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December 15, 2023 Inflation and Exchange Rate to Improve in 2024
IFMUYONEWS

Inflation and Exchange Rate to Improve in 2024

Central Bank of Nigeria (CBN) has reassured Nigerians that the soaring inflation and exchange rates would drastically reduce in 2024. The apex bank expects less revenue from oil exports in the fiscal year, just as it puts the total trade from Nigerian Foreign Exchange Market (NFEM) at N18.804 billion in the third quarter of this year.

The CBN governor, Olayemi Cardoso, gave the assurance and breakdown when he appeared before the National Assembly Joint Committee on Banking, Insurance and other Financial Institutions in Abuja.

He told the lawmakers that the outlook for the domestic economy next year was very positive, as both the inflation and exchange rates would withstand fluctuating pressures, and stabilise thereafter.

Cardoso explained that unification of the exchange rate windows in June this year has ushered in a new approach to management geared at reducing arbitrage, rent-seeking behaviour and speculation in the market.

He added that due to prevailing factors, less revenue would be earned from oil exports in 2024. His words: “We expect less revenue from oil exports due to the production limit of 1.78mbpd in 2024. OPEC approved quota for Nigeria is 1.8mbpd, which is higher than the 2024 budget assumption.

“However, the country’s production has been below these thresholds. The budget benchmark for 2023 was 1.69mbpd, but the highest level of production during the year was about 1.35mbpd in Q3 of 2023.

“The reasons for the underperformance of the oil production target include crude oil theft and pipeline vandalisation, production shut-ins and divestments by major oil companies.”

December 14, 2023 Presidency Approves Leadership Changes in The Aviation and Aerospace Development Sector
IFMUYONEWS

Presidency Approves Leadership Changes in The Aviation and Aerospace Development Sector

President Bola Ahmed Tinubu on Wednesday, sacked the heads of various agencies in the aviation sector, replacing them with acting and substantive heads.

They include Mr. Kabir Mohammed of the Federal Airports Authority of Nigeria; Mr. Tayib Odunowo of the Nigerian Airspace Management Agency; Akinola Olateru of the Nigerian Safety Investigation Bureau; Prof. Mansur Matazu of the Nigerian Meteorological Agency; and Alkali Modibbo, the Rector of the Nigerian College of Aviation Technology.

He also suspended the Director-General of the Nigeria Civil Aviation Authority, Captain Musa Nuhu “to enable the Economic and Financial Crimes Commission to conduct an unfettered investigation into the activities of the suspended Director-General and other senior officials in the Nigeria Civil Aviation Authority,” a statement signed by Tinubu’s Special Adviser on Media and Publicity, Ajuri Ngelale, revealed Wednesday night.

The statement is titled ‘President Tinubu approves leadership changes in the Aviation and Aerospace Development Sector.’

Consequently, the President appointed Mrs. Olubunmi Kuku as the substantive Managing Director of FAAN; Umar Farouk as the substantive Managing Director of NAMA; son of former Chief of Air Staff, Mr. Alex Badeh Jr. as the substantive Director-General of the NSIB.

Tinubu also named Prof. Charles Anosike as the substantive Director-General of NiMET, Mr. Joseph Imalighwe as the Acting Rector of NCAT, as Mr Chris Najomo assumes office as the Acting Director-General of the NCAA immediately.

Furthermore, he approved the commencement of the process—to be conducted by the Minister of Aviation and Aerospace Development, Festus Keyamo—to recruit a substantive Vice-Chancellor and other principal officers of the African Aviation and Aerospace University.

The move is “In line with the President’s determination to bring world class standards to Nigerian Civil Aviation in consumer protection and the promotion of the wellbeing of Nigerian passengers and other sectoral stakeholders,” said Ngelale.

The president said he anticipates that the new leadership across the aviation sector will uphold the safety, convenience and comfort of Nigerians people as primary and sacrosanct in all of their administrative activities.

December 12, 2023 Nigeria Customs Targets N6bn Revenue in 2024
IFMUYONEWS

Nigeria Customs Targets N6bn Revenue in 2024

The Nigeria Customs Service has revealed plans to generate at least N6 trillion as Internally Generated Revenue (IGR) for the Federal Government next year.

The Comptroller-General, Mr. Adewale Adeniyi, stated this at the 2024 budget defense before the House of Representatives Committee on Appropriation yesterday in Abuja.

Adeniyi said that the cash was higher than the N5 trillion originally projected in the budget.

“I share the optimism of increasing the revenue to N6 trillion in 2024. So, N6 trillion revenue in 2024 is possible,’’ he said.

The Service would be able to generate the N6 trillion revenue if the Federal Government reduced concession grants in 2024.

‘’The new law will also help us to facilitate a number of issues that will make revenue generation possible,’’ he said.

He frowned at frequent import waivers by government, saying that it was one of the factors that had impeded revenue generation.

‘’If we can get N1.8 trillion in one year that shows the N6 trillion revenue for 2024 is achievable,” he said.

He said many of the goods at the ports were yet to be cleared, adding that when the NCS looked into its system, a number of bill laden were not opened.

He said when an internal audit was conducted, it showed that the NCS realised over N11 billion from that exercise, adding that there were still lots of goods yet to be cleared.

Speaking on import duty exception, Adeniyi said it was usually a presidential order given through the Minister of Finance.

Rep. Abubakar Bitchi, the Chairman of the Committee, commended Adeniyi for his efforts to generate more revenue for the government.

“Is there a possibility to increase your revenue, we will be glad if you can make it N6 trillion for 2024,’’ he said.

December 7, 2023 CBN Orders Disconnection of Non-Deposit Financial Institutions From Transfer List
IFMUYONEWS

CBN Orders Disconnection of Non-Deposit Financial Institutions From Transfer List

Central Bank of Nigeria has ordered deposit Banks to disconnect Switches, Payment Solution Service Providers, and Super Agents from the Nigeria Inter-Bank Settlement System Instant Payment Outwards System.

The NIBSS disclosed this in a circular dated December 5, 2023, with Ref: NIBSS/BD/NI/PO/005/051223 to banks.

According to the national payment infrastructure company, the listing of non-deposit-taking financial institutions as beneficiaries contravenes the Central Bank of Nigeria guideline on electronic payment.

It said, “This is to bring to your attention that listing non-deposit-taking financial institutions such as Switching Companies, Payment Solution Service Providers, and Super Agents as beneficiary institutions on your NIP funds transfer channels contravenes the CBN Guidelines on Electronic Payment of Salaries, Pensions, Suppliers, and Taxes in Nigeria dated February 2014.”

 

It noted that while switches, PSSPs, and SAs may process outward transfers as inflows to banks, they “are not to receive inflows as their licences do not permit them to hold customers’ funds.”

It added, “Another regulatory advice in this regard is the circular with the caption ‘Permissible Services and Products of PSSP Operation in Nigeria’, Ref: BPD/DIR/GEN/CIR/05/004 dated May 11, 2018. Consequent on the above, kindly delist all Switches, PSSPs, and SAs from your NIP Outward Transfer channels only (not inwards).”

To operate in Nigeria’s payment ecosystem, operators must get at least one of the following licences from the CBN, Switching and Processing; Mobile Money Operations; Payment Solution Services; and Regulatory Sandbox. Only MMOs can hold customer funds, according to the CBN.

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