design, this register links to other databases such as banking information of respondents and national identity numbers. It is also a process that is advanced in unifying national databank towards the delivery of social development in Nigeria. There is no doubt that in future, as has been demonstrated in the previous presentation, we would be reverting to the process used here and the register itself, to aid emergency assistance”.

    On his part, the World Bank Country Director for Nigeria, Mr Subham Chaudhuri commended the Federal Government for the initiative, noting it as a critical component in the country’s response to the COVID-19 pandemic. While pledging the support of the World Bank for the project, Mr Chaudhuri emphasized the need for stakeholders to remain transparent in the selection and disbursement of the funds to the beneficiaries.

    About 3,115 households received alerts of payments instantly at the flag-off of the project by the Vice President. A total of 1 million households would be impacted directly under the scheme in the next 6 months.

    The Cash Transfer scheme which is part of the ESP is designed to build a shock responsive framework for capturing and registering the urban poor and vulnerable populations across Nigeria. The RRR focuses mainly on the urban poor wards selected using scientifically validated methods of satellite remote sensing technology, machine learning algorithm and big data analysis.

    Also present at the event include the Minister of Labour and Employment, Sen. Chris Ngige; the representative of the European Union (EU) mission in Nigeria, Mr Ketil Karlsen, among others.

     

     

  • OzzyBee collaborates with Teni on ‘Omah Baby’ for 14th birthday

    OzzyBee collaborates with Teni on ‘Omah Baby’ for 14th birthday

    By Olaitan Ganiu

     

    OZIOMACHUKWU Favour Mojekwu aka OzzyBee’s has collaborated with Teni Makanaki for a fresh single, ‘Omah Baby’.

    The long-awaited song was released in commemoration of OzzyBee’s 14th birthday.

    OzzyBee’s 14th birthday celebration would not be forgotten in a hurry, as he thrilled fans present with the new song.

    The sensational kid-music star also revealed that he has great surprises to consolidate his exploits in the music industry.

    The new song serves as the first single from his forthcoming E.P titled “This Time” which is due for release in the first quarter of 2021.

    OzzyBee has carved a niche for himself as a multi-talented entertainer with several accolades and awards to his credit.

    In 2019, OzzyBee released a 13 track album that featured top music acts including Teni.

    On his 14th birthday, OzzyBee welcomed a physically challenged person to celebrate with him as he performed a special rendition for him.

    The audience could not resist catching a glimpse of the dancing steps and the sonorous songs of the kid-artiste who doubles as an ambassador of the Lagos State Waste Management Authority, LAWMA.

    Also speaking at the event, OzzyBee’s mother, Chief Adah Mojekwu appreciated the gift of God upon the lad who began his music career at age four.

    Mojekwu stated that the boy has constantly dropped good vibes and captured lots of admirers worldwide with his music and humanitarian activities.

     

  • My song RedBible is not against any religion, says JerryPay

    My song RedBible is not against any religion, says JerryPay

    Our Reporter

     

    SENSATIONAL and lyricist afro-pop singer Austin-Jerry Adebiyi Akingbolu aka Jerry Pay has said that his song ‘Red Bible’ is not pro-cultism or anti-religious.

    In a recent chat, JerryPay said the song is an inspirational song that speaks more about religion and how religion has damaged the whole universe.

    According to him, the song is a very strong and touchy soul music with inspiring messages. “When people listen to the song, they do understand my message, and what most of them first ask as a question is why did you make this kind of a song? Do you think you have the heart to push this kind of a song, but like I used to tell them, I’ve got everything that is because I took my time, it took me almost 10 years to get to this place, and it took me 10 years to be in this place I am now, listen to me, I have to do something that when people listen to me, they must look for that damage. So this Red Bible, it talks about religion, and it does not glorify any religion, it talks about how our religion has damaged the society, and the universe we’re living in today,” JerryPay said.

    A music writer and performer based in Paris, Jerry Pay hails from Ekiti State, South-west Nigeria.

    JerryPay’s new EP has songs like 9490; Celebrity; Evidence; No One Is Dying and How Do You Know.

    The singer recently hosted top personalities in the entertainment industry to the listening party of his new six tracks EP titled ‘Sun Beneath The Sea.’

  • Mukhy makes major entry with ’Julie’ featuring Glitch

    Mukhy makes major entry with ’Julie’ featuring Glitch

    Sampson Unamka

     

    MUKHTAR Sarumi aka Mukhy is set to make a debut in the Nigerian music scene with his first official single titled ‘Julie’.

    This is following his decision to dump his first-class degree in Chemical Engineering as well as quit his corporate job in the UK last year during the COVID-19 pandemic to focus on his passion – music.

    Mukhy collaborates with AfroPop singer Glitch to produce his first single which embodies a fun-filled melody built on heavy references and features loads of feel-good energy.

    According to the 25-year-old Osun State indigene, Mukhy says, “Julie is about “that girl”. Everyone has that girl in their life who they would give everything for – sometimes it is the person you’re with at the moment, but most times it’s someone who got away. I know who my Julie is and if she shows up on the day of my marriage, I’m leaving my wife for her.”

    Julie was produced by Jaemally Beatz and is out today, January 14th, 2021 on all music platforms.

     

  • Foodbay TV returns with Streetz Food Naija season 2

    Foodbay TV returns with Streetz Food Naija season 2

    Adeniyi Adewoyin

     

    FEMI Ogundoro’s Foodbay TV has announced the second season of its reality show, Streetz Food Naija.

    The announcement for the second season of the documentary reality TV show in partnership with Devon Kings was announced in a private event recently.

    The producers informed viewers and the media that the expected 13 candidates would be shortlisted from the entries across the country.

    For the second season, organisers say the experience will be bigger with a whopping sum of N5 million grand prize for the winner and get a scholarship to attend a culinary school while the first runner and the second runner will win huge sums and SME toolkits to enable them to excel better after the show.

    As it did in its first season, Streetz Food Naija 2 will be focusing on the street food vendors across Nigeria who will be showcased, celebrated, and also rewarded for coming out tops.

    The 13 contestants chosen across Nigeria will be rated by four carefully selected judges. While Chef Ette, Chef Nutella, and Adesola Ladejobi return for the second season, Tosan Jemide of Cakes by Tosan will be making his debut on the reality show.

    An excited Ogundoro said: “FoodBay TV covers everything you can think of when it comes to food. Food is life and Streetz Food Naija is one of its products. Like we did in the first season, we are looking for the best in terms of street food in the world. We are looking for engagement, creativity and the major goal is to elevate people. We are taking the second season beyond the culinary space and to the street. Street food is big all around the world but in Nigeria, people don’t respect street food, so what we have set out to do is empower them to package their food to be enticing and globally accepted. In the end, everyone will come together for a food festival. However, because of the pandemic, we won’t be having the festival and during the show, we would be following the guidelines and rules of the NCDC to avoid and curb the spread of the coronavirus.”

  • Celebrating the Armed Forces of Nigeria

    Celebrating the Armed Forces of Nigeria

    By S.K. Usman

     

    THE date, January 15 of every year, is a significant day for Nigerians, especially serving military personnel, ex-servicemen and women, their families, and friends. It is also meaningful to families and friends of those gallant service personnel who paid the supreme price with their dear lives and those wounded in action. These unique sets of people voluntarily decided to serve the nation through thick and thin to the extent of being killed or injured either in Nigeria to defend its territorial integrity or elsewhere.

    The Armed Forces and Remembrance Day Celebration (AFRDC) is a worldwide phenomenon in which nations set aside a particular day annually to celebrate their armed forces. Although most have certain things in common, the date and sequence of events celebrating it varies from one country to another. These standard denominations include prayers, parades, laying of the wreath and charitable activities.

    The global celebration of the armed forces in such a manner in the modern context dates to World War I, which officially ended when the Allied Nations and Germany signed the Versailles Treaty in France on June 28, 1919. However, war hostilities ended seven months earlier, precisely, on November 11, 1918 which has since been observed as the Veterans Day every year, regardless of the day of the week it falls, all over the world, especially among the member states of the Commonwealth.

    In line with global trends, Nigeria had celebrated its Armed Forces and Remembrance Day Celebration (AFRDC) in the past on November 11, each year.  However, it adopted January 15, every year to celebrate her armed forces for some significant historical reasons. Nigeria chose January 15, to commemorate the day the three-year Nigerian Civil War officially ended in 1970. The celebration is not misplaced as the worldwide military plays a significant role, especially on any nation’s defence and security issues. Thus, respect for the military in most countries is part of national culture and tradition. The military is a significant part of national power and the last resort in defence and security, so nations strive hard to have virile and formidable armed forces. Here in Nigeria, the military is also a symbol of national unity and its contribution to national unity, peace, security, and development is unquantifiable.

    Therefore, the observance the day helps the system pay more attention to the armed forces; honour and appreciate them for their sacrifices, patriotism, unflinching love for the country. It also helps the citizenry appreciate the service personnel’s willingness to serve and sacrifice for the nation. We owe a debt of gratitude to these courageous men and women in uniform and their families for shouldering a tremendous burden on behalf of us. The gallant officers, soldiers, ratings, airmen, and women voluntarily served and sacrificed their youth and most productive parts of their lives to the nation. In most countries of the world, the military enjoys honour and constitutional roles on defence and security issues.

    Thus, many Nigerians hardly know or understand the significant role of this critical segment of society in the country’s national life and development. The AFN global exploits started when they fought in the two world wars, civil wars against rebels and enthroned peace and democracy in Congo, Liberia, and Sierra Leone. Just recently, they assisted in stabilizing the polity in Ivory Coast, the Gambia and Guinea Bissau. One of the most significant national contributions of the AFN is the civil war’s success to keep Nigeria as one entity. For the past 10 years, they have been involved in internal security duties to curtail violent extremism, militancy, separatists’ agitations, ethnic and religious conflicts, banditry, kidnapping, while practicing in case of any hostile foreign aggression on the sovereignty and territorial integrity of Nigeria. They are notwithstanding its continuous participation in peacekeeping and peace support operations in the search for global peace. In performing their duties, some were wounded in action and many have lost their lives so that Nigeria could be peaceful, secured and the citizenry safe in conducting their daily activities.

    Above all, they have performed marvelously well, thus, deserving commendation.

    Therefore, the AFN deserve understanding, encouragement, serious and generous commendation, and sincere appreciation by the citizenry, rather than denigration, undue criticisms, abuses, and all forms of negative comments especially from those that ought to know better. The most worrisome aspect is the politicization of security for political expediency rather than national interest. Nigerians, therefore, need to develop the culture and tradition of appreciating the AFN and the veterans, as this personnel on their own have decided to curtail their freedoms and privileges as citizens and lay down their lives for the benefit of humanity and fellow countrymen and women, peace, and development in Nigeria.

    It is very disheartening to see some Nigerians denigrating our armed forces for inconsequential or unjustifiable reasons. This attitude gave some non-governmental organisations the impetus to continually harass, embarrass, demonize, and paint our gallant armed forces in lousy light. A clear example was the International Criminal Court (ICC) and Amnesty International, who were equating them with one of the world’s detested terrorist organisations – the Boko Haram/ISWAP terrorists’ group. It is essential to know that whatever affects the country’s armed forces, equally affects its security architecture. The continued haranguing of the AFN by these organisations is demoralizing and should therefore stop.

    As we celebrate these breeds of courageous and gallant people, some of whom are not with us in this world, we need to reflect and appreciate our armed forces’ sacrifices and all they have been through to make Nigeria better. They endure hardship, deprivation, safeguarding our lives and properties, risking their lives and yet do not ask for anything other than our collective support, prayers, and respect. I enjoin Nigerians to show more understanding, while corporate organisations, institutions and businesses should institute unique treatments for service personnel and our veterans.

    To further earn the trust and respect of Nigerians, the AFN must continue to respect human rights and the rule of law. They should be more conscious of their critical role in our constitution’s defence, guaranteeing peace and security in Nigeria by being more professional and always making the nation proud. The military should exercise more understanding and restraint in their dealings with civilians. They should continue to remain apolitical, professional and bastion of hope in our collective quest for peace and stable democracy in Nigeria.

    The politicisation of security issues in the country is counterproductive to our quest for peace and security. The nation should commit more resources to improve the welfare of troops, equipment, and training and enhance the welfare of the families of fallen heroes and those wounded in action. We should also enhance good governance and welfare of the people. The government should adopt more creative ways of conflict resolution and create an enabling environment for peaceful coexistence among Nigerians devoid of circumstances that are excavating the security situation in the country that warrants the military’s deployment. Leaders should know that most conflicts are resolved through dialogue. They should therefore explore mechanisms of solving disputes that could make resort to military efforts more effective.

    May the gentle souls of our fallen heroes continue to rest in peace, amen.

    • Usman, mni FNIPR fapra mnarc DFOARM is a retired Brigadier General of the Nigerian Army.