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ITS OKAY MOTORS – The Best Place To Rent Toyota Prado & Land Cruiser , SUVs In Nigeria

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Imported vehicles: Dealers threaten shutdown over 15% levy

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As controversy continues to surround the introduction of 15 per cent National Automobile Commission levy imposed on imported used vehicles by the Nigeria Customs Service, car dealers have threatened to close their stores this week.

The NCS had recently introduced a 15 per cent National Automobile Commission levy on used imported vehicles, a decision which didn’t go down well with clearing agents in the country’s maritime sector.

The agents argued that the NAC levy is mostly meant for new vehicles, questioning the rationale behind the introduction of the duty on used vehicles.

In a quick response, the service, in a statement by the National Public Relations Officer, Timi Bomodi, said the move was in compliance with the Economic Community of West Africa Common External Tariff.

 

The statement read in part, “On Friday the 1st of April 2022, the Nigeria Customs Service migrated from the old version of the ECOWAS Common External Tariff (2017- 2021) to the new version (2022- 2026). This is in line with World Customs Organization five years review of the nomenclature. The contracting parties are expected to adopt the review based on regional considerations and national economic policy.

“The nation has adopted all tariff lines with few adjustments in the extant CET. As allowed for in Annex II of the 2022-2026 CET edition, and in line with the Finance Act and the National Automotive policy, NCS has retained a duty rate of 20 per cent for used vehicles as was transmitted by ECOWAS with a NAC levy of 15 per cent. New vehicles will also pay a duty of 20 per cent with a NAC levy of 20 per cent as directed in the Federal Ministry of Finance letter ref. no. HMF BNP/NCS/CET/4/2022 of 7th April 2022.”

But in a chat with our correspondent in Lagos on Monday, the Lagos chapter Chairman of the Association of Motor Dealers of Nigeria, Metche Nnadiekwe, disclosed that the group would be meeting this week.

He noted that the outcome of the meeting would determine if the group was going to close their stores or not.

“How can we continue to run a system like this? This is really bad and until we get things right in this country, we are not going to move forward. We will have a meeting, come up with a strategy and take a position on that. We may stop selling and do some checks and balances because if we are going to sell the ones we have, we are definitely going to buy new ones. The issue is that no one knows the policy they may introduce next week, so, hopefully, before the end of this week, we may stop selling and know what next to do.”

The AMDON Lagos chair complained that the government was in the habit of not carrying stakeholders along when making certain policies.

“You know that the Nigeria Customs Service wakes up any time they want and try to introduce something extraordinarily without informing stakeholders.

“Some people are stakeholders in certain businesses and when you want to introduce certain policies, why don’t you consider them? Can’t you even discuss with them to know how these people are going to be affected? So, it looks as if it is a calculated attempt to deal with certain people. We don’t really know what is going on here and, remember, wherever there is this type of thing, Nigerians will be the ones that suffer it.”

He said by the time the dealers paid the levy imposed by the NCS, vehicle prices would go so high that many Nigerians would not be able to afford them.

“So, I don’t know whether it is an attempt to take us out of business or what. We keep wondering what is actually going on. Sometime ago, it was Vehicles Identification Number and now it is this one,” he concluded.

Also speaking, the General Secretary, AMDON, Tia Olaniran, said the situation was already having an adverse impact on their businesses.

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N4trn bill: How petrol subsidy grew by 349.42% in 3 years

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Petrol subsidy payments grew by 349.42 per cent from N350 billion in 2019 to N1.573 trillion in 2021, propelled by the rising price of crude oil in the international market and the falling value of the Naira.

 

The cost of subsidizing the product in 2020 was N450 billion. In 2022 alone, the total cost of subsidy in January and February was N396.72 billion, the latest data from the Nigerian National Petroleum Corporation, NNPC, has shown.

Federal legislators approved the sum of N4 trillion to be spent on petrol subsidies in 2022.

The Federal Government had previously disclosed through the Minister of Information, Alhaji Lai Mohammed, that it spent N10.413 trillion on fuel subsidies between 2006 and 2019.

With Nigeria importing all its petrol from refineries abroad, the low value of the Naira has had a significant impact on the pricing of the product in-country.

None of the three government-owned refineries is currently operational, despite huge investments in their Turn Around Maintenance (TAM) by the government.

The current administration has failed on its promise to make the refineries operational within a short period of assuming office.

Deregulation on hold

A plan by the government to deregulate the sector, following enactment of the Petroleum Industry Act (2021) that prescribes a free market for the downstream sector of the petroleum industry has been abandoned, with the government seeking and obtaining budgetary approval to spend N4 trillion on petrol subsidy.

The annual expenditures on petrol subsidy under the current administration contrast very sharply when compared with fuel subsidy under the government of former President Goodluck Jonathan, which was accused of fuel subsidy fraud.

According to data published by the defunct Petroleum Products Pricing Regulatory Agency, PPPRA, the Federal Government paid a total of N2,105.92 trillion in 2011, an increase of N1,437.84 trillion from the 2010 payment.

It also noted that in 2012, N1.35 trillion was paid as a subsidy, the highest within the period under review.

“A total of N 1, 316 trillion in 2013, N1,217 trillion in 2014 and N653.51 billion in 2015 was paid as subsidy claims,” it added.

It noted that the NNPC since 2016, had been the sole importer of the product to the country.

Determined to curb fiscal leakages associated with the fuel subsidy regime, President Jonathan had announced deregulation of the downstream sub-sector, with a view to eliminating fuel subsidy.

However, incumbent President Mohammadu Buhari, and other opposition party leaders, under the Save Nigeria Group, organised nationwide protests to stop Jonathan from going ahead with the decision.

Other notable Nigerians that led the mass protest included Pastor Tunde Bakare, who was Buhari’s running mate in Congress of Progressive Change (CPC) and Governor Nasir el-Rufai of Kaduna State.

The protests forced Jonathan to rescind the policy. When Buhari took over power in 2015, his government initially refused to pay fuel importers for products imported into the country.

It took a fuel crisis, characterised by long queues, to force the government to pay the debts, as the marketers insisted that they would not import more products unless their earlier bills were settled.

The Buhari administration was to later come to terms with the realities of the rot in the industry.

President Buhari made himself Minister of Petroleum and by so doing, has directly managed the petroleum industry. However, he has failed to make any policy changes.

‘Global price of crude determines petrol price here’

Speaking in a telephone interview from Ibadan, Director, Centre for Petroleum, Energy Economics and Law, University of Ibadan, Professor Adeola Adenikinju said the price of petrol is determined by the international price of crude and cost of foreign exchange.

Adenikinju noted that the government’s decision to continue subsidy payment was more political than economic, given the revenue challenges facing governments at all levels.

He pointed out that by retaining the petrol subsidy, the government would find it difficult to meet other commitments.

According to him, “It is a political decision, not an economic one. Economically, we know that subsidies have been very costly to the country and this is going to have serious implications on government revenue, particularly the state governments.

“The states are going to feel it more because they depend heavily on revenue from the Federation Account and secondly, they do not have the leverage to borrow like the Federal Government.

“If it goes ahead, the states are going to be hard-hit financially and it is going to be extremely difficult for them to meet all their commitments in terms of payment of salaries and keeping their obligations to pensioners”.

He noted that he would not be surprised later in the year if the states and local governments are unable to meet their commitments.

The university teacher also pointed out that the decision went beyond just revenue but would also have implications for the oil industry.

“It is also at the heart of the deregulation of the downstream sector. It will have implications for the implementation of the Petroleum Industry Act 2021 significantly because the decision on pricing is about market forces being at play to allow investment decisions to be made.

“This is going to hinder investment, so we can say that until the issue is resolved there is not going to be much private investment flow to the downstream sector.”

He blamed the middle class and the elite, who he said are the main beneficiaries of the petrol subsidy regime for mounting pressure on the government to retain the policy.

“Once you touch the middle class, the elite, they react. The argument is about the protection of the privileges of the middle class to which the labour unions belong. This is because kerosene was deregulated, nothing happened, diesel was deregulated, nothing also happened but once you touch something that affects the middle class, it becomes difficult to implement because they have access to the media”, he added.

‘Loss of confidence in govt by citizens’

He also blamed the resistance to the policy on citizens’ loss of confidence in the government, pointing out that over time Nigerians no longer trusted the government.

Adenikinju urged the government to intensify negotiations with organized labour, noting that ending the costly subsidy regime is critical to the financial state of governments at all levels.

On his part, Independent Oil and Gas Governance Consultant, Mr Henry Adigun, in an earlier interview with Vanguard, argued that it is impossible for Nigerians to expect to continue to pay the same rate for petrol while it was rising in other countries due to crude oil price in the international market.

Adigun noted that while the reluctance of the government to have petrol subsidies removed is understandable, Nigerians must know that the payment would have to come from somewhere.

According to him, “the challenge about PIA is not about the quality of the law but implementation, and so far the government has been very inconsistent in the implementation and they have not really allowed it to work.

“I understand that you cannot have subsidy removal now because the hardship on Nigerians would be immense. We have a situation whereby inflation is about 17 per cent and food prices have soared. Any attempt to increase petrol price will mean that a litre of petrol will probably sell at N270-N285.

“That would have a knock-on effect on inflation, food basket and on many other things, and at the point, we are in now, we cannot afford that as it might lead to social unrest. Our people are very angry because there is poverty in the land”.

How subsidy rose sharply, by MOMAN scribe

Speaking to Vanguard in a telephone interview, the Executive Secretary of Major Oil Marketers Association of Nigeria (MOMAN), Mr Clement Isong, explained that three factors were responsible for the astronomical rise in petrol subsidy.

Isong listed a rise in the international price of crude oil, foreign exchange rate and high rate of petrol smuggling across Nigeria’s borders.

He said: “The first is the international cost of crude oil and the derivative products like Premium Motor Spirit (petrol) has gone up significantly as a result of the Russian war in Ukraine. So the price of crude itself, and the price of petrol, diesel and all products that come from petroleum have gone higher than they normally would be because of the war and the sanctions imposed on Russia, which is a major exporter of crude.

“Secondly, the rate of foreign exchange is exceedingly high right now. That is to say, the exchange rate for the Naira is at its highest level. I’m not talking of the black market which is even higher, I’m talking about the Central Bank of Nigeria rate which is N411-N414 to the dollar. It is higher than it has ever been historically.

“Finally, and this is the most important reason because you have capped the price, at one third or one quarter, of the price that it is across the borders, the propensity for the product to move across the borders is at the highest.

“What I mean by that is that so many people, ordinary Nigerians, ordinary human beings on both sides of the border engage in moving the product from the Nigerian side to the other side. Whether we are talking about Cameroun, Chad, Republic of Benin, Niger or Equatorial Guinea, this product goes to the whole Central and West African regions.

“This is because it is a simple law of economics that the product will follow where the price is highest. The product will go there by itself. Now because there is so much product going out, and the government doesn’t want queues in Nigeria, the government has increased the amount of product that it is importing for the Nigerian people”, he added.

He explained that the combination of these factors has brought Nigeria to where it is at the moment.

Isong explained that ordinarily, the volume being imported into the country ought to be lower, but the activities of smugglers have shot up the volume.

“For all, you know, maybe our consumption in Nigeria is normally 30, 35, maybe 40 million litres per day, in the last couple of years it has been between 60 and 65 million litres per day which were already too high because of the price cap but now that the differential between the price in Nigeria and in neighbouring countries is even higher, the volume that will go outside Nigeria will be higher.

“So, this year, we are averaging between 70 and 80 million litres per day. That volume is not consumed in Nigeria. The solution is simply for Nigerians to put up their hands and say to the government, we no longer want subsidies. The subsidy is killing our country, subsidy is killing us”.

The MOMAN scribe noted that while he understood the argument behind the government’s decision, removing subsidies is in the best interest of the country.

“The position of the industry as a whole is this: the industry is against the subsidy. We have always been against it, we will always be against it. We are against the concept of price regulations which is what brings the subsidy”, he stated.

Subsidy widens FG’s deficit

The Federal Government said that the fuel subsidy was widening its deficit gap so much that it was considering tapping the 2 billion Euros it raised in the Eurobond sale last year to support its fiscal position.

Reuters reported the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, as disclosing this at the Arab-African Conference in Cairo, Egypt.

She said that the administration will target more local borrowing this year to help fund the budget deficit which has been exacerbated by rising oil prices, due to Russia’s war in Ukraine.

Mrs Ahmed was quoted as saying, “Rising oil prices have put us in a very precarious position … because we import refined products … and it means that our subsidy cost is really increasing.” The Federal Government had, in September last year, raised 4 billion Euros from the international capital market.

Although the President Muhammadu Buhari administration had announced plans to end fuel subsidies in June, it later reversed itself following a public outcry against the decision.

It then extended the subsidy by 18 months to avert any protests in the run-up to presidential elections next year, as part of its external borrowing plan.

Rather than being an advantage to Nigeria as a major oil producer, the high crude oil prices have become a burden for the country as the fuel consumed locally is imported.

The Buhari administration has failed in its promise to make the four refineries owned by the Nigerian National Petroleum Company Limited become operational, despite huge investments in their Turnaround Maintenance.

The NNPC has given the excuse of high under-recovery as the reason why it has not been remitting oil revenue to the Federation Account, from where the three tiers of government share federation revenue on a monthly basis.

Even the Monetary Policy Committee, MPC, recently aired its concern over NNPC’s non-remittance of oil proceeds at a time when oil prices have risen very high to the advantage of other oil-producing nations of the world.

The exact volume of Premium Motor Spirit, PMS, popularly known as petrol consumed in the country remains a subject of contention. The state governors had rejected the NNPC’s claim of 75 million litres of daily consumption.

The Minister of Finance had announced that a committee was working to reconcile the financial position of the NNPC, in respect of the under-recoveries, and the remittance into the federation coffers. The reconciliations have yet to be made public.

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World Bank suspends Nigerian firm, MD for bribery

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World Bank

 

World Bank has sanctioned SoftTech IT Solutions and Services Ltd., a Nigerian information technology solutions company, and its Managing Director, Mr Isah Kantigi, for alleged corrupt practices.

The firm, which was involved in the National Social Safety Nets Project, was sanctioned for 50 months while the managing director was sanctioned for 60 months.

This was contained in a statement titled ‘World Bank Group debars SoftTech IT Solutions and Services Ltd. and its managing director’, which was published on the bank’s website on Wednesday.

The statement read in part, “The Bank Group today announced the 50-month debarment of SoftTech IT Solutions and Services Ltd., an information technology solutions company based in Nigeria, and the 60-month debarment of its managing director, in connection with corrupt practices as part of the National Social Safety Nets Project in Nigeria.

“The debarments make SoftTech and Mr Isah Kantigi, a Nigerian national, ineligible to participate in projects and operations financed by the World Bank Group.”

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It was said that the firm and the managing director were sanctioned for improper payments made to certain project officials.

 

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