page contents
Connect with us

Business

Qatar to withdraw from OPEC come January 2019

Published

on

The Gulf nation’s Energy Minister Saad Sherida al-Kaabi has confirmed that Qatar is set to withdraw from the Organization of the Petroleum Exporting Countries (OPEC),



The decision to quit the bloc of 15 oil-producing countries that account for a significant percentage of the world’s oil production was confirmed by Qatar Petroleum, the state oil company, on Monday.

IMG-20180912-WA0030

Al-Kaabi stated their goal when speaking at a news conference in the capital Doha “The withdrawal decision reflects Qatar’s desire to focus its efforts on plans to develop and increase its natural gas production from 77 million tonnes per year to 110 million tonnes in the coming years.”

FOLLOW US ON:
 INSTAGRAMLINKEDINYOUTUBETWITTER & FACEBOOK

Qatar is the first Gulf country to leave the bloc of oil-producing countries.

TO DOWNLOAD OUR MOBILE NEWS APP CLICK HERE
WATCH RUSSIA 2018 HIGHLIGHTS HERE

 

Business

Nigeria Customs suggest 35% levy on imported vehicles reduction to check smuggling.

Published

on

The Comptroller-General of Customs, Col Hameed Ali (retd.) has called on the Federal Government to reduce the 35 per cent levy on imported vehicles so as to check the rising cases of smuggled vehicles into the country.

Ali said this on Wednesday in Abuja at the unveiling of a Strategic Revenue Growth Initiative which was held at the Ministry of Finance.

He said already the Nigeria Customs Service had made a proposal to the Ministry of Finance on the need for a reduction in the 35 per cent levy on imported vehicles.



Ali said currently, any new vehicle imported into the country attracted an import duty of 35 per cent and an additional levy of 35 per cent.

This, he noted, brought the total duty payable on such a vehicle to about 70 per cent.

IMG-20180912-WA0030

He described the 70 per cent being charged by the government as high, adding that time had come for it to be reduced.

In achieving this, he said, the government could still retain the 35 per cent import duty while the additional 35 per cent levy could be tinkered by bringing it downwards.

FOLLOW US ON:
 INSTAGRAMLINKEDINYOUTUBETWITTER & FACEBOOK

He said, “First, we must understand the fact that smuggling in most cases did not really occur because of the tariff that is placed on goods in Nigeria.

“When we talk about vehicles, yes, new vehicles attract 70 per cent duty; that is 35 per cent duty and 35 per cent levy but most of the vehicles that are being smuggled through our borders are not new vehicles, they are used vehicles.

The Minister of Finance, Mrs Zainab Ahmed, who unveiled the Strategic Revenue Growth Initiative, said that the government was concerned about the inability of some of its agencies to meet their revenue target.

She admitted that it had become a challenge for the government to mobilise fiscal resources to deliver on its developmental objectives, adding that President Muhammadu Buhari had directed that revenue generation needed to be enhanced.

According to her, while oil revenue to oil Gross Domestic Product ratio stands at about 39 per cent, non-oil revenue to non-oil GDP is about 4.2 per cent.

TO DOWNLOAD OUR MOBILE NEWS APP CLICK HERE
WATCH RUSSIA 2018 HIGHLIGHTS HERE

Continue Reading

Business

China reduce Cameroon’s debt by $78m.

Published

on

China says it has forgiven Cameroon for about $78 million debt. The move from part of Chinese support to help ease economic hardship in the central African country.

The announcement was made late last week after a meeting between President Paul Biya and Yang Jiechi, a special representative of the Chinese President Xi Jinping in Yaounde.

The said amount was due to be repaid in 2018 as part of the country’s estimated $5.7bn total debt burden. The figure is from the public body managing Cameroon’s external debt.



Analysts have, however, expressed reservations about Beijing’s motives with an economist averring that it may be linked to annexing greater access to natural resources.

“China wants to control the sub-regional market and Cameroon is the gateway,” economist Ariel Gnitedem told the reporters.

IMG-20180912-WA0030

“It is possible they also want a greater share in the enormous natural resources in Cameroon which are essential to feed its home industries,” he added.

President Biya joined his African counterparts at the Forum for China – Africa Cooperation, FOCAC summit held in September 2018 in Beijing. Biya met with Jinping and reportedly requested for the repayment waiver.

FOLLOW US ON:
 INSTAGRAMLINKEDINYOUTUBETWITTER & FACEBOOK

Cameroon like most other African countries continue to turn to China for loans to largely finance infrastructure projects. Analysts have raised issues about the non-sustainability of these loans.

Governments have routinely rejected the concerns stating that the relationship was based on mutual respect for both parties. China has also provided wide ranging support to the continental bloc, African Union.

The United States got into a diplomatic spat with China over its financial dealings with Africa stating that Africa was been shackled with Chinese money.

TO DOWNLOAD OUR MOBILE NEWS APP CLICK HERE
WATCH RUSSIA 2018 HIGHLIGHTS HERE

Continue Reading

Facebook

Advertisement
Advertisement

Trending

Copyright © 2018 Anttention Media. All rights reserved