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Oyetola Assures Fast Completion of Bakassi Deep Seaport

Oyetola noted that once the deep seaport comes up, it would place Nigeria as the hub of trans-shipment in the African region.

Published

1 year ago

August 22, 2024

OCHEFA

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Minister of Marine and Blue Economy, Adegboyega Oyetola, has assured Cross River State Governor, Bassey Otu, that he would not allow bureaucracies to slow down the actualisation of the Bakassi Deep Seaport project.

In a post via his X handle on Wednesday, an aide to the minister, Ismail Omipidan, quoted the minister to have given the assurance when he received the governor on a courtesy visit to his office.

Oyetola noted that the natural depth of the seaport, which the Cross River Government put between 17 to 21 meters deep, would reduce the cost of capital dredging.

Oyetola noted that once the deep seaport comes up, it would place Nigeria as the hub of trans-shipment in the African region.

Because of the low drought of our major seaports, most large containers that are meant for Nigeria are diverted to other African countries.
So, I see the project as a welcome development and I assure you that we would drive the project as fast as you want, and I assure you, bureaucracy will not have a way here,” the minister added.

On his part, Otu said he was at the ministry to seek the collaboration of the minister to see to the fruition of the Bakassi Deep seaport Project, under a public-private partnership model.

He noted that the project was part of the state’s strategic integrated infrastructure plan to promote and facilitate trade around that corridor, to stimulate the state economy in particular and that of Nigeria in general.

While commending the minister for laying a solid foundation in the ministry, the governor noted that with the private sector background of the minister, he was not in doubt about the success of the Bakassi Deep Seaport Project

Related Topics:Bakassi Deep Seaport Blue economy

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NTA didn’t introduce VAT on charges collected by banks — NRS

The Nigeria Revenue Service (NRS) wishes to address and correct misleading narratives circulating in sections of the media suggesting that Value Added Tax (VAT) has been newly introduced on banking services, fees, commissions, or electronic money transfers.

Published

6 hours ago

January 16, 2026

OCHEFA

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Photo: NRS chairman, Zacch Adedeji

The Nigeria Revenue Service (NRS) has clarified that the Nigeria Tax Act (NTA) did not introduce VAT on banking charges, nor did it impose any new tax obligation on customers in this regard.

In a statement made available to newsmen and signed by Dare Adekanmbi, Special Adviser on Media to the NRS chairman, Zacch Adedeji, the service said the claims are incorrect.

According to the NRS, VAT has always applied to banking services and was not introduced by the Nigeria Tax Act.

The statement reads:

“The Nigeria Revenue Service (NRS) wishes to address and correct misleading narratives circulating in sections of the media suggesting that Value Added Tax (VAT) has been newly introduced on banking services, fees, commissions, or electronic money transfers.

This claim is categorically incorrect.

“VAT has always applied to fees, commissions, and charges for services rendered by banks and other financial institutions under Nigeria’s long-established VAT regime.”

Business

LIRS gives employers Jan 31 deadline for filing 2025 tax returns

The Executive Chairman of LIRS, Dr Ayodele Subair, who gave the directive on Thursday, reminded employers that the obligation to file annual returns is in line with the provisions of the Nigeria Tax Administration Act 2025.

Published

7 hours ago

January 16, 2026

OCHEFA

14 Views

The Lagos State Internal Revenue Service(LIRS) fixed statutory deadline of January 31, 2026, for all employers of labour in the state to file their annual tax returns for the 2025 financial year.

Subair explained that employers are required to file detailed returns on emoluments and compensation paid to their employees, as well as payments made to service providers, vendors, and consultants, and to ensure that all applicable taxes due for the 2025 year are fully remitted.

He emphasised that the filing of annual returns is a mandatory legal obligation and warned that failure to comply would attract statutory sanctions, including administrative penalties, as prescribed under the new tax law.

Business

Nigeria To Review Inflation Reporting First Time In 15 years

The agency said the expected spike in December inflation did not reflect actual price movements in the economy but was largely a statistical distortion caused by the rebasing of the Consumer Price Index.

Published

1 day ago

January 15, 2026

OCHEFA

21 Views

Nigeria’s National Bureau of Statistics (NBS) has announced plans to revise its inflation reporting methodology.

This followed concerns that December’s year-on-year figure may be artificially inflated due to the impact of last year’s rebasing exercise.

Reuters reported that the rebasing, the first in 15 years, adopted December 2024 as the index reference point.

Officials explained that the change is likely to exaggerate the year-on-year inflation figure for December without accurately capturing prevailing market trends.