• Saturday, March 02, 2024
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Five things to know to start your Monday


NECA urges FG to reverse proposed tariff increases for manufacturing

Adewale Smart Oyerinde, the Director-General of the Nigeria Employers Consultative Association (NECA) on Sunday called on the Federal Government to put a halt on the implementation of its proposed tariff increases in the manufacturing sector.

In a statement issued in Lagos, its Director-General, Adewale-Smart Oyerinde, also called for the reversal of the 2023 Fiscal Policy Measures (FPM).

He advised government to revert to the 2022 FPM roadmap designed to lapse in 2024.

The approved 2023 FMP includes Supplementary Protection Measures for the implementation of the ECOWAS Common External Tariff (2022 – 2026).

It includes increased excise duty on alcoholic beverages, cigarettes and tobacco products; introduction of excise duty on single-use plastics and Import Adjustment Tax levy on vehicles of 2000 cc and above.

Minister of Finance, Budget and National Planning, Zainab Shamsuna Ahmed confirmed President Muhammadu Buhari’s approval of the 2023 FPM on May 12.

NECA stated, however, that the newly-introduced FPM and tariff increases were not only worrisome, but also landmines for businesses in the affected sectors.

Read also: Top 10 banks with highest income tax payments in Q1

World Safety Day: NIMASA committed to achieving globally acceptable standards

Bashir Jamoh, the Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA) has said that the agency is prepared to achieving globally acceptable safety standards.

Jamoh said this in a statement signed by Osagie Edward, Assistant Director, Public Relations, NIMASA, in Lagos on Sunday.

He made this known at a safety workshop with the theme: “Zero offshore incidents, a culture of prevention”, organised by the agency to mark the 2023 World Safety Day.

“This is in line with the International Labour Organisation, (ILO) declared theme of “A safe and healthy working environment as a fundamental principle and right at work,” he said.

Jamoh, who declared the workshop open, noted that NIMASA with responsibilities of Flag and Port State activities, which often took place offshore, was committed to the wellbeing of its staff.

Sanwo-Olu supports Akpabio for 10th Senate presidency

Babajide Sanwo-Olu, the governor of Lagos State on Sunday expressed his readiness to support the ambitions of Senator Godswill Akpabio and Senator Barau Jibrin as President and Deputy President of the 10th Senate, respectively.

Sanwo-Olu expressed his support at a consultative visit to Lagos House, Marina, when he received members of the “Stability Group’’, consisting 69 senators-elect, who already endorsed Akpabio and Jibrin.

He said the All Progressives Congress (APC) nomination process to pave the way for election of senate leadership was in order.

The governor noted that Akpabio’s team possessed the political credentials and leadership qualities to bring about uncommon transformation in the country.

He made it clear that it was very important to understand that the group was prepared to collaborate with the incoming administration of the President-elect, Senator Bola Tinubu.

He urged the senate leadership nominees to make purposeful legislations their priority, while maintaining harmonious working relationships with other arms of government without compromising legislative independence.

PenCom approves commercial, non-interest banks as mortgage lenders

The National Pension Commission (PenCom) has approved as mortgage lenders 26 commercial banks listed by the Central Bank of Nigeria.

Added to 26 commercial banks, the commission listed three non-interest banks to provide commercial and residential mortgage to workers under the Contributory Pension Scheme to access 25 percent of their Retirement Savings Account (RSA) for the purpose of mortgage.

“The approval is in line with Section 89 (2) of the Pension Reform Act 2014, which allows RSA holders to use a portion of their RSA balance towards payment of equity for residential mortgage,” it stated.

Oil falls as economic concerns offset prospect of tighter supplies

Oil prices slipped on Monday as concerns about fuel demand at top global oil consumers U.S. and China offset optimism about tightening supplies from any OPEC+ cuts and a resumption in U.S. buying for reserves.

Brent crude futures fell 43 cents, or 0.6 percent, to $73.74 a barrel by 0130 GMT while U.S. West Texas Intermediate crude was at $69.67 a barrel, down 37 cents, or 0.5 percent.

Last week, both benchmarks fell for a fourth consecutive week, the longest streak of weekly declines since September 2022, over concern that the United States could enter a recession on “significant risk” of a historic default within the first two weeks of June.

Investors sought safe havens such as the U.S. dollar, strengthening the currency which makes dollar-denominated commodities more expensive for holders of other currencies. (Reuters)