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JUST IN: Nigerian govt to suspend tariff, import duty on staple foods, pharmaceuticals, others

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The Nigerian government has unveiled a plan to bring down inflation in the country through tariff and import duty suspension for food, raw materials for production, pharmaceuticals, inputs for agriculture production and other fiscal measures.

The Minister of Finance, Wale Edun disclosed this in a recent presentation of the proposed Accelerated Stabilisation and Advancement Plan, ASAP.

Edun stated that the plan, recently presented to President Bola Ahmed Tinubu, was designed to end Nigeria’s economic hardship.

The Nigerian government has unveiled a plan to bring down inflation in the country through tariff and import duty suspension for food, raw materials for production, pharmaceuticals, inputs for agriculture production and other fiscal measures.

The Minister of Finance, Wale Edun disclosed this in a recent presentation of the proposed Accelerated Stabilisation and Advancement Plan, ASAP.

Edun stated that the plan, recently presented to President Bola Ahmed Tinubu, was designed to end Nigeria’s economic hardship.

This comes as Nigeria’s headline and food inflation increased to 33.69 percent and 40.53 percent, respectively.

The inflation portends unbearable hardship for Nigerians as purchasing power continues to shrink upon rising prices while remaining unchanged.

As a solution, Edun explained that the fiscal measures, when implemented, will take Nigeria out of the woods.

He said the order upon implementation will bring about the suspension of import duty and tariff for staple food items, raw materials and other direct inputs used for manufacturing, inputs for agriculture production, including fertilizers, seedlings, chemicals, pharmaceutical products, poultry feeds, flour and grains.

Similarly, it will authorise millers to import paddy rice at zero duty and Value Added Tax for 6 months.

“The import duty and other tariffs on the following items are hereby suspended for six months: staple food items, raw materials and other direct inputs used for manufacturing, inputs for agriculture production including fertilizers, seedlings, chemicals, pharmaceutical products, poultry feeds, flour and grains.

“Value Added Tax, where applicable, is hereby suspended on the following items for the rest of the year 2024: Basic food items and semi-processed, staple food items such as noodles and raw material inputs for the manufacturing
of food items, electricity and public transportation, agricultural inputs and produce, and pharmaceutical products”, the document partly reads.

Relaxation of import duty will calm raging inflation in Nigeria – CPPE

Reacting to the proposal, Muda Yusuf, the Director of the Centre for the Promotion of
Private Enterprise said the relaxation of import duty as contained in the ASAP would calm raging inflation in Nigeria.

Muda noted that the plan will address many of the burning economic issues bothering real sector investors.

He urged Tinubu’s government to expedite action in implementing the plan for the progress of Nigeria’s economy.

“The proposed Accelerated Stabilisation and Advancement Plan is a laudable proposition coming from the Finance Minister. It addresses many of the burning economic issues bothering real sector investors.

“The plan contains robust and comprehensive fiscal policy measures that stakeholders in the real economy had clamored for over the past year. It addresses the concerns of investors on high interest rates, high cost of cargo clearance at the ports, and high import duty regimes.

“The relaxation of import duties on critical raw materials for manufacturers would calm the raging inflationary pressures in the economy, especially food inflation.

“The fiscal measures reflect the responsiveness of the administration to the concerns of investors in the real economy. We urge for expeditious implementation of the plan, once approved by the president,” he said.

Minimum wage negotiation

The government economic proposal, known as ASAP, comes amid the new minimum wage discussion that has taken center stage in Nigeria in recent times.

On Monday, the Organised Labour shut down the Nigerian economy because the government failed to implement a new Minimum wage.

However, the strike was suspended on Tuesday after the workers secured a commitment from the government to pay a minimum wage higher than N60,000.

Meanwhile, the Nigeria Labour Congress and the Trade Union Congress had earlier proposed N494,000 as a new minimum wage.

It was learnt that the Government and the Organised labour has resumed negotiation on the new minimum wage.

Meanwhile, Senator Orji Uzor Kalu at Tuesday’s plenary proposed between N75,000 and 90,000 as the new minimum wage.

Earlier, Paul Alaje, Chief Economist and Partner at SPM said the minimum wage should be at least N100,000.

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Mauritania’s Tah succeeds Adesina as 9th AfDB President

Tah was elected to succeed Adesina after rounds of voting conducted by the AfDB Board of Governors during the Bank’s Annual Meetings held in Abidjan, Côte d’Ivoire.

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Mauritania’s Sidi Ould Tah has been elected as the ninth president of the African Development Bank Group (AfDB) as Nigeria’s Akinwumi Adesina prepares to bow out.

The Bank announced his election on its website on Thursday.

Adesina’s 10-year tenure will end this year and Tah is expected to assume office on September 1, 2025.

Tah was elected to succeed Adesina after rounds of voting conducted by the AfDB Board of Governors during the Bank’s Annual Meetings held in Abidjan, Côte d’Ivoire.

The Board comprises finance ministers and central bank governors from the Bank’s 81 member countries.

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JUST IN: Appeal Court Affirms Okphebholo as Edo Governor

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‎‎The Court of Appeal in Abuja has affirmed Monday Okphebholo as duly elected in the September 21, 2024 Edo Governorship polls, as it affirms the decision of the Tribunal which on April 2 dismissed the petition of Asue Ighodalo of the People’s Democratic Party (PDP) for lacking merit. ‎‎

A three-man panel of the Appeal court, presided over by Justice Mohamed Danjuma, restated the position of the Tribunal which held that the PDP failed to provide sufficient and credible evidence to substantiate their claims of electoral malpractice, irregularities, and non-compliance with the Electoral Act.‎‎

The panel held that the PDP failed to provide sufficient and credible evidence to substantiate their claims of electoral malpractice, irregularities, and non-compliance with the Electoral Act. ‎‎

The Appellate Court agrees with the Tribunal that the Bimodal Voter Accreditation System (BVAS) Machines which the appellants tendered were merely ‘dumped’ as they weren’t demonstrated to prove overvoting.

‎‎This the Court held after it earlier expunged the 133 BVAS machines admitted in evidence at the Tribunal stage of the Governorship tussle. ‎‎

Ighodalo and the PDP were further faulted by the Appellate Court for failing to tender the voter register to prove overvoting.

The Court further adds that BVAS extract doesn’t constitute items with which to prove overvoting. ‎‎It says the documents tendered by the PDP at the Tribunal did not, on their own, prove overvoting, non-holding or cancellation of elections at the polling units.

‎‎To further puncture the case of the PDP, the panel says the 19 witnesses called by the appellants during the Tribunal hearing didn’t help their case.

It says the majority of them did not witness what they spoke about. Moreso, it adds they were insufficient to prove irregularities in polling stations at over 4,000 locations.

‎‎Nigeria’s electoral body, INEC, had declared Okpebholo the winner with 291,667 votes, against Asue Ighodalo of the PDP who garnered 247,274 votes.

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Betta Edu Congratulates President Tinubu On His Two Years In Office

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The former Honorable Minister of Humanitarian Affairs and Poverty Alleviation. former, Dr Betta Edu, has congratulated President Bola Ahmed Tinubu on his Two Years in Office.

Edu, who joined millions of Nigerians and members of the All Progressives Congress, APC to heartily congratulate the president on his second year in office as the President and Commander-in-Chief of the Armed Forces, Federal Republic of Nigeria said the president has been a true father to all.

Her statement reads: Mr. President, Father of the nation.

I join millions of Nigerians and members of our great party, the All Progressives Congress, APC to heartily congratulate you on your second year in office as the President and Commander-in-Chief of the Armed Forces, Federal Republic of Nigeria.

Despite the obvious challenges, your dedication to transforming Nigeria and changing the economic landscape by improving the lives of the citizens in the long run is visible, even to the greatest critics.

It’s has not been an easy ride navigating terrains that even lions won’t dare! Your commitment to hard work and a result oriented leadership is unprecedented.

The focus of your administration on economic rejuvenation is evidently changing the narrative and Nigerians are witnessing the positive impacts, including infrastructural development, education for all, affordable housing, huge improvement in the security situation among others, in just two years.

These positive developments underscore the renewed hope agenda of your administration.

Your Excellency, this was the toughest two years of your four + four years journey leading our nation.

The right foundation has been laid; it’s time for the fruits to blossom.

Forward forever, Nigeria will experience a rebirth, under your dynamic and visionary leader, A Lion is never distracted by the bleats of goats.

Mr. President keeps raising the bar….her statement reads.

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