Economy
Senate Gives Customs N3.019trn Revenue Target for 2022
By Modupe Gbadeyanka
The Nigeria Customs Service (NCS) has been given a revenue target of N3.019 trillion by the Senate for the year 2022 as it approved the N369.04 billion budget for the agency in the year under review.
The target was set by the upper chamber of the National Assembly on Wednesday after the consideration of a report by the Committee on Customs, Excise and Tariffs headed by Mr Francis Alimikhena.
According to the lawmaker, out of the N3.019 trillion revenue target, the NCS is expected to rake in N1,693,157,559,312.00 from import duty; N161,695,617,629.00 from excise duty, with N3,717,140,635.00 from fees and penalties to be remitted to the federation account.
He said levies accruing to the federation account include CET Levy of N70,178,545,176.00; wheat flour levy of N837,418,335.00; wheat grain levy of N87,450,026,612.00; 100 per cent rice levy of N15,070,518.00; and 100 per cent cigarette levy of N1,888,165,554.00.
Revenue accruing to the non-federation account are 7 per cent surcharge of N76,175,498,801.00; 5 per cent sugar levy of N12,919,481,337.00; one per cent CISS of N100,202,094,260.00; 0.5 per cent ETLS of N52,411,346,601.00; 10 per cent iron/steel levy of N1,038,736,773.00; cement levy of N1,108,340,373.00; NESS of N2,797,028,658.00; 35 per cent automotive levy of N6,576,520,172.00; and import VAT of N746,964,607,563.00.
As for the budget for the customs in 2022, Mr Alimikhena said out of the total expenditure of N369.04 billion, N108.85 billion is for personnel costs; N45.89 billion for overhead costs; and N214.30 billion for capital costs.
Giving a highlight of the NCS budget, he explained that the service in 2022 would implement the e-customs project to include the automation of customs agency licenses and Vehicle Identification Numbers (VIN).
He stated that the NCS in collaboration with relevant government agencies would pursue improved internally generated revenue by implementing the 2021 Finance Act.
According to the lawmaker, the excise duty of 6 per cent on telecommunication services and N10 per litre on carbonated drinks is expected to commence fully within the 2022 fiscal year.
By Adedapo Adesanya
Five stocks kept the NASD Over-the-Counter (OTC) Securities Exchange in the negative territory by 0.14 per cent on Thursday, March 27.
When the alternative stock exchange ended trading activities for the day, the NASD Unlisted Security Index (NSI) was down by 4.70 points to 3,310.51 points from the previous trading day’s 3,315.21 points.
In the same vein, the market capitalisation of the bourse fell further by N2.72 billion at session to settle at N1.912 trillion compared with the preceding day’s N1.914 trillion.
The volume of securities traded at the bourse yesterday rose by 2,272.7 per cent to 712,439 units from the 30,026 units recorded on Wednesday just as the value of securities traded went up by 728.2 per cent to N30.5 million from the N3.7 million quoted at the preceding session, with the number of deals executed at the Thursday session increasing by 253.9 per cent to 46 deals from 13 deals.
Okitipupa Plc lost N16.00 to sell at N240.50 per unit versus Wednesday’s value of N256.50 per unit, Afriland Properties Plc dropped 58 Kobo to trade at N18.92 per share compared with the previous day’s N19.50 per share, FrieslandCampina Wamco Nigeria Plc depreciated by 27 Kobo to N36.73 per unit from N37.00 per unit, Geo-Fluids Plc crashed by 15 Kobo to trade at N2.50 per share versus N2.65 per share and Food Concepts Plc fell by 5 Kobo to N1.30 per unit from N1.35 per unit.
On the flip side, Central Securities Clearing System (CSCS) Plc improved by N1.68 to N25.21 per share from N23.53 per share and Nipco Plc gained 70 Kobo to settle at N200.50 per unit, in contrast to the previous rate of N199.80 per unit.
FrieslandCampina Wamco Nigeria Plc became the most traded stock by value (year-to-date) with 13.7 million units valued at N528.90 million, Impresit Bakolori Plc followed with 533.9 million units worth N520.9 million, and Afriland Properties Plc with 17.8 million units valued at N364.2 million.
However, Impresit Bakolori Plc remained the most active stock by volume (year-to-date) with 533.9 million units worth N520.9 million followed by Industrial and General Insurance (IGI) Plc with 70.0 million units worth N23.8 million and Geo-Fluids Plc with 44.0 million units valued at N89.0 million.
By Adedapo Adesanya
The Naira witnessed the fourth straight depreciation this week on Thursday, March 27, losing 0.07 per cent or N1.11 on the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) to close at N1,538.91/$1 compared with the previous day’s value of N1,537.80/$1.
The pressure on the local currency came amid claims of speculation in the FX market by the Central Bank of Nigeria (CBN).
However, there are indications that the CBN may intervene in the market soon after the nation’s foreign reserves rose to $38.322 billion on uptick in oil prices.
Equally, the Naira depreciated against the Pound Sterling in the official market by N5.50 to close at N1,990.87/£1 versus Wednesday’s closing price of N1,985.37/£1 and tumbled against the Euro by 47 Kobo to finish at closed N1,659.59/€1, in contrast to midweek’s value of N1,659.12/€1.
At the black market, the exchange rate of the Nigerian currency and it’s American counterpart remained unchanged yesterday at N1,560/$1.
In the cryptocurrency market, there were major red outcomes as the market reacted after two of President Donald Trump’s nominees for future crypto regulation – Paul Atkins expected to run the Securities and Exchnage Commission (SEC) and Jonathan Gould to lead the Office of the Comptroller of the Currency – faced the nomination hearing in the US Senate.
However, there were no proper oversights examined on the governance and growth of the industry.
Dogecoin (DOGE) depreciated by 6.7 per cent to sell at $0.1842, Ethereum (ETH) slumped by 5.2 per cent to $1,922.84, Ripple (XRP) fell by 4.6 per cent to $2.25, and Litecoin (LTC) recorded a 4.3 per cent slide to trade at $89.99.
Further, Cardano (ADA) fell by 3.8 per cent to $0.7114, Solana (SOL) declined by 3.3 per cent to $134.29, and Bitcoin (BTC) lost 1.8 per cent to sell for $85,930.47.
However, Binance Coin (BNB) went up by 0.4 per cent to $632.92, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) sold flat at $1.00 each.
By Adedapo Adesanya
Oil prices closed higher on Thursday, spurred by a tightening of crude supplies along with new US tariffs and their expected effect on the world’s economy.
Brent crude futures gained 24 cents or 0.3 per cent to settle at $74.03 a barrel and the US West Texas Intermediate (WTI) crude futures rose by 27 cents to trade at $69.92 per barrel.
Traders assessed President Donald Trump’s imposition of a new 25 per cent tariff on potential buyers of Venezuelan crude.
Oil is Venezuela’s main export and China, which is already the subject of US tariffs, is the largest buyer.
The 25 per cent tariff to be imposed on buyers of Venezuelan oil will take effect on April 2 and would be combined with any existing tariffs, according to the executive order.
The tariff will expire one year after the country last imported Venezuelan oil, the order said, and would apply to countries that buy the commodity from Venezuela through third parties.
Alongside China, India, Spain, Italy and Cuba are other consumers of Venezuelan oil.
Following this, India’s Reliance Industries which operates the world’s biggest refining complex, will halt Venezuelan oil imports following the tariff announcement.
India moved on Thursday to deny entry to a Tanzanian-flagged tanker carrying Russian crude, signaling that the country is ramping up scrutiny of vessels transporting oil from Russia.
India has become the largest importer of Russian crude, with Russian oil comprising roughly 35 per cent of its total crude imports last year. However, the country has faced increasing pressure due to US and European sanctions targeting Russian oil exports, which have disrupted global shipping routes.
Also, President Trump unveiled his plan on Wednesday to implement 25 per cent tariffs on imported cars and light trucks effective next week, while those on auto parts begin on May 3.
Market analysts do not expect prices to return to the higher levels seen in early 2025 as uncertainty over U.S. policy and the prospect of tariff wars weigh on demand.
Data on US crude inventories on Wednesday showed tighter U.S. supplies, as stockpiles fell by 3.3 million barrels last week.
Meanwhile, the number of Americans filing new applications for unemployment benefits slipped last week.
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