Cyber Security Levy controversy: CBN clarifies on monetary policy guidelines'24-25 - ITREALMS

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The Central Bank of Nigeria (CBN) has made some clarifications on the monetary, credit, foreign trade and exchange policy guidelines for the fiscal years 2024 and 2025, with regards to the Policy circular No. 45, which dwelt on Cyber Security Levy, reports ITREALMS.

This is coming as CBN has temporarily withdrawn the said circular No. 45 to minimise further risk of misinterpretation.

Imo Adult Levy: Taxation without human face - Opara-Ndudu

ITREALMS:

Governorship aspirant of the All Progressives Grand Alliance (APGA)  for the 2019  gubernatorial election in Imo State, Nick Opara-Ndudu , has criticized  the introduction of adult  levy by Governor Rochas Okorocha, reports ITRealms.

Opara-Ndudu also accused Okorocha of being  insensitive  to the sufferings of the people, who are now enmeshed  in debilitating  poverty induced by his seven years misrule.

ITRealms recalls that the Imo State Government (IMSG) had on Friday in a statement by  Louis Duru, the State Commissioner For Community Government, Culture and Traditional Affairs , on behalf of the Governor, stated that all “leviable adults” in the state have been ordered to pay N3,000 each as adult development levy.

According to Duru, who noted that the state had registered at least 2,000 leviable adults in each autonomous community, the money is to be used for “autonomous community adult development”. Each recognized autonomous communities in the state, will serve as the collectors and they are to pay not less than N6 million each.

Reacting to the development, Opara-Ndudu said the “announcement by IMSG requiring all adults to pay N3,000 monthly or N36,000 per annum is, to say the least, a step in the wrong direction,” adding that  with this pronouncement, it is clear that the government is determined to continue in its misguided and justifiably vilified programme of punishing and impoverishing Imo citizens rather than work for their welfare and peaceable enjoyment of their livelihoods. 

“In a state where the rural folks have gone through untold harassment and psychological torture in the past seven years, one needs to remind Governor Rochas Okorocha that the basis for the existence of any government is the welfare and well-being of the people. And any government that loses sight of this raison d'etre for its existence, as is the case in Imo state today, loses credibility and justification for its existence. 

“As a professional accountant and public finance practitioner, I do know that there  is a plethora of initiatives that can be pursued by IMSG to raise and increase revenues without burdening the citizens with additional taxes and levies. For the record, it needs to be mentioned that Imo State achieved its highest revenues since its creation in 2014 when it recorded N8.1 billion in revenues. 

“From monthly revenue of about N320million at the beginning of 2014, the state made incremental progress in the course of the year reaching as high as N800million in the third  quarter of 2014. These results were achieved under my watch as the Pioneer Commissioner of Internal Resources(IGR) and Pension Matters, having assumed that position in January 2014 for the following  nine months,” he disclosed.

Uboshe Uboshe/GEE

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NLNG wins NIMASA @High Court over levy applicability

ITRealms:

The Federal High Court sitting in Lagos, Tuesday delivered a landmark judgment in favour of Nigeria LNG Limited (NLNG) in a case between the company and the Nigerian Maritime Administration and Safety Agency (NIMASA) over applicability of NIMASA levies, reports ITRealms.

NIMASA, ITRealms gathered had alleged that NLNG was liable to pay  three per cent gross freight  on its international inbound and outbound cargo, Sea Protection Levy, two per cent cabotage surcharge on all activities carried out for and on its behalf, as well as other sundry claims, all of  which NLNG disputed.

In a landmark judgment in Lagos, Hon. Justice M.B. Idris held inter alia, that NLNG was not liable to make the said payments to NIMASA, and that all such payments already made by NLNG to NIMASA should be refunded to NLNG forthwith. Hon. Justice Idris further held that NIMASA was wrong in blockading the Bonny Channel for the purpose of enforcing the payments against NLNG.

ITRealms reports that NLNG, in 2013, filed the case at the Federal High Court against NIMASA, seeking a judicial determination on, among other things, the legality or otherwise of the levies sought to be imposed on NLNG by NIMASA, and the consequent blockade of the Bonny Channel by NIMASA and its agents as a result of the dispute.

Also, ITRealms reports that NLNG had sought a Court Order restraining NIMASA from further blockade of the Channel. An Interim Injunction granted in favour of NLNG by the Federal High Court was disobeyed by NIMASA, which again affected a blockade of the Bonny Channel for over a three week period whilst the matter was pending, thereby preventing NLNG vessels and other vessels doing business with the company, from entry and exit through the Channel.

NIMASA had filed a Counterclaim restating its supposed entitlement to receive payment of the levies from NLNG. However, the Federal High Court judgement reinforces NLNG’s position that by the provisions of the applicable laws, the Company is  not subject to payment to NIMASA of the three percent gross freight as well as the Sea Protection Levy,  and that the two percent Cabotage Levy is inapplicable because NLNG’s LNG vessels are not involved in coastal trade or cabotage.  This decision also affirms the sanctity of the guarantees and assurances conferred on the Company and its Shareholders by the Government of the Federal Republic of Nigeria, on the strength of which the Shareholders made their investments from which the country has reaped immense returns.

Responding to the judgement, the General Manager, External Relations at NLNG, Mr Kudo Eresia-Eke, asserted that NLNG as a law abiding company and a good corporate citizen remains committed to conducting its businesses in accordance with the laws of the Federal Republic of Nigeria.

Chuks Egbune/GEE

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