Index to Nigerian Newspapers

In strict enforcement of its anti-smuggling mandate, the Nigeria Customs Service (NCS) said it seized over 100 assorted exotic vehicles from individuals and corporations who evaded duties or paid inappropriate charges on them. The brand of vehicles include; Toyota Hilux, Toyota Land Cruiser, Lexus and other Sports Utility Vehicles (SUVs) and sedans.

To this end, the Service has called on relevant stakeholders to synergise with its officers and men to effectively suppress smuggling of vehicles into Nigeria.

As the quest to achieve energy security hots up , the federal government plans to attract fresh $18bn billion investment s  into the petroleum sector , with special interest in gas and other cleaner energies. The chief  upstream investment officer of the NNPC upstream investment management services NUIMS, mr Bala wunti made the disclosure in Abuja on wednesday , at panel session themed'' The investors perpective  Assessing the attractive of Nigerias' energy sector '' which held  on sidelines of the 22nd edition of theNOG Energy week.The panel discussed blight stunting the growth and blocking the nation from harenessing the bounties in the sector. panelists aiso discussed the funding for non production and the petroleum industy Act had on the investors' appetite.

Former commissioner of finance, lmo state, prof uche uwaleleke, has advised federal government to ensure that the anticipated $1.5 billion concessionary, budget- support loan is chaneled into capital  expenditure and not recurrent. '' But if it has come with a lot of conditions especially to do with a lot of copnditions especially to do with the implementation of IMF /world bank recommendations in relation to ongoing reforms in nigeria or it is going to be used for cash transfers or applied to non-capital projects, then it only ends up compounding our economic woes'', he explained. the minister of finance, budghet and national planning, mr wale edun,at the  weekend, said that world bank will soon release the $1.5billion concessionary loan to support budget funding. he made the disclosure at a press briefing on the annual meetings of the world bank and lnternational monetary fund federal executive council on monday today, to  secure approval. he added that te facility comes with a near- zero intterest, which provides a soothing relief over mounting sovereign debt and debt servicing. 

Against the backdrop of the $3 billion emergency loan secured by the Nigerian National Petroleum Company Limited (NNPCL) from Afreximbank last week to redeem the tumbling naira and stem volatilities around the foreign exchange market, some economic experts have called for the careful utilisation of  the money so as to create the needed impacts on the economy as envisaged. 

This was even as the noted  that the loan creates an erroneous impression of insolvency on the part of the Central Bank of Nigeria (CBN) saying it was an unhealthy signal to foreign investors.

In his submission on the matter, a financial economist and Professor of Capital Market at the Nasarawa State University Keffi, Uche Uwaleke told Daily Sun that some clarity on the loan was necessary.

“If the security for the loan are some barrels of future crude oil production, at what forward contract price was this negotiated? In view of the fact that all proceeds of crude oil sales are paid by into the federation account, this sort of swap transactions has implications for FAAC receipts meant for the three tiers of government”.  Also reacting, the Director General, Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf, said Nigeria was currently neck-deep in liquidity crisis at the foreign exchange market, saying that some options were on the table for the country to embrace.

Tinubu steps in as president, The 16th president vowed to defend Nigeria from terror as he hammered on peace, Let us develop a shared sense of fairness and equity. “Whether from the winding creeks of the Niger Delta, the bustling capital of Abuja, He pledged to relate to all compatriots. “We intend to accomplish this by taking the following steps: budgetary reform stimulating the economy without engendering inflation. Power generation should nearly double and transmission and distribution networks. “My administration must create meaningful opportunities for our youth. Encourage light industry and provide improved social services for the poor, “Monetary policy needs thorough housecleaning. The Central Bank must work towards a unified exchange rate and foreign policy..