Zero tax on pharmaceutical imports, meter upgrade deadline… business stories to track this week

Here are the seven top business stories you need to track this week — July 1 to July 5

TINUBU SIGNS EXECUTIVE ORDER TO INTRODUCE ZERO TAX ON IMPORTED PHARMACEUTICAL INPUTS

President Bola Tinubu has signed an executive order to introduce zero tariffs, excise duties and value-added tax (VAT) on imported pharmaceutical inputs.

In a statement on Friday, Muhammad Ali Pate, coordinating minister of health and social welfare, said the order aims to revitalise the Nigerian health sector and increase production of healthcare products.

“In a transformative move to revitalize the Nigerian health sector, His Excellency President Bola Ahmed Tinubu, GCFR @officialABAT, has signed an Executive Order aiming to increase local production of healthcare products (pharmaceuticals, diagnostics, devices such as needles and syringes, biologicals, medical textile, etc.),” Pate said.

‘NIGERIA CAN GENERATE MORE REVENUE WITHOUT RAISING TAXES’

Taiwo Oyedele, chairman of the presidential committee on fiscal policy and tax reforms, says Nigeria can generate more revenue without raising taxes and avoid hurting the economy.

In an interview on Channels TV on June 28, Oyedele said the right way to go is not to introduce more taxes.

He said with the use of data, intelligence, and technology, Nigeria can close the tax gap by ensuring people who have not been paying taxes begin to pay.

The fiscal policy expert said the committee believes that having fewer taxes is broad-based, and easy to collect.

‘SOME PRIVATE JETS ARE USED FOR MONEY LAUNDERING, DRUG TRAFFICKING’

Festus Keyamo, minister of aviation and aerospace development, says some private jet owners use their aircraft for money laundering and drug trafficking.

Keyamo spoke on Thursday, during the inauguration of a ministerial task force committee on illegal private chartered operations and related matters in Abuja.

The minister said he had set a five-point agenda that would guide him and his team in discharging the mandate of President Bola Ahmed Tinubu when he assumed office.

He said the five-point agenda encapsulates safety, infrastructure, support for local operators, human capacity development, and revenue generation.

‘OIL THEFT MASTERMINDS FROM LAGOS, ABUJA — NOT NIGER DELTA’ 

Seriake Dickson, chairman of the senate committee on ecology and climate change, says the masterminds of oil theft in the Niger Delta reside outside the region.

In a report by NAN on June 28, Dickson said the “big players” are based in Lagos, Abuja, and other parts of the world.

The senator spoke during a visit to the Pere of Gbaramatu Kingdom, at Oporoza, Warri, Delta state.

“Those big players behind the crude oil theft are not from the region but are based in Lagos, Abuja and other parts of the world,” he said.

NERC ASKS DISCOs TO UPGRADE EXISTING METERS BY JULY 31 OR FACE SANCTION

The Nigerian Electricity Regulatory Commission (NERC) has warned distribution companies (DisCos) against defaulting on the July 31 deadline for meter upgrade.

According to a statement on Tuesday by NERC, the commission made this known during the second Nigerian electricity supply industry (NESI) stakeholders meeting for 2024.

The commission, in a circular dated July 6, 2023, had announced that DisCos must upgrade existing meters to a new specification so that they can continue to accept meter tokens.

NERC said it would penalise DisCos that failed to complete the migration of token identifiers of standard transfer specification (STS) meters of their customers from key revision 1 to key revision 2 before July 31.

NO IMPORTATION OF DIRTY FUEL INTO NIGERIA, NMDPRA REPLIES DANGOTE 

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says no dirty fuel is being imported into the country.

Ogbugo Ukoha, NMDPRA’s executive director, distribution systems, storage and retailing infrastructure, spoke to journalists after a meeting with the oil marketers and domestic refiners in Abuja on Tuesday.

On June 23, Devakumar Edwin, vice-president of oil and gas at Dangote Industries Limited (DIL), accused NMPDRA of granting licences indiscriminately for the importation of dirty diesel and aviation fuel.

However, Ukoha said the sulphur content in imported fuel in the present month is not above the lawful limit.

‘WHY 1,800 PETROL STATIONS IN NORTH-EAST HALTED OPERATIONS’

The Independent Petroleum Marketers Association of Nigeria (IPMAN) says over 1,800 fuel stations have been shut in the north-east to protest against an anti-smuggling operation by the Nigeria Customs Service (NCS).

On June 24, Dahiru Buba, IPMAN chairman for Adamawa and Taraba states, said petrol stations halted operations after the NCS impounded tanker trucks, according to Reuters.

He said the NCS also shut some fuel outlets on suspicion they were smuggling petrol to Cameroon.

Under ‘Operation Whirlwind’, the customs initially confiscated some tanker trucks belonging to IPMAN members and released them after the association protested.