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Licensed Customs Agents Seek Clarification on Commencement Date of Zero Duty

We noticed a serious conflict between the date of the implementation of the Presidential Order, and the Ministers of Finance’s Circular

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Wale Edun, Minister of Finance

The National Council of Managing Directors Of Licensed Customs Agents (NCMDLCA) says that the Presidential Order on  Inflation Reduction and Price Stability conflicts with the Minister of Finance Circular on zero duty rate on basic food items.

” We request that the conflict of Presidential Order on Inflation Reduction and Price stability (Fiscal policy measures, etc) Order 1st May 2024 and the Minister of Finance  Circular F17417/VI/T/6 of 8th August that was backdated to 15th of July, should be clarified,” said Lucky Eyis Amiwero, National President of NCMDLCA.

NCMDLCA in a letter to President Bola Tinubu,  dated September 4,  said: ” We hereby bring to the attention of the Federal Government of the two circulating instruments of the Federal Government with conflicting date of implementation and description of Fiscal Policy content.

We noticed a serious conflict between the date of the implementation of the Presidential Order, and the Ministers of Finance’s Circular, while the Presidential Order gave the date of commencement as 1st of May 2024,  the Minister of Finance’s Letter was backdated to 15th July 2024 as the Commencement date, while the Finance  Circular was dated 8th of August which was received by the Nigeria Customs Service on the 13th  August and  issued to the Trading public on 14th August by service

The area of concern to  the Trading public is whether the  Minister of Finance drew its strength from  the Presidential Order,  approved by the President that is, the Inflation Reduction and Price Stability (Fiscal policy measure, etc) order, 2024, which is supposed to commence on the 1st  May 2024, or the President issued a fresh order and suspend the Order that has been signed because nothing is said on the Presidential Order that has been in circulation before the Minister’s Circular and Customs implementing circular

Furthermore, the date of the Minister’s Circular was backdated by almost one(1) month, which is not in line with the Trade Facilitation Agreement (TFA) Nigeria being a contracting party to the Agreement, which states, in Article 2:  opportunities and appropriate time period shall be provided to traders and other interested parties on new or amendment laws and regulations of general application.

Related to the movement, release, and clearance of goods, including goods in transit, are published or Information on then, giving enough time to be made otherwise publicly available, as early as possible before they entered into force, to enable traders and other interested parties to become acquainted with them.

Amiwero said that the clarification is very important to eliminate the use of dollarizing the domestic market and to stabilize it for consistent, predictable, and transparent transactions.▪︎

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PENGASSAN – Dangote Rift: A needless attack on private enterprise

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The Director-General, Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, has described the rift between Dangote Refinery and Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) as unfortunate, and a needless attack on private enterprise.

He noted that the strike had far-reaching implications on residents and businesses, as factories suffered cuts in production schedules, with a hike in transportation fare.

Fielding questions from reporters at MAN House, yesterday, while announcing the association’s coming Annual General Meeting (AGM), he revealed that imported products, which were not suffering disruption, were likely to fill the gap and if the rift rears its head again, it would affect daily workers and people in the logistics value chain that rely on the products made in those factories.

Meanwhile, PENGASSAN has said it decided to suspend its two-day strike to protect the jobs of its members in Dangote Refinery.The President, Festus Osifo, explained that the union was unsatisfied with the posting of about 800 sacked staff to Dangote’s subsidiaries to prevent job loss.

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FG Spends $2.86bn on External Debts Servicing – CBN

By August 2025, debt service climbed to $302.3m, which was $22.35m or 8 per cent higher than the $279.95m of August 2024.

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The Federal Government spent a total of $2.86 billion to service external debt in the first eight months of 2025.

This was disclosed in the international payment data from the Central Bank of Nigeria.

The figure shows that external debts accounted for 69.1 percent of the country’s total foreign payments of $4.14 billion in the period.

In the same eight-month stretch of 2024, debt service stood at $3.06 billion, representing 70.7 percent of total foreign payments of $4.33 billion.

The figures show that while the absolute value of debt service fell by $198m between 2024 and 2025.

The share of debt in overall foreign payments has remained persistently high, with about seven out of every ten dollars leaving the country used to meet debt obligations.

The monthly breakdown highlights the volatility of Nigeria’s repayment schedule:

In January 2025, $540.67m was spent compared with $560.52m in January 2024, a fall of $19.85m or 3.5 per cent.

February 2025 recorded $276.73m, slightly below the $283.22m in February 2024, down by $6.49m or 2.3 per cent.March 2025 surged to $632.36m against $276.17m in March 2024, an increase of $356.19m or 129 per cent.

In April 2025, payments reached $557.79m, which was $342.59m or 159 per cent higher than the $215.20m of April 2024.

May 2025 stood at $230.92m, sharply lower than the $854.37m in May 2024, a drop of $623.45m or 73 per cent.

June 2025 rose to $143.39m compared with $50.82m in June 2024, a rise of $92.57m or 182 per cent.

July 2025 fell to $179.95m, down by $362.55m or 66.8 per cent from $542.5m in July 2024.

By August 2025, debt service climbed to $302.3m, which was $22.35m or 8 per cent higher than the $279.95m of August 2024.

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ECOWAS Bank okays $308.63m for Nigeria, Guinea

The bank gave the approval during its 93rd Ordinary Session convened at the it’s headquarters in Lomé, the Togolese capital.

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ECOWAS Bank for Investment and Development (EBID), has approved $308.631 million for the implementation of various projects in Taraba State, Nigeria, and a $40 million credit line for Vista Bank, Guinea, to bolster trade-related activities, including import-export operations and commercial value chains.

The bank gave the approval during its 93rd Ordinary Session convened at the it’s headquarters in Lomé, the Togolese capital.

President and Chairman of Board of Directors of the bank, Dr. George Agyekum Donkor, said the newly approved financing would advance strategic public and private sector initiatives, aligned with EBID’s mandate to promote sustainable development throughout the Economic Community of West African States by strengthening regional integration and fostering economic diversification.

The approved facilities include the $98.18 for a 50 MW Solar Photovoltaic Power Plant in Taraba State, Nigeria, , which will augment the supply of reliable, clean electricity to spur inclusive economic development, alleviate energy poverty, and improve environmental sustainability.

Anticipated benefits include direct electricity access for roughly 390,000 individuals, enhanced power reliability for at least 200 public institutions, the creation of 400 direct jobs during construction, and approximately 50 permanent operational roles.

The bank noted that an estimated 1,200–1,500 indirect jobs were expected to emerge across supply chains, maintenance services,and small businesses.

Another facility is the $79.219 million modern rice processing complex and 10,000-hectare irrigated rice production unit also in Taraba State.

Also included is the $91.232 million facility for Taraba State Industrial Park, an initiative conceived to accelerate local industrialisation and economic diversification through the establishment of a modern, integrated industrial ecosystem.

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