CNG buses, $10bn FX inflow… 7 top business stories to track this week

Here are the seven top business stories you need to track this week — October 30 to November 3.

KADUNA REFINERY TO BEGIN OPERATIONS Q4 2024

Heineken Lokpobiri, the minister of state for petroleum resources (oil), says the Kaduna refinery will begin operation by the end of 2024.

In a statement by the Nigerian National Petroleum Company (NNPC) Limited, Lokpobiri gave the timeframe while assessing the progress of work on the ongoing quick-fix project on the Kaduna refinery on Saturday.

Lokpobiri, Mele Kyari, the group chief executive officer of NNPC, and other top executive directors of the national oil firm, inspected the Kaduna Refinery and Petrochemicals Company Limited (KRPC).

He said the timeframe was given due to the “significant level of progress” he witnessed on the tour.

TINUBU DIRECTS IMMEDIATE IMPLEMENTATION OF TAX COMMITTEE RECOMMENDATIONS

President Bola Tinubu, on Tuesday, directed the immediate implementation of recommendations of a report on the ‘quick-win achievements’ by the presidential fiscal policy and tax reform committee.

According to Ajuri Ngelale, the president’s special adviser on media and publicity, Tinubu gave the directive when Taiwo Oyedele, chairman of the committee, presented the report.

Some of the recommendations include; an increase in personal income tax exempt threshold and personal relief allowance; tax breaks for the private sector in respect of wage increases to low-income earners, suspension of VAT on diesel and tax waivers on CNG, CNG conversion, and renewable energy items.

‘NIGERIA EXPECTING $10BN FX INFLOW IN WEEKS’

Wale Edun, minister of finance and coordinating minister of the economy, says Nigeria expects $10 billion in foreign currency inflows in the next few weeks to ease liquidity in the foreign exchange market.

Edun said this during a panel session at the recent Nigeria Economic Summit (NES) in Abuja last Monday.

He said the government has a clear view of the inflows into the country in weeks rather than months.

FG INAUGURATES CNG BUSES, WAIVES TAX 

The presidential compressed natural gas initiative (PCNGI) has inaugurated a CNG vehicle pilot conversion centre as part of the federal government’s effort to curtail the petrol subsidy removal effect.

Micheal Oluwagbemi, chief executive officer (CEO) of PCNGI, described the step as a significant development.

Oluwagbemi said the CNG centre would bring a more environmentally sustainable and economically viable future for Nigeria.

The development follows the federal government’s waiver on value-added tax (VAT) on compressed natural gas (CNG) bus purchases and is seeking duty waivers for parts.

Meanwhile, the federal government said CNG will cost N230 per kg as against petrol which is sold at a higher price.

The initiative is expected to help Nigerians save two-thirds on transportation costs.

FG TO HOST LOTTERY, GAMING INDUSTRY GIANTS OCT 31

The National Lottery Regulatory Commission (NLRC) says Nigeria is set to host lottery and gaming industry giants worldwide.

In a statement on Friday by Magnus Ekechukwu, deputy director of public affairs at NLRC, the commission said industry bigwigs will come from the USA, UK, South Africa, and Botswana, among other countries of the world.

The NLRC said it is concluding arrangements for the first international gaming conference in Nigeria.

The 2-day conference, the commission said, will be held at Victoria Island, Lagos on October 31, 2023 and November 1.

DIRECT FLIGHTS FROM HOUSTON TO BEGIN SOON

Festus Keyamo, minister of aviation and aerospace development, says Nigeria and the United States are close to resuming direct flights from Houston.

Tunde Moshood, Keyamo’s special assistant on media and communications, disclosed this in a statement on Sunday.

According to the statement, the minister visited Houston and also took time to visit the fast-developing aerospace of the city in Ellington where he met Arturo Machuca, director of Ellington Airport and Houston Spaceport.

Keyamo said efforts are in top gear to attract foreign investment into the aviation industry.

“I spoke with the Mayor of Houston, Texas, and his team to advance talks regarding the resumption of direct flights from Houston to Nigeria,” he said.

“Another interesting diplomatic consideration the two envoys looked at is the opening of a Nigerian consulate in Houston.”

In 2016, United Airlines stopped flying to Nigeria from Houston due to issues in the energy sector and unrepatriated funds.

In July 2023, the ministry of aviation said it would collaborate with the United States to commence direct flight operations to Houston, Texas.

REPS SUMMON CBN GOVERNOR OVER LIFTING OF BAN ON 43 ITEMS

The house of representatives has summoned Yemi Cardoso, governor of the Central Bank of Nigeria (CBN), over the decision to lift the forex ban on 43 items.

The 43 items, listed here, were restricted in 2015 from access to forex.

Importers of the commodities were forced to source for FX at the black market — often at higher rates.

The lower legislative chamber passed the resolution to summon the CBN governor during plenary on Tuesday, following the adoption of a motion of urgent public importance by Sada Soli, a lawmaker from Katsina.

He said the decision would have a negative impact on the Nigerian economy and “middlemen” may take undue advantage of the new policy.