Business
FG inaugurate collaborative task team on overtime cargoes at ports
The Federal Government has inaugurated a collaborative task team of the Nigerian Ports Authority, Nigeria Customs Service, Federal Ministry of Transportation, saddled with responsibility of addressing lingering issues of overtime cargoes at the national seaports and terminals while also proffering best-case situations on how the cargoes can be cleared.
While inaugurating members of the task team in Abuja, Permanent Secretary, Federal Ministry of Transportation and Chairperson of the Committee, Dr Magdalene Ajani, said the inability to clear overtime cargoes at the ports and terminals had affected the number of cargoes that can be handled due to limitation of space.
Also, Ajani observed that this has resulted in a drastic drop in the volume of cargo coming into the country, adding that the reduction in cargoes has ultimately affected Internally Generated Revenue which is now lost to the neighbouring countries, while explaining that the clearing of overtime cargoes should not be confined to the Ikorodu Lighter Terminal, Lagos Port Complex, and TinCan Island Port Complex but all other ports and terminals within the country.
On the composition of the task team, Ajani said, ”It was a result of a series of meetings between the Minister of Transportation, Mu’azu Sambo and the Comptroller General, Nigeria Customs Service, and the Permanent Secretary, FMT, Dr Magdalene Ajani.”
Ajani, in a statement by the Director, Press and Public Relations of the ministry, Henshaw Ogubike, called on the task team to bring their professionalism to bear in the discharge of the onerous task.
Ajani, while reading the “Terms of Reference” said the team work includes but not limited to confirming the inventory of submission by the NPA on the actual number of overtime cargo in the ports and other locations; conducting a joint examination of all such cargo to determine contents suitable for use or consumption; providing a list separating goods for disposal by public auction and those to be deposed by condemnation/destruction.
“Others include gazetting all cargoes identified as overtime for disposal; determining the methodology for public auctioning at various ports/locations; determining the recoverability of part of the Terminal Operator’s revenue arising from long occupation of economic spaces and transfer charges; ensuring that the process is in conformity with applicable customs practices and any other task that may arise in the cause of the assignment.”
Responding on behalf of the team, Comptroller Adekunle Oloyede of the NCS, assured that the task team is a one-stop shop that will certainly unravel the overtime cargo challenge.
The task team is expected to submit its report within eight weeks.
Business
FG Releases Tax Act 2025 Transition Guidelines
The Guidelines are intended to promote uniform implementation and support effective administration across the Nigeria Revenue Service, State Internal Revenue Services, the FCT Internal Revenue Service, Local Government Revenue Committees, tax practitioners and taxpayers nationwide.
• Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele.
The Federal Government has issued the General Guidelines for the implementation of the Tax Acts 2025, setting out the process for transition from the repealed tax laws to the new tax framework effective from January 1, 2026.
Issued by the Federal Ministry of Finance, the Guidelines provide direction to taxpayers, tax practitioners, revenue authorities and other stakeholders on how to address various issues arising from the old regime to the new framework.
Under the Guidelines, the Tax Acts 2025 comprising the Nigeria Revenue Service (Establishment) Act, the Nigeria Tax Act, the Nigeria Tax Administration Act, and the Joint Revenue Board (Establishment) Act apply from the respective commencement dates as enacted in each law. In particular, January 1, 2026 for the Nigeria Tax Act, 2025.
Tax liabilities, assessments, audits, investigations, disputes and enforcement actions relating to periods before that date will be treated under the repealed tax laws.
Tax returns relating to accounting periods ending before January 1, 2026, will be filed under the previous tax laws, while returns falling due from January 1, 2026, onward will be administered under the new tax framework.
The document also covers the treatment of income taxes, transaction taxes, development levies, tax incentives, exemptions, record-keeping obligations and transactions that span both the old and new tax regimes.
Existing tax incentives and exemptions granted under the repealed laws will remain in place until their expiration dates. New applications and pending requests, however, will be considered under the provisions of the Tax Acts 2025.
Speaking on the release of the Guidelines, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, said that the document provides a framework for managing transitional issues while ensuring that the new laws are not applied retrospectively.
He described the Tax Acts 2025 as a significant milestone in Nigeria’s tax reform programme, noting that the Guidelines set out how existing obligations, ongoing matters and future transactions will be treated under the new regime.
According to the Minister, the Guidelines are anchored on three key principles – clarity, fairness and administrative certainty.
The Guidelines are intended to promote uniform implementation and support effective administration across the Nigeria Revenue Service, State Internal Revenue Services, the FCT Internal Revenue Service, Local Government Revenue Committees, tax practitioners and taxpayers nationwide.
The Government reaffirmed its commitment to building a transparent, efficient and modern tax system that supports economic growth, strengthens revenue administration, encourages voluntary compliance and improves Nigeria’s investment climate.
Business
Naira Exchange Rates To Foreign currencies Thursday, June 18
Black Market
US DOLLAR (USD) Buy ₦1, 400 Sell ₦1,405
GREAT BRITISH POUND (GBP) Buy ₦1,865 Sell: ₦1,885
Official CBN Exchange Rates
US DOLLAR (USD) ₦1,360. 07
GREAT BRITISH POUND (GBP) ₦1,824.81
EURO (EUR) ₦1,577. 96
SWISS FRANC (CHF) ₦1,715. 75
JAPANESE YEN (JPN) ₦8.49
CHINESE YUAN (CNY) ₦201. 22
WEST AFRICAN CFA (XOF) ₦2.40
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,855.08S
AUDI RIYAL (SAR) ₦362.39
SOUTH AFRICAN RAND (ZAR) ₦84.04
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1, 400 Sell ₦1,405
GREAT BRITISH POUND (GBP) Buy ₦1,865 Sell: ₦1,885
EURO (EUR) Buy ₦1, 585 Sell ₦1, 605
CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370
CHINESE YUAN Buy ₦180 Sell ₦200
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460
CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
Business
Enugu Air, airport concession to support state’s $30bn economy goal –Commissioner
“We looked at Enugu as an economic hub where tourism, hospitality, investment, and aviation can work together to drive growth.”
The Enugu State government said its new airline, Enugu Air, and the concession of the Akanu Ibiam International Airport, will support its plan of growing the state’s economy from $4.4 billion to $30 billion by 2031.
In a statement, the Secretary to the State Government, Chidiebere Onyia, outlined how the state government plans to use aviation, tourism, and agriculture to drive economic growth.
He said that the airport concession is part of a broader strategy by Governor Peter Mbah’s administration to re-position Enugu as a major economic hub in the South East.
“We looked at Enugu as an economic hub where tourism, hospitality, investment, and aviation can work together to drive growth,” he said.
Mr Onyia said that the state expects an increase in visitor traffic in the coming years and believes air transport will play an important role in supporting that growth.
He further explained that the government’s projections are linked to plans to attract tourists, investors and businesses to the state
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