Economy
Edo to Partner RTEAN on Harmonized Tax Bill
By Dipo Olowookere
Edo State government has promised to work with the Road Transport Employers Association of Nigeria (RTEAN) in the implementation of the proposed harmonized tax and levies bill in the state.
This pledge was made by the state Governor, Mr Godwin Obaseki, while receiving both the national and state executives of RTEAN in government house in Benin City on Tuesday.
Mr Obaseki told the union that “We want to work with you and your members on how to implement this bill so that what is due to you can come to you and what is due to our government can also come to our government.”
He emphasised that his administration “will not and cannot accept any level of illegality in the state because our democracy is based on the rule of law.”
According to the Governor, for proper accountability, an electronic platform would be used as a mode of collecting taxes in the state, pointing out that this method would create an atmosphere where tax would be collected in a civilized and proper manner.
Mr Obaseki, who expressed delight in receiving the members of the union in his office, noted that their presence had cleared certain misconceptions that would have tarnished the name of the association.
According to him, you are responsible and reliable patriots who had kept the engine of the economy running.
Earlier, RTEAN’s Secretary General, Mr Yusuf Adeniyi, who led the delegation to government house, said the body “is a responsible organization”.
He said that his members had contributed to the development of the transport sector in country in, no small measure.
He, however, disassociated itself from whatever illegal activities of Mr Eriyo Osakpanwan, the erstwhile Chairman of the state chapter and apologized to the state government on behalf of the union.
Mr Adeniyi said for proper re-direction of members in Edo state, the National Executives Council (NEC) of the body had dissolved the present State Executive Council (SEC) in the state.
He said that a care-taker committee had been duly constituted to pilot the affairs of the association in the state pending the election of a new set of executives.
“We shall remain loyal and committed in supporting the government of Edo state to achieving its set objectives of developing and ensuring better life for the people and dwellers in the state.
“We are assuring you of total and strict adherence to the rule of law and regulations, maintenance of law and order, and better security, to allow businesses to thrive” he said.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
