Tag Archives: Muhammadu Buhari

FG exempts milk, table water, others from VAT increase

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The Federal Government on Tuesday said it would exempt 10 food items, including milk, table water, barley and sorghum among others from the 7.5% Value Added Tax (VAT) increase it proposed in early September.

President Muhammadu Buhari made this known on Tuesday in its 2020 Appropriation Bill presented to a joint session of the National Assembly.

CBN to expand forex restriction list on food items, echoing president’s order

The Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has said that the apex bank will soon add more items to the list of 43 items that are barred from receiving foreign exchange (forex) from banking sources.

Emefiele made the statement on the sidelines of the presidential retreat for new ministers in Abuja on Monday. He said that banks will not go back on the directive of President Muhammadu Buhari on food importation into the country.

No ban or restrictions on food imports – Buhari

President Muhammadu Buhari on Sunday said there was no truth to a story in the Financial Times of London that his government has placed a ban on the importation of food items into the country.

The president also said that his recent directive to the Central Bank of Nigeria (CBN) not to provide foreign exchange (FX) to food importers did not amount to food restriction.

President Buhari orders CBN to halt Forex provision for food imports

President Muhammadu Buhari on Tuesday ordered the Central Bank of Nigeria (CBN) to stop making foreign exchange available to food importers, saying that the directive is to ensure the steady improvement in agricultural production and to attain full food security.

The statement was made while the president hosted his party’s, All Progressive Congress (APC) governors to eid-el-Kabir lunch at his country home in Daura, Kastina State.

Buhari signs Competition and Consumer Protection bill into law

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President Muhammadu Buhari, on Wednesday assented to the Federal Competition and Consumer Protection Act 2019.

The anti-trust bill which was first proposed by the Bureau for Public Enterprise (BPE) fifteen years ago will seek to eliminate monopoly and ensure competitive trade in Nigeria.

Kaduna State, Danish Government mull partnership on dairy development

President Muhammadu Buhari said on Monday that the dairy farming scheme being proposed by the Kingdom of Denmark and the Kaduna State Government would go a long way in reducing clashes between herdsmen and farmers which has left scores of people dead.

Buhari’s statement came while he received the outgoing Ambassador of Denmark, Mr Torben Gettermann at the Presidential Villa in Abuja.

Group calls on FG to shelve N179bn plan to set up ranches

A group known as the Southern and Middle Belt Leaders Forum has rebuffed the Federal Government’s plan to spend N179bn to set up ranches across the country for herdsmen in 10 years, starting with a N70bn budget under the President Muhammadu Buhari administration.

AFBTE, NUFBTE call on FG to rescind new excise duty rate increase on alcohol, tobacco set for June

Stakeholders in the food, beverage and tobacco sub-sector have called on the Federal Government to suspend its proposed increase on excise duty rates on alcoholic beverages and tobacco products which is set to go into effect on June 4, 2018.

The group said that it was with deep regret that the government was making plans to raise the excise duty rates at a time industry producers were experiencing declining volumes and contracting margins, noting that the effect of absorbing the cost of the new excise duty regime would be over-whelming on industry players.

Senate seeks suspension of proposed excise duty rate increase on locally produced alcoholic beverages

The Senate, on Tuesday called on the Federal Government to suspend the planned excise duty increase on locally produced alcoholic beverages set to go into effect on June 4th. The Upper Chamber of the National Assembly said that the increase which would raise the excise duty rate on alcoholic beverages from the current rate of 20% to 67% represents a 300% increase and should be suspended until there is a better understanding of the new policy by all stakeholders in the interest of the national economy.

NUFBTE chides FG’s new excise duty on alcoholic beverages, tobacco

The National Union of Food Beverage and Tobacco Employees (NUFBTE) has criticised the Federal Government and threatened to go on a labour strike over the planned increase on the excise duty rates for alcoholic beverages and tobacco.

While speaking at a meeting by the organised labour, President of NUFBTE, Lateef Oyelekan, said that more than 20,000 workers are presently employed in the alcoholic and tobacco sector and may lose their jobs if the amendment takes effect.