EL-RUFAI TO REMAIN IN ICPC CUSTODY AS COURT DELAYS BAIL HEARING UNTIL JUNE. (PHOTO).

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 El-Rufai To Remain In ICPC Custody As Court Delays Bail Hearing Until June Former Kaduna State governor Nasir El-Rufai will remain in the custody of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) until at least June 2026 after his bail hearing was postponed. Justice Darius Khobo of the Kaduna State High Court adjourned the hearing to the first week of June.  El-Rufai is currently facing an amended nine-count charge involving alleged fraud and abuse of office brought against him by the ICPC. The former governor had earlier appeared in court to seek bail, but the judge deferred ruling on the application.  Meanwhile, in a separate case, he was granted bail by Justice Rilwanu Aikawa of the Federal High Court in Kaduna, set at ₦200 million.  Despite this, the court directed that he remain in ICPC custody until all bail conditions are met. Among the conditions, El-Rufai is prohibited from making public statements about the case and is requi...
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NEW EXCISE DUTY RATES NOT TARGETED AT LOCAL MANUFACTURES-FINANCE MINISTRY.

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     FEDERAL MINISTRY OF FINANCE
    HEADQUARTERS, AHMADU BELLO WAY, CBD
     PRESS UNIT, 4TH FLOOR
    News Release 
     Sunday, 10th June, 2018

 The attention of the Federal Ministry of Finance has been drawn to media reports that the new excise duty rates approved by President Muhammadu Buhari on alcoholic beverages and tobacco were targeted at local manufacturers.
2. The Ministry wishes to unequivocally state that the new excise duty rates which came into effect from Monday, 4th June, 2018, were not targeted at the local manufacturers.
3. The new excise regime seeks to achieve a dual benefit of raising the Government’s revenues to support the nation’s growth and reducing the health hazards associated with tobacco-related diseases and alcohol abuse.
4. Contrary to claims that the rates were selectively imposed on local manufacturers, there is currently a 60 per cent duty rate imposed on imported alcoholic beverages and tobacco as part of measures by the Government to encourage local production and protect local manufacturing industry. It should also be noted that beer and stout are currently under import prohibition to protect the industry from unfair competition from foreign brands.
5. In addition, other locally excisable products such as non-alcoholic beverages, cosmetics, perfumes, corrugated papers or paper boards and cartons have no excise duties.
6. We wish to clarify that the approved excise duty rates followed all-encompassing engagements with key industry stakeholders by the Tariff Technical Committee (TTC), of which Manufacturers Association of Nigeria (MAN) is a member. The stakeholders’ engagements contributed to the final recommendation.
7. The Federal Government remains committed to the industrialization agenda and shall continue to put in place fiscal policy measures to protect local manufacturers and stimulate the growth of the economy.
Signed:
Hassan Dodo    
Director (Information)
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