Finance
To ease inflation, FG proposes temporary Zero-Duty on food imports
The Federal Government has proposed a temporary zero-duty levy on selected food imports to combat soaring food prices and alleviate the burden of inflation on Nigerians.
This strategic initiative announced by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun is aimed at increasing food availability, reducing prices as well as provide immediate relief to citizens.
Director of Information and Public Relations, Mohammed Manga in a statement on Wednesday quoted the minister to have made the disclosure shortly after chairing the closed-door session of a pivotal meeting with the Nigeria Customs Service Board in Abuja.
Edun indicated that the measure is designed to alleviate the current food shortage and reduce soaring food prices, which have been contributors to inflation across the country.
“We discussed how to collaborate effectively to make food more affordable and accessible in the short term,” the Minister explained.
He assured that while this initiative offers immediate relief, President Bola Ahmed Tinubu remains focused on long-term solutions, particularly boosting domestic food production.
The Minister highlighted ongoing efforts by government to increase the availability of essential farming inputs, such as fertilizer and seeds, particularly for small-scale farmers, which is expected to enhance local food production and ensure availability in the long run.
In addition to the zero-duty measure, the Minister commended the Nigeria Customs Service Board for its regular meetings to review the Agency’s financial performance and operational activities.
He praised the Comptroller General of the Nigeria Customs Service, Mr Bashir Adewale Adeniyi
and the Top Management of the Service for upholding the core values of Transparency, Integrity, and Merit, noting that these values are essential for effective governance and operations of the Service.
The Minister reaffirmed the President Tinubu-led administration’s commitment to tackling both short-term and long-term food security challenges while continuing to work closely with the Nigeria Customs Service and other relevant stakeholders to ensure smooth implementation of key policies of the Federal Government that have direct impact on the lives of millions of Nigerians.
The statement explained that with the bold move, the Federal Government under President Tinubu’s leadership has demonstrated its unwavering commitment to addressing the pressing concerns of Nigerians.
Thus, by implementing a temporary zero-duty on food imports and working tirelessly to boost home grown produce, the administration is taking comprehensive steps to ensure food security, reduce inflation, and promote economic growth thereby improving the lives of the citizenry in line with the Renewed Hope Agenda of the present administration
The Federation Account Allocation Committee (FAAC) has distributed a total of N1.411 trillion to the federal, state, and local governments for October 2024.
This was announced at FAAC’s November meeting held in Bauchi, chaired by the Accountant General of the Federation, Dr. Mrs. Oluwatoyin S. Madein.
Director of Information and Public Relations, Mohammed Manga in a statement issued on Wednesday indicated that the disbursed amount was drawn from a gross total revenue of N2.668 trillion, comprising Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference (ED).
From the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), Exchange Difference (ED, the Federal Government received N433.021b, the States received N490.696b, the Local Government Councils got N355.621b , while the Oil Producing States received N132.404b as Derivation, (13% of Mineral Revenue).
The sum of N97.517b was given for the cost of collection, while N1.159trn was allocated for Transfers Intervention and Refunds.
The Communique issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting indicated that the Gross Revenue available from the Value Added Tax (VAT) for the month of October 2024, was N668.291b as against N583.676b distributed in the preceding month, resulting in an increase of N84.616b.
From that amount, the sum of N26.732b was allocated for the cost of collection and the sum of N19.247b given for Transfers, Intervention and Refunds. The remaining sum of N622.312b was distributed to the three tiers of government, of which the Federal Government got N93.347b, the States received N311.156b and Local Government Councils got N217.809b.
Accordingly, the Gross Statutory Revenue of N1.336trn received for the month was higher than the sum of N1.043trn received in the previous month by N293.009b. From the stated amount, the sum of N70.072b was allocated for the cost of collection and a total sum of N1.060trn for Transfers, Intervention and Refunds.
The remaining balance of N206.319b was distributed as follows to the three tiers of government: Federal Government got the sum of N77.562b, States received N39.341b, the sum of N30.330b was allocated to LGCs and N59.086b was given to Derivation Revenue (13% Mineral producing States).
Also, the sum of N17.824b from Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N2.567b , States got N8.555b, Local Government Councils received N5.989 Billion, while N0.713b was allocated for Cost of Collection.
The Communique also disclosed the sum of N646.000b from Exchange Difference, which was shared as follows: Federal Government received N259.545b, States got N131.644b, the sum of N101.493 Billion was allocated to Local Government Councils, N73.318b was given for Derivation (13% of Mineral Revenue), while the sum of N80.000b was allocated to Transfers, Interventions and Refunds.
Oil and Royalty, Excise Duty, Value Added Tax (VAT) Import Duty, Petroleum Profit Tax (PPT) and Companies Income Tax (CIT) increased significantly, while, Electronic Money Transfer Levy ( EMTL) and CET Levies decreased considerably.
According to the Communique, the total revenue distributable for the current month of October 2024, was drawn from Statutory Revenue of N206.319 Billion, Value Added Tax (VAT) of N622.312b, N17.111b from Electronic Money Transfer Levy (EMTL), and N566.000b from Exchange Difference, bringing the total distributable amount for the month to N1.411trn
In a bid to steer Nigeria’s economic recovery, the Federation Account Allocation Committee (FAAC) gathered in Bauchi for the 2024 National Council on Finance and Economic Development (NACOFED) Conference.
With the theme “Fostering Economic Growth in Challenging Times: Strategies for Policies and Partnership for Fiscal Sustainability and National Development,” the event drew policymakers and stakeholders to discuss strategies for fiscal sustainability and development.
Director of Information and Public Relations, Mohammed Manga in a statement on Monday quoted the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, to have emphasized the government’s dedication to refocusing resources on vital sectors like infrastructure, education, healthcare, and social services.
These he sais are aimed to reduce poverty and uplift Nigerians as part of President Bola Tinubu’s Renewed Hope Agenda.
He highlighted direct support programs, such as biometric-based payments for vulnerable households, to mitigate the effects of ongoing reforms.
Bauchi State Governor Senator Bala Mohammed praised the Federal Government’s vision, emphasizing the importance of unity in achieving sustainable development. Discussions centered on forging partnerships across government levels and with the private sector to spur job creation and economic resilience.
The conference concluded with FAAC delegates committed to implementing strategies for Nigeria’s economic revival, underscoring the power of collaboration for national progress.
Minister of Finance and Coordinating Minister of the Economy, Wale Edu, defended Nigeria’s recent economic reforms, particularly the adoption of market-driven exchange rates and the sale of crude oil in Naira.
Speaking at an interactive session with the Senate Committee on Finance, Edu highlighted the positive outcomes, especially in terms of increased government revenue.
Edu acknowledged the challenges faced in implementing the reforms but emphasized that the country is already beginning to experience the benefits.
According to him, he said the sales of crude oil in Naira, initiated by President Bola Tinubu, has been particularly impactful, contributing to a stronger domestic financial environment.
Edu’s remarks reflect a broader effort by the government to enhance fiscal management and ensure the long-term sustainability of the nation’s economic policies.
Chairman of the Senate Committee on Finance, Senator Sani Musa, stated that the session was convened to assess the effects of these reforms on the Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper for 2024-2026.
He said It also aimed to address concerns about shortfalls in revenue remittances from the Nigerian National Petroleum Corporation Limited (NNPCL), particularly regarding the foreign and domestic excess crude accounts.
-
Crime1 year agoPolice nabs Killer of Varsity Lecturer in Niger
-
News10 months agoFCT-IRS tells socialite Aisha Achimugu not to forget to file her annual returns
-
Appointment1 year agoTinubu names El-Rufai, Tope Fasua, others in New appointments
-
News From Kogi1 year agoINEC cancells election in 67 polling units in Ogori-Magongo in Kogi
-
News From Kogi1 year agoEchocho Challenges Tribunal Judgment ordering rerun in 94 polling units
-
News1 year agoIPOB: Simon Ekpa gives reason for seperatists clamour for Biafra
-
Metro8 months ago‘Listing Simon Ekpa among wanted persons by Nigeria military is rascality, intimidation’
-
News10 months agoKingmakers of Igu/ Koton-Karfe dare Bello, urge him to reverse deposition of Ohimege-Igu