Business and Finance News

Here are your top 5 Business and Finance News items for the day: Non-oil exports rebate, Russia-Ukraine war, Company income tax and Freight forwarding news.

Non-oil Exports Rebate

… Exporters To Get N65/$ Rebate On Non-Oil Exports – Leadership

For non-oil export proceed sold to third parties through Investors and Exporters (I&E) window, exporters will get a rebate of N65 for every US Dollar, according to the Central Bank of Nigeria (CBN). The apex bank, which stated this in a circular on Friday, said that the rebate forms part of the benefits under the Non-Oil Exports Proceed Repatriation Rebate Scheme.

In the circular titled, ‘Operating Guidelines for RT200 Non Oil Exports Proceed Repatriation Rebate Scheme,’ the apex bank stressed that the scheme is part of the RT200 FX programme recently introduced by it aimed at attracting $200 billion in foreign exchange earning from non oil exports proceeds over the next three to five years. “The scheme shall pay N65 for every US$1 repatriated and sold at the I & E Window to Authorised Dealers and Banks (ADBs) for other third party use, and N35 for every US$1 repatriated and sold into I&E for own use on eligible transactions only”.

Russia-Ukraine war

… Fuel scarcity may continue, oil vessels face delay on sea

The ongoing war between Russia and Ukraine may further prolong the over three-week scarcity of Premium Motor Spirit, popularly called petrol, in Nigeria, as bulk of the refined products coming into the country from the warring region and its adjoining areas are likely to face some delays. It was also gathered on Sunday that traders who supply Nigeria with refined petroleum products might pause a little due to the deficit in the supply of crude oil cargoes from the Nigerian National Petroleum Company Limited.

NNPC brings in refined petrol into Nigeria using contractors or traders through its Direct Sale Direct Purchase scheme. Under the scheme, the oil company provides crude oil to its trading partners, who in turn supply the NNPC with refined products worth the volume of crude received from the national oil company – Punch

Company Income Tax

… FG raked in N1.69tn company Tax in 2021

The Federal Government raked in N1.69tn from company income tax in 2021, according to statistics from the National Bureau of Statistics. This is a 19.56 per cent increase from the N1.41tn that was collected in 2020. According to the NBS data, the Federal Government raked in N392.77bn during the first quarter of 2021, N472.07bn in the second quarter, N472.52bn in the third quarter, and N347.81bn in the fourth quarter of 2021 – Punch.

Freight forwarding

… Agents to resume clearing after NSC intervention

Following the intervention of the Nigerian Shippers’ Council (NSC), freight forwarding associations have agreed to resume the clearing of general cargo and containers from Tin-Can Island Port while vehicle clearance will remain on hold until further notice.

During a meeting with the management of NSC yesterday, the representatives of the protesting freight forwarding groups decided to put vehicle clearance on hold as a result of outrageous duty Customs imposed on imported vehicles through introduction of Vehicle Identification Number (VIN) valuation policy.

The Executive Secretary of the NSC, Emmanuel Jime, who spoke during the meeting at the Council’s headquarters in Lagos, described the actions of the freight forwarding groups as a patriotic move, which is for the benefit of both the consumers and the economy at large – The Sun



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