By Atokolo Emmanuel Adejo

The incessant fluctuations and rise in the exchange rate for Customs Duty negatively impacted the economy according to the Chief Executive Officer of Centre For The Promotion Of Private Enterprise (CPPE), Dr Muda Yusuf.

According to him, these fluctuations have led to an increase in clearing cargo costs and also difficulty in making investment decisions which in turn has driven many investors away which falls short of the promises made by the current administration to create a healthy environment that will attract investors.

He decried how in the first quarter of the year, the Customs Duty exchange rate was changed 28 times and in April alone, the rate was changed about ten times. All the fluctuations in turn led to increased investment risks. He noted that the rate which was N1,200/$ a few days ago had suddenly jumped to N1,373.65/$ as of 1st of May, 2024.

He concluded that the frequent and sudden changes have an adverse effect on production and has brought an imbalance to the predictability of international trade dynamics as investors can’t adequately map out a plan in such unstable circumstances. He noted that it is increasingly worse “for investors to grapple with volatility in the foreign exchange market and contend concurrently with the high level of unpredictability in the international trade ecosystem.”

In his appeal to salvage the situation, he made a plea to CBN to adopt a  framework that will reduce volatility in the Customs duty exchange rates and he further advised that the framework should be constituted by a quarterly accepted exchange rate approach which should also be agreed upon by the fiscal authorities. CPPE in their plea proposed the exchange rate should commence at N1,000/$.

He emphasised that the fiscal authorities should be consulted because of the trade policy implications of such decisions and it will also be a reflection of the commitment of the current administration to create an effective relationship between the fiscal and monetary authorities that will be a pivot for making policies that will be beneficial to the economy.

…23 arrested, as squatters evicted from building

By Sodiq Adelakun

In a shocking discovery, the Lagos State Government has uncovered 86 partitioned rooms and a container used for illegal activities under the Dolphin Estate Bridge in Ikoyi, Lagos Island. The rooms, measuring 10×10 and 12×10, were being rented out to tenants for N250,000 per annum.

According to the Commissioner for Environment and Water Resources, Tokunbo Wahab, the enforcement team of the Ministry successfully removed all structures, including the container, from beneath the bridge.

Wahab shared videos of the discovery and removal on his official X (formerly Twitter) account, revealing the squalid conditions of the makeshift apartments.

Recall that the Lagos State Government has vowed to continue its efforts to rid the state of illegal structures and activities, ensuring a safer and more habitable environment for citizens..

Sharing videos he wrote, “A total number of 86 rooms, partitioned into 10×10 and 12×10, and a container used for different illegal activities were discovered under the Dolphin Estate Bridge.

“They have all been removed by the enforcement team of the Lagos State Ministry of the Environment and Water Resources”

Meanwhile, the State Government has evicted squatters from beneath the bridge towards Dolphin Estate in Ikoyi.

The eviction, carried out by officials of the Lagos State Environmental Sanitation Corps (KAI) on Tuesday, resulted in the arrest of 23 individuals.

According to Kunle Rotimi-Akodu, Special Adviser to Governor Babajide Sanwo-Olu, the eviction was necessary to address the environmental and health hazards posed by the illegal settlement.

He wrote, “Squatters dwelling under the bridge leading from inward Dolphin Estate, Ikoyi were evicted today Tuesday, 30th of April, 2024 by officials of the Lagos State Environmental Sanitation Corps LAGESC (aka KAI).

“These people created their illegal settlement under the bridge, thereby exposing the critical infrastructure to impending destruction. 23 persons have so far been arrested and MoE/KAI will continue to monitor the place. The law will take its course.”

He also confirmed that the bridge has hitherto housed 86 rooms, partitioned into 10×10 and 12×10 with squatters paying an average rent of N250,000 per annum.

“Continuation of the removal of abode under Dolphin bridge. 11 more persons were arrested. It is important to note that wood materials were used to construct the shelters, some occupants used gas cylinders, and some had stored fuel for their generators, these are recipes for disaster,” he added.

…As Reps summon Petroleum Minister, other stakeholders over rising petrol prices

The Major Energy Marketers Association of Nigeria (MEMAN) has announced that Premium Motor Spirit (PMS), also known as petrol, is now available and that it is working with key stakeholders to resolve the current product delivery issues.

In a statement issued in Lagos, MEMAN revealed that its members in Apapa and other locations in Lagos are receiving product from 8 vessels this week, totaling over 300 million litres of PMS, which is significantly above normal levels.

According to the statement, “We are actively coordinating with our member companies through swaps and other supply arrangements to ensure that our member stations remain stocked and that the product is delivered to consumers without any further disruptions.

“We are actively coordinating with our member companies through swaps and other supply arrangements to ensure member stations remain stocked.

“Our depots will extend their loading times to ensure we load out as much as we can including tomorrow the 1st of May 2024.

“Our partners in NARTO & PTD have assured us of their support in ensuring the product gets to the retail outlets safely and quickly. We also will extend the opening times of selected retail outlets to ensure we can service our customers as long and as safely possible.

“Independent marketers (depots and stations) are being allocated additional PMS to alleviate the situation.

“We expect the situation to improve in the coming days as supply chains adjust and stabilise.”

“Despite the challenges posed by the return of fuel queues, MEMAN assures the public of its unwavering commitment to keeping them informed and providing regular updates.

“MEMAN deeply empathises with Nigerians facing the challenges occasioned by the current availability of Premium Motor Spirit (PMS) and the resulting queues at many retail outlets.

“We can see the frustration and difficulties this situation is creating. The Downstream Regulator, NMDPRA and other key stakeholders across the supply chain are fully engaged and supportive to eliminate the queues as swiftly as possible.

“Our top priority is to restore stability and ensure that fuel supplies reach all depots and retail outlets across Nigeria promptly. While the current situation has been challenging, we want to reassure the public that there is an adequate supply of PMS available,” the association confirmed.

…Reps summon Petroleum Minister, other stakeholders over rising petrol prices

Meanwhile, the House of Representatives has taken decisive action in response to the ongoing fuel scarcity gripping Nigeria, summoning the Minister of Petroleum Resources and other key stakeholders within the petroleum industry.

The move comes after the adoption of a motion titled “The Need To Address The Lingering Fuel Scarcity And Rising Retail Prices Of Premium Motor Spirit (PMS) Across Nigeria,” presented by Rep. Umar Shehu Ajilo during Tuesday’s plenary session.

The summoned stakeholders are expected to provide comprehensive briefings to the Assembly, outlining the measures in place to mitigate the existing crisis and prevent similar situations from arising.

“Concerned that this fuel scarcity is coming at a time when the adverse economic effect caused by subsidy removal and soaring inflation is yet to be addressed by the government, not to mention the deteriorating income of the Nigerian masses.

“Further concerned that the Nigerian National Petroleum Corporation Ltd is yet to address this perennial and persistent fuel scarcity problem faced by Nigerians despite the volume of resources at its disposal.

“Most worrisome that all these economic quagmires have made the lives of average Nigerians unbearable with a litre of fuel selling as much as N1,200 in some states of the Federation.

“This 10th Assembly must rise to the occasion to ensure that lasting measures are taken to address this unfortunate and embarrassing situation permanently in the interest of all Nigerians.”

However, Mr. Ajilo appealed to the House to extend invitations to the Minister of Petroleum Resources and pertinent stakeholders in the petroleum sector to convene before the assembly.