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Issa-Onilu: NPA charging duties in naira will stabilise exchange rates - THE CABLE
Lanre Issa-Onilu, director-general (DG) of the National Orientation Agency (NOA), says the federal government’s plan to authorise the Nigeria Customs Service (NCS), Nigeria Ports Authority (NPA), and Nigerian Maritime and Safety Agency (NIMASA) to charge duties, fines, and levies in naira will stabilise the local currency.
On September 26, Bayo Onanuga, special adviser to the president on information and strategy, announced the federal government is proposing the collection of charges, fines and others by NCS, NPA, and NIMASA, in naira.
In an editorial on The Explainer, a weekly publication of the NOA, Issa-Onilu said charging import duties in naira will reduce the volatility of the naira.
The NOA DG said the policy is bold but well-thought-out “to further embolden the naira”.
“The Federal Government is fine-tuning the policy to authorise the charging of duties, fines, and levies by the Nigeria Customs Service (NCS), Nigeria Ports Authority (NPA), and Nigerian Maritime and Safety Agency (NIMASA) in naira,” he said.
“It is another bulls-eye decision to stabilise the exchange rates and reduce the volatility of the naira. The years ahead foretell a prosperous nation.”
Also, as part of the federal government’s efforts to reduce the pressure on the local currency, on July 29, the federal executive council (FEC) approved a proposal by President Bola Tinubu directing the Nigerian National Petroleum Company (NNPC) Limited to sell crude oil to Dangote Petroleum Refinery and other refineries in naira.
On September 30, Eche Idoko, publicity secretary of the Crude Oil Refinery-owners Association of Nigeria (CORAN), said the sale will start with refineries producing petrol.
