Federal Government Academy Suleja (Center for the Gifted & Talented) 2017/2018 Provisional Admission List is Out! – Click Here for the Full List
WASSCE 2017 for Private Candidates (GCE) – See Timetable Download Past Questions with Answers – Click Here!
Senate President, Dr. Bukola Saraki, yesterday urged the Central Bank of Nigeria (CBN) to recover N30 billion waivers on taxes and duties that would have been collected on importation of rice.
The Senate president insisted the money must be paid back into governmen’s coffers.
2017 National Common Entrance Examination into JS1 of Federal Unity Colleges in Nigeria - Click Here for Updates
He said this when he met with the Central Bank Governor, Godwin Emefiele and top management of the apex bank yesterday.
Download SSCE (WAEC and NECO) Past Questions with Answers in all subjects; attempt online ssce questions and win FREE Airtime - Click Here
Senator Saraki said the chamber would compel the Nigeria Customs Service (NCS) to act on the matter on resumption of plenary.
He said: “The recent policy you (CBN) have taken on some selected items, particularly key ones that have to do with agricultural products like rice, chicken, palm oil, and even in the areas of textiles, our policy is that we, after listening to you, believe that they are steps taken in the right direction to try to help our economy in the area of import and export substitution.
“But one of the observations we also made was that the Central Bank alone cannot make it all work in this area. We must also show the big signals in things that will bring out the success of this policy. For example, you brought to our notice, the issue of the waivers on taxes and duties, especially on rice, which is about N30 billion, that were granted to certain companies, this money must be paid back to the Federal Government.
“We have mentioned this to the governor of the Central Bank. It will be our resolve, too, after we resume to get the Nigeria Customs to act on this.
“We have told the governor of the Central Bank as wel; he should also go and collaborate with customs to ensure that this N30 billion comes back to the government coffers, so that we will be seen to be doing things to make this policy successful.
“Secondly is the issue of smuggling, because no matter how good this policy on import substitution looks, if smuggling can still be going on the way it is now, this policy will not be successful.
“That area as well, especially the big smugglers that are well known, it is time that action is taken to stop it. Thirdly, all other items that fall under agriculture that we can produce locally must be reviewed.
“We also stressed the need to also continue to work closely with the CBN by meeting regularly to review the policy so that we can look at the effectiveness of the policy.
“The key issue is also fiscal discipline, we cannot de-emphasise it. The CBN must know those agencies of government that had in the past not been sending revenues straight to the consolidated revenue purse and you must play a role in ensuring that this is done because a lot of agencies are used to this act of impunity and it is time that we must play a role that these agencies bring the money back.”
Before going into a closed-door session with the lawmakers, Emefiele said the nation’s external reserves rose from $29.1 billion to $31.89 billion as at July 7.
He attributed the rise to President Muhammadu Buhari blocking the leakages, adding that it was expedient to stop rice importation as several tonnes of locally produced parboiled rice were unsold in the nation’s rice market.
“Reflecting the sharp fall in oil prices and speculative foreign exchange activities, the external reserve declined from $37.3 billion in June 2014 to $29.1 billion at the end of June of 2015. I am delighted to note that with the strong efforts of President Muhammadu Buhari to block all leakages as well as the vigilant demand management strategy of the Central Bank of Nigeria, we have seen our foreign exchange reserve begin a gradual recovery.”
Receive BREAKING NEWS Alerts, Subscribe Below
For your news articles, press release, Breaking News, send e-mail to email@example.com