Business
FG suspends taxes on importation of food commodities
The federal government has suspended duties, tariffs and taxes on imported food commodities.
In a statement on Monday, Abubakar Kyari, minister of agriculture and food security, said duties, tariffs and taxes on imported maize, husked brown rice, wheat and cowpeas — through land and sea borders — has been suspended.
Kyari said a 150-day duty-free import window for food commodities will be enforced as part of measures to be implemented over the next 180 days to ameliorate food inflation in Nigeria.
He said the measures are part of the accelerated stabilisation and advancement plan recently presented to President Bola Tinubu by the economic management team (EMT) under the Presidential Economic Coordination Council (PECC) constituted by the president in March.
The minister said multiple taxes and levies, infrastructural challenges and “sheer profiteering by marketers and traders” have contributed to rising food prices.
“Over the past several months, we have all been witnesses to the escalating cost of food items in all parts of the country. There is virtually no food item that has not had its price raised to a level higher than what a good many Nigerians can afford,” Kyari said.
“The affordability crisis in our food security system has been indexed by the data from the National Bureau of Statistics which by the last count, had put food inflation at 40.66%.
“We have heard the cries of Nigeria over the prices of food items and condiments, with some now describing tomato as gold and proposing a variety of recipes to prepare soups and dishes with some of the overly priced food items.
“What in the past were regarded as common items such as yam, plantain, potato now command excessively high figures and Nigerians are right to wonder how and why things are the way they are.”
OTHER MEASURES TO BE IMPLEMENTED
Kyari said imported food commodities will be subjected to a recommended retail price (RRP).
“I am aware that some good citizens might be concerned of the quality of the would be imported food commodities as it relates to the trending worries around genetic composition of food,” the minister said.
“I am glad to reiterate that the government’s position exemplifies standards that would not compromise the safety of the various food items for consumption.”
In addition to the importation by the private sector, Kyari said the government will import 250,000 metric tonnes of wheat and maize.
According to the minister, these imported food commodities in their semi-processed state will target supplies to small-scale processors and millers in the country.
He said the government will collaborate with relevant stakeholders to set a guaranteed minimum price (GMP) and mop up surplus assorted food commodities to restock the national strategic food reserve.
Kyari added that the government will continue to increase production for the 2024/2025 farming cycle.
“The Renewed Hope National Livestock Transformation Implementation Committee will be
inaugurated on Tuesday, 9th July 2024 with a view to develop and implement policies that prioritise livestock development and ensure alignment with the National Livestock Transformation Plan,” he said.
“Enhancement of Nutrition Security through: the promotion of production of fortified food commodities and offer necessary support to scale up the Home Garden Initiative by the Office of The First Lady of the Federal Republic of Nigeria.”
He said over the next 14 days, in close collaboration with the presidential food systems coordinating unit
(PFSCU) and the EMT, “we will convene with the respective Agencies to finalize the implementation frameworks”.
“We will ensure that information is publicly available to facilitate the participation of all relevant stakeholders across the country. The PFSCU will manage a dashboard for Mr. President, providing him with direct visibility into these interventions and ensuring accountability,” the minister said.
Kyari assured Nigerians that efforts will be made to diligently implement these crucial policies to secure food for all citizens.
Business
Court remands businessman Akintoye Akindele over $35m contract fraud
The federal high court in Abuja has remanded Akintoye Akindele, chief executive officer (CEO) of Duport Midstream Company Limited, at the Kuje correctional centre.
On Tuesday, Akindele was arraigned by the Economic and Financial Crimes Commission (EFCC) on a four-count charge bordering on money laundering and contract fraud.
The anti-graft agency accused Akindele of allegedly collecting $35 million from the Nigerian Content Development and Monitoring Board (NCDMB) to build a 2,000 barrel-per-day refinery, jetty, gas plant, data centre, and tank farm at Okpoama community in Brass LGA of Bayelsa state.
The EFCC alleged that Akindele received the funds through the bank account of Atlantic International Refinery and Petrochemical Limited and funneled the monies into four of his companies and bureau de change outlets.
The companies are Platform Capital Investment Partners, Duport Midstream Company Ltd., Puisance Afrique Dynamics Ltd., Adamantine Petrochemical & Refinery Ltd.
“That you, Akindele Akintoye, and Platform Capital Investment Partners Limited, between December 2020 and February 2021, within the jurisdiction of this Honourable Court, indirectly retained the sum of $16,006,000 (Sixteen Million, Six Thousand United States Dollars), being part of the funds dishonestly converted from the money paid by the NCDMB to Atlantic International Refinery and Petrochemical Limited as investment, knowing the said sum constituted proceeds of unlawful activity, thereby committing an offence contrary to Section 15(2)(d) of the Money Laundering (Prohibition) Act, 2011 (as amended by Act No. 1 of 2012) and punishable under Section 15(3) of the same Act,” one of the counts reads.
The defendant pleaded not guilty to all the charges.
After the ‘not guilty’ plea, Ekele Iheanacho, counsel to the EFCC, asked the court to remand Akindele in the custody of the correctional centre and seek a trial date.
However, Emmanuel Esadio, counsel to the defendant, told the court that a bail application has been filed and served on the prosecutor.
In his response, Nwite said it will take a 48-hour period for the bail application to be considered.
Esadio requested that his client be remanded in the custody of the anti-graft agency.
However, Iheanacho opposed the request, arguing that the EFCC lacked adequate facilities.
The EFCC counsel said the defendant had demonstrated untrustworthiness by collecting his international passport and claiming that it is in the court’s custody.
“The defendant cannot be trusted. He has shown tendencies that suggest he may commit another crime,” Iheanacho said.
“Additionally, there is no medical evidence before the court to support claims of ill health.”
The trial judge remanded the defendant at Kuje correctional centre and adjourned the case to December 31, 2024.
Business
Kwara NLC seeks 50% tax reduction for workers
Kwara State Council of the Nigeria Labour Congress has appealed to Governor AbdulRahman AbdulRazaq to grant a 50 per cent downward review of the new tax policy of the state government for workers in the state.
It also appealed to the governor to extend tax holidays for employees in the state public service for another three months as done almost three months ago given the current hardship citizens are grappling with.
The state NLC Chairman, Muritala Olayinka, made the plea in a statement he signed and made available to Journalists in Ilorin on Tuesday.
Olayinka praised AbdulRazaq for prioritising the welfare of workers and pensioners with prompt and regular payment of salaries and allowances, describing it as a clear departure from that of the past administration in the state.
He noted that the governor has brought his leadership quality to bear with the execution of critical infrastructural projects that enhance the standard of living of the citizenry
While praying for good health and wisdom for AbdulRazaq to succeed in office, the NLC chairman reaffirmed the resolve of the organized labour to work with the present administration to achieve more milestones.
“On behalf of the entire membership of the Nigeria Labour Congress (NLC), Kwara State Chapter, I extend our profound gratitude for your exceptional leadership and unwavering commitment to the development of Kwara State and its people.
“Your Excellency’s dedication to workers’ welfare has not gone unnoticed. From the prompt payment of salaries and pensions to the execution of critical infrastructural projects that enhance the quality of life for all Kwarans, your administration has demonstrated an exemplary understanding of the challenges faced by the workforce and the general populace.
“We especially commend your continued efforts in improving healthcare, education, and social amenities, which are vital to ensuring the well-being and productivity of the people. Your inclusive governance and accessibility as a leader have set a standard worth emulating.
“As partners in progress, we reaffirm our support and cooperation in working with your administration to achieve more milestones for our beloved state.
“Once again, we appreciate Your Excellency’s tireless efforts and pray for your continued wisdom, good health and success as you steer Kwara State towards greater heights”, Olayinka said.
Business
NCAA sanctions five airlines over flight cancellations, missing luggage
The Nigeria Civil Aviation Authority (NCAA) has initiated enforcement action against five airlines, comprising two international and three domestic operators, for violating Part 19 of NCAA Regulations of 2023.
NCAA said the violations include failure to refund passengers within the stipulated timeframe, non-responsiveness to authority’s directives, incidents of missing and manhandled luggage, short-landed baggage, and issues relating to flight delays and cancellations.
Michael Achimugu, NCAA’s director of public affairs and consumer protection, confirmed it to TheCable on Tuesday.
Although Achimugu did not reveal the names of the sanctioned airlines, he explained that while airlines are not always at fault for flight disruptions, NCAA regulations mandate specific actions they must take during such instances.
He said failure to adhere to the directives results in varying levels of penalties.
The director noted the surge in passenger complaints about delays and cancellations during the festive season, attributing some disruptions to harmattan-related poor visibility.
“We all know that this is harmattan season, so there is poor visibility. Flights must get cancelled. This is force majeure, and the airlines do not owe passengers anything in those instances. The enforcement we are initiating today is on cases where the airline is deemed to have been at fault. More will come,” Achimugu said.
He added that the NCAA would summon the chief executive officers (CEOs) of all airlines this week for a meeting to address flight disruptions and regulatory breaches.
-
News1 week ago
Naseni’s Executive Vice Chairman, Khalil Suleiman Halilu, Named 2024 Winner Of Daily Global Newspaper Conference Series Award For Science, Technology, Innovation, And Infrastructure
-
Relationships1 week ago
‘I wish I met you before the wrong person’ – says Portable’s baby mama, Honey Berry, as she flaunts new lover
-
Business6 days ago
PoS operators increase withdrawal charges, blame electronic levy, cash scarcity
-
News1 week ago
Lagos state government shuts Lord’s Chosen Church, businesses across Lekki, VI, others over noise, environmental infractions
-
Entertainment1 week ago
Bovi speaks against beating children, reveals why his family relocated to UK
-
Entertainment6 days ago
Raheem Sterling’s ex-girlfriend, Tabby Brown dies after BBL surgery
-
Entertainment1 week ago
Pastor Enenche’s daughter, Deborah, husband welcome baby boy two years after marriage
-
Sports1 week ago
Vinicius beats Rodri to win 2024 FIFA men’s player of the year award