Business

FG moves to implement 5% excise duty on telecom services

Published

2 years ago

July 29, 2022 9:24 am

BodexNG

The federal government says it will start implementing a five percent inclusive excise duty on telecommunications services in Nigeria.

The development is coming months after President Muhammadu Buhari approved excise duty on telephone recharge cards and vouchers.

Zainab Ahmed, minister of finance, budget and national planning, disclosed this on Thursday at a stakeholders’ forum in Abuja.

The event was organised by the Nigerian Communications Commission (NCC).

Ahmed, represented by Frank Oshanipin, assistant chief officer of the ministry, said the duty had been in the 2020 Finance Act but delayed to allow room for stakeholders’ engagement.

“Payments are to be made monthly, on or before the 21st of every month,” she said.

“The duty rate was not captured in the Act because it is the responsibility of the president to fix the rate on excise duties, and he has fixed five percent for telecommunication services, which include GSM.

“It is public knowledge that our revenue cannot run our financial obligations, so we are to shift our attention to non-oil revenue.

“The responsibility of generating revenue to run the government lies with us all.”

On his part, Gbenga Adebayo, chairman, Association of Licensed Telecommunications Operators of Nigeria (ALTON), said the burden would be on telecommunications consumers.

“It means that subscribers will now pay 12.5 percent tax on telecom services, we will not be able to subsidise the five per cent excise duty on telecom services,” he said.

“This is as a result of the 39 multiple taxes we are already paying coupled with the epileptic power situation as we spend so much on diesel.

Also, Ikechukwu Nnamani, president, Association of Telecommunications Companies of Nigeria (ATCON), said the five percent excise duty on telecom services did not conform with present realities.

Nnamani, represented by Ajibola Alude, executive secretary, ATCON, said the duty could lead to job losses.

“It is not well intended because the industry is not doing well currently,” he said.

Business

Naira depreciates to N1,770/$ in parallel market

Published

11 hours ago

November 26, 2024 1:04 pm

BodexNG

The Naira yesterday depreciated to N1,770 per dollar in the parallel market from N1,750 per dollar last weekend.

Similarly, the Naira depreciated to N1,675.62 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,675.62 per dollar from N1,652.62 per dollar last weekend, indicating N23 depreciation for the naira.

The volume of dollars traded (turnover) fell by 55.2 percent to $108.79 million from $243.05 million traded last week Friday.

Consequently, the margin between the parallel market and NAFEM rate widened to N117.38 per dollar from N97.38 per dollar last weekend.

Business

Port Harcourt Refinery begins crude oil processing

Published

12 hours ago

November 26, 2024 12:52 pm

BodexNG

The Nigeria National Petroleum Company Limited (NNPCL) has confirmed that the Port Harcourt Refinery in Rivers State has commenced crude oil processing.

The Chief Corporate Communications Officer of the compaanyy, Femi Soneye, broke the news on Tuesday.

Soneye revealed that the refinery will operate at 60 percent capacity and process 60,000bpd.

https://twitter.com/FM_Soneye/status/1861330633831620917?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1861330633831620917%7Ctwgr%5E776845f88f6fa6dd3c70082f4da1ee2632656999%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.vanguardngr.com%2F2024%2F11%2Fbreaking-port-harcourt-refinery-begins-crude-oil-processing%2F

“Today marks a monumental achievement for Nigeria as the Port Harcourt Refinery officially commences crude oil processing. This groundbreaking milestone signifies a new era of energy independence and economic growth for our nation,” Soneye said on Tuesday.

“Hearty congratulations to President Bola Ahmed Tinubu, the NNPC Board, and the exceptional leadership of GCEO Mele Kyari for their unwavering commitment to this transformative project. Together, we are reshaping Nigeria’s energy future!”

Soneye added that truck loading will commence on Tuesday (today), adding that the NNPCL is also “working tirelessly to bring the Warri Refinery back online soon”.

Business

Nigeria’s GDP rate grew by 3.46% in Q3 2024, says NBS

Published

1 day ago

November 25, 2024 1:29 pm

BodexNG

The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) grew by 3.46 percent in the third quarter (Q3) of 2024.

The NBS, in its GDP report published on Monday, said the growth rate is higher than the 3.19 percent recorded in Q2 2024.

Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others