LCCI Advocates rail System To Speed Up Cargo Clearance

The Lagos Chamber Of Commerce and Industry has called on the Federal Government to accelerate the resuscitation of the rail system to evacuate cargo from the Lagos ports.

The chamber described the menace of trucks and trailers on the roads as unbearable.

In a statement signed by the President of the chamber, Remi Bello, the 48 hours cargo clearance target set by government is far from being achieved at this time.

Major problem areas identified by the chamber were delays in the positioning of cargo at the port terminals and inadequate equipment for cargo handling, among others.

According to the chamber, the implication of these challenges include high demurrage charges arising from delays in clearing of cargo, disruption of production schedules of manufacturers as raw materials are not delivered in good time to factories and high cost of fund on borrowed funds by importers.

FG, States And LGs Share N581.4b Despite Shortfall In Revenue

Following disruptions in crude oil production and lifting operations, Nigeria’s monthly gross oil revenue dropped by N117. 802 billion to N479.950 billion in December compared to N597.752 billion for November.

The Minister of State for Finance, Yerima Ngama

Nevertheless, total distributable revenue including Value Added Tax (VAT) amounting to N581.498 billion was shared among the three tiers of government for December.

December revenue collection from VAT also fell to 64.725 billion naira compared to 91.730 billion naira in November.

Addressing journalists after the monthly Federation Accounts Allocation Committee (FAAC) meeting in Abuja, the Minister of state for Finance, Dr Yerima Ngama, said that mineral revenue of N379.122 billion was received for the month and it fell short of the budgeted amount of N465.057 billion while the non-mineral revenue of N100.828 billion also fell short of the budgeted figure of N158.711 billion.

A breakdown of the statutory revenue distribution showed that the federal government got N221.161 billion while the states shared N112.176 billion and the local government areas got 86.483 billion.

The oil states shared N48.461 billion as derivation fund.