Central Bank Clarifies Export Proceeds’ Repatriation, Utilisation By Oil Companies Petroleum profit tax, royalty, education tax, others eligible for settlement
James Emejo in Abuja
Central Bank of Nigeria (CBN) yesterday clarified that 50 per
cent balance of the repatriated export proceeds could be used to settle financial obligations in the country, whenever required,
during the prescribed 90-day period. The apex bank also emphasised that the initial 50 per cent of the repatriated proceeds could be
pooled immediately or as when required. CBN made the clarification in a circular dated May 6, 2024,
which was signed by CBN Director, Trade and Exchange Department, Dr. Hassan Mahmud, and addressed to all authorised dealer banks.
The circular followed recent enquiries by banks and other Continued on page 11
Presidency: Tinubu Returns Today after 2-Week Absence... Page 9
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New Licensing Round: Era of Frontloaded Huge Oil Signature Bonuses Over, Says Komolafe... Page 9
Cybersecurity Tax: NLC, NACCIMA, Others Fault Timing
Rewane, Yusuf say new fee imposes further burden on beleaguered citizens SERAP issues Tinubu 48-hour ultimatum to reverse levy, threatens lawsuit
Chuks Okocha, Onyebuchi Ezigbo, Ndubuisi Francis, James Emejo in Abuja; Dike Onwuamaeze, Nume Ekeghe, and Kayode Tokede in Lagos
The Nigerian Labour Congress, NLC, Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), others
yesterday faulted the timing of the newly imposed 0.5 per cent tax on most electronic transactions by the Central Bank of Nigeria (CBN).
The CBN announced the new tax on Monday, explaining that the new charge was part of efforts to contain rising threat of cybercrime
in the financial system. But many stakeholders, institutions, and financial market analysts condemned the new levy as an
unnecessary extra weight on a stressed and fraught citizenry. Continued on page 11
Rivers: Lawmakers Whose Seats Were Voided Move to Impeach Fubara Clark asks IGP to caution anti-governor lawmakers Says plot is invitation to chaos
Sunday Aborisade in Abuja and Blessing Ibunge in Port Harcourt War appears to have resumed in Port Harcourt, Rivers State as the 27 lawmakers whose seats were declared vacant following their defection to the All Progressives Congress, APC, and affirmed by the state High Court are moving to initiate impeachment proceedings against Governor Siminalayi Fubara. The 27-member pro-Wike lawmakers led by Martin Amaewhule, were directed yesterday by the Rivers State chapter of All Progressives Congress (APC) to commence impeachment proceedings against the Governor for what the state chapter called "clueless and directionless" governance of the state by Fubara. Caretaker Committee Chairman of APC, Mr Tony Okocha, stated this yesterday at a press conference at his office in Port Harcourt. But elder statesman and foremost nationalist, Chief Edwin Clark, urged the Inspector General of Police (IGP), Kayode Egbetokun, to immediately Continued on page 11
Investigative Hearing on input and output values of Mining industry...
L-R: Minister of Solid Minerals Development, Dr. Dele Alake; Member, Senate Committee on Solid Minerals Development, Senator Amos Yohanna; Sen. Mustapha Khabeeb, Chairman, Senate Committee on Solid Minerals Development, Sen. Ekong Sampson; and Senator Onawu Ogoshi during an Investigative hearing on "The need to comprehensively review the input and output values of the Nigeria Mining Industry in the light of its central role to economic diversification, foreign exchange earnings and social inclusion" at the National Assembly complex in Abuja …. yesterday