Each Lagos Commercial Bus To Pay N292,000 Annually Aside ‘Agbero’ Charges - AfrobadooTV
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Each Lagos Commercial Bus To Pay N292,000 Annually Aside ‘Agbero’ Charges

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The Lagos State Government has signed an agreement for the collection of what it called “Consolidated Informal Sector Transport Levy” designed to harmonise dues collected by government from commercial motorists at parks and garages.
The agreement was signed between the state government, local government, various transport unions and some government agencies.

According to the Commissioner for Finance, Dr. Rabiu Olowo, the levy pegged at a flat rate of N800, covers monies for the local government, clearing of waste from the motor parks, which was being paid to the Lagos State Waste Management Agency (LAWMA), and pollution, dues which were collected by Lagos State Environmental Protection Agency (LASEPA), among others.

According to Olowo, personal income taxes of the drivers will also be deducted from the N800 levy which commences with immediate effect

With this harmonised levy, each commercial bus driver is expected to pay N800 daily, which accumulates into N24,000 monthly and N292,000 in a year.

Though, the harmonised levy introduced by government does not affect tickets issued by the National Union of Road Transport Workers (NURTW).

Chairman of the Lagos State Chapter of NURTW, Alhaji Musiliu Akinsanya, popularly known as ‘MC Oluomo’ explained that the Union, in collaboration with the Road Transport Workers Union, (RTEAN), had approached the State Government to consolidate the fees collected by different LGAs and agencies to make collection easier for government.

He clarified that the new development affects only government levies but has nothing to do with the union dues charged.

The Special Adviser to the Governor on Transportation, Mr. Toyin Fayinka, stated that the development is the phase one approach towards total restructuring of the transport sector; saying it is expected to bring sanity to motor parks in line with best practices globally.

The Finance Commissioner admitted that bulk of monies collected as levies before now are lost to unknown agents.

He disclosed that research has shown that an average commercial bus pays at least N3,000 as due per day while some buses pay as high as N8,000 to N9,000.

While he described the new development as a form of revenue assurance, he assured that it would have a strong implication on reduction of levies paid by bus drivers at different points/parks before now.

He also said that it will drastically reduce the suffering of the people as it is expected to reduce the cost of road transportation.

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Inaugural flight: Green Africa begins operation in Ibadan Airport

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Green Africa Airline today, 12th of October, 2023 joins the league of other existing airlines operating in Ibadan airport.

The Founder and Chief Executive Officer, Babawande Afolabi officially announced the commencement of operation at the inaugural flight ceremony which was graced the deputy governor of Oyo state, some chieftains and some state house of assembly Honorables.

The airline is scheduled to operate throughout the week except on Wednesdays and will cover Ibadan, Lagos and Abuja.

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Storm Exchange Your Trusted Solution For Digital Currency Exchange

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Storm Exchange over the years have been confirmed to be one of the most reliable platforms to trade digital currency. The platform has also gained wide recognition due to their reliability and swiftness.

Udeogu Chinedu Paul, CEO Storm Exchange is from the Eastern hemisphere of Nigerian but his platform is known all over the world as of today.

Udeogu Chinedu Paul was born on the 1st of April, 1998 and attended Saint Paul primary school and later attended Ikwodiaku Primary school, Awka before later proceeding to Bishop Chrowther Seminary, Awka.

Speaking to newsmen about his journey to being a successful trader, he explains that his secret is simply fear of God. If you include fear of God in everything you do, success will eventually embrace you.

I have never doubted myself from day one, I have never had any plan to be dubious because I know it won’t end well.
The fuel of my success however, is swiftness, reliability and trustworthiness.

I always mention trustworthiness because what I am enjoying today mostly is referrals. My clients always refer me to their friends and family simply because of my level of trustworthiness.

Going forward, Paul sends a strong message to other trading platforms that the digital world is here to stay, it has rapidly evolved and the sky is wide enough for every trader to trade. He therefore, advises them to invest more in trustworthiness for it is the fuel to being a successful trader.

When Paul was asked where he would love to be in few years time, he said he is not stopping until he becomes the number one trader in the whole world. He plans to have the strongest platform in the whole world and prays that God grants his wishes.

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Stock market jumps to 15-year high after Emefiele’s suspension

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The Nigerian stock market rose to its highest level since July 2008 on Tuesday, the first day of trading after the suspension of the Central Bank Governor, Godwin Emefiele.

According to a report by Bloomberg, investors are betting on a currency devaluation and sent the main index of the Nigerian Exchange to above 57,437 points, which contrasted with a flat performance for MSCI’s main emerging equity benchmark.

 

The report stated that this move takes the country’s stocks’ year-to-date gains to 11.8 per cent, almost double the six per cent return on the MSCI index.

It noted that the rally, which followed increased gains on Nigerian dollar bonds on Monday, reflected optimism over the policy signals from the newly elected President, Bola Tinubu.

The head of research at Chapel Hill Denham, Tajudeen Ibrahim, stated, “An improvement in the economy will enhance the performance of companies operating in the market.”

Since resuming office, the new president has scrapped fuel subsidy and recently suspended the apex bank’s governor, Emefiele.

The NGX Banking Index has since risen by 8.5 per cent to 570.64, its biggest advance in more than eight years.

Ibrahim, added, “The exchange rate convergence is expected to lead to improvement in liquidity in the foreign currency market and will increase trading activities for the banks.”

Meanwhile, pressure is mounting on the naira to fall towards its market value. The currency has fallen to 474 per dollar, with traders betting on further depreciation.

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