Connect with us


BIG STORY

Nigerians To Pay More As GSM Operators Plan 40% Tariff Hike

Published

on

Telecommunication companies are proposing a 40 percent increase in the cost of calls, SMS, and data to the Nigerian Communications Commission as a result of the rising cost of running a business in the nation.

Based on their proposal, the price floor of calls will increase from N6.4 to N8.95 while the price cap of SMS will increase from N4 to N5.61.

This was revealed in a letter titled, ‘Impact of the Economic and Security Issues on the Telecommunications Sector,’ which was sighted by our correspondent.

The letter was written by the telecommunications companies under the aegis of the Association of Licensed Telecommunication Operators of Nigeria to the NCC.

In the letter, the telecom companies said there had been a 40 percent increase in the cost of doing business in the nation.

According to them, the telecommunication industry has been financially impacted following the nation’s economic recession in 2020 and the effect of the ongoing Ukraine/Russia crisis.

They said this had increased energy costs, increasing their operating expenses by 35 percent.

They added that the introduction of the recent excise duty of five percent on telecom services had further increased the burden of multiple taxes and levies on the industry.

The letter read in part, “As the commission may be aware, the power sector under the supervision of its Nigerian Electricity Regulatory Commission of the power sector in November 2020 undertook a review of electricity tariffs to cater for the economic headwinds reported above.

“Given the foregoing, ALTON considers it expedient for the telecommunications sector to undergo periodic cost adjustments through the commission’s intervention to minimize the impact of the challenging economic issues faced by our members. Details are hereunder:

“Upward review of the price determination for voice and data and SMS. Given the state of the economy and the circa 40 percent increase in the cost of doing business, we wish to request an interim administrative review of the mobile (voice) termination rate for voice; administrative data floor price, and cost of SMS as reflected in extant instruments.

“Concerning voice an SMS cost, ALTON respectfully requests the commission to consider a mark-up approach to address the upward price adjustment desirable for the industry. We have enclosed herein and marked as ‘Annexure 1’our proposal in that regard.

“For data services, we wish to request that the commission implements the recommendations in the August 2020 KPMG report on the determination of cost-based pricing for wholesale and retail broadband service in Nigeria. Excerpts from the report, are attached and marked ‘Annexure 2’ to provide a further illustration.

“In implementing the said recommendations, however, we recommend that the 40 percent increase in the cost of doing business be factored in to arrive at a cost price per GB given the current economic situation.”

The umbrella body for telecom companies added that to further help telcos during this economic crisis, the commission should explore and provide other means of penalizing operators rather than punitive monetary sanctions; extend the payment timeline of relevant regulatory levies and fees; prevail on the Federal Government to sign the executive order declaring telecoms infrastructure as a critical national infrastructure to mitigate cost spent replacing damaged and stolen infrastructures, among other things.

In the annexure of one section of the letter, the body requested an upward adjustment of the MTR by 40 percent.

It said, “For large operators, new interim MTR of N5.46 from N3.90 reflecting 40 percent increase in the cost of business.

“For small operators, new interim MTR of N6.58 from N4.70 reflecting 40 percent increase in the cost of business.”

BIG STORY

How The State Assembly Fuels The Growth Of Lagos And Nigeria’s Economy — Obasa [PHOTOS]

Published

on

Speaker of the Lagos State House of Assembly, Rt. Hon. (Dr.) Mudashiru Obasa has declared unequivocally that Lagos State and, by extension, Nigeria’s economy have benefited immensely from the progressive, proactive, and productive legislature under his watch.

Obasa made this declaration at The Expatriates Business Awards (TEBA) held Sunday, July 6, at the Grand Ballroom of the Oriental Hotel, Victoria Island, where he was the Chief Host.

Organised by Pun Communications Ltd., the TEBA, an evening of culture and commerce where the handshakes of diplomacy meet the heartbeats of Nigerian creativity, celebrates the significant contributions of expatriates, ethnic businesses, and migrant communities to Lagos and Nigeria.

In his rousing welcome address to a diverse audience of diplomats, industry leaders, and entrepreneurs, Speaker Obasa spotlighted the state assembly, which he had led for the past decade, as an integral catalyst to Lagos’ economic growth for enacting laws that have created an enabling environment for businesses, attract investments, and foster sustainable economic growth.

Aside reviewing and amending laws to address emerging economic challenges and opportunities, the Speaker said the Assembly plays a crucial role in promoting economic development by enacting and overseeing laws that govern public procurement like the Public Procurement Law (2021), which regulates how the state procures goods and services and promotes transparency and accountability in government spending.

There is also the Appropriation Law for resource allocation for various development projects and initiatives, and the Public-Private Partnership (PPP) Law that facilitates collaboration between the public and private sectors to deliver projects like roads, power plants, and other essential infrastructure. The Speaker further mentioned the Land Use and Management Laws, which govern land use, development, and allocation, crucial for attracting investment and facilitating development projects.

To ensure the safety and security of Nigerians and foreigners alike, and boost the confidence of expatriates in coming to live and invest in Lagos, Obasa said, “We also created the Lagos State Neighbourhood Safety Corps (LNSC) to assist and complement the police by providing valuable intelligence for crime prevention and facilitating the arrest of perpetrators of criminal activities in the state.”

However, Speaker Obasa said that aside from the legislature, the state has benefited tremendously from being accommodating and receptive to foreigners. He recalled that this distinct nature of the state spurred a Portuguese explorer who was fascinated by the city’s strategic coastal location and trade potential to rechristen Eko as the state was then known to ‘Lagos.’

Over the centuries, Obasa noted that the incursion of expatriates into the evolving Lagos economy ensured that it enjoyed more rapid growth than any other Nigerian city, citing expatriates’ spending on housing, education, and leisure, among other areas of life as being a huge boost for local businesses.

He added, “As a centre for commerce, industry, and innovation, we have built a state where expats report a high quality of life, enjoying many luxuries not accessible back at home, and businesses and tourism thrive.

“Lagos also creates a fertile and enabling ground for expatriate involvement as their invaluable contributions span leadership in major companies, participation in key industries, contributions to professional services, and importation of international expertise.”

While acknowledging the importance of collaboration and unity in driving progress, fostering economic growth, creating jobs, and enhancing Lagos’s global standing, Speaker Obasa called for a more mutually beneficial partnership.

“This is a clarion call to our expatriates to continue playing their parts here by paying taxes and giving back to our people through veritable Corporate Social Responsibility activities. This is the only way we can have a mutually beneficial and harmonious relationship because your enterprises and initiatives are not just a boon for our state but, for all of Nigeria, Africa, and the world,” he posited.

Commending the organisers for their vision in highlighting and celebrating the impact of expatriates on Nigeria’s economy, Obasa encouraged the diverse guests to celebrate not only the winners but also the spirit of entrepreneurship.

He concluded, “Let us network, share ideas, and inspire one another as we continue to forge stronger ties within our diverse communities. Together, we can build a sustainable future that harnesses our collective strengths. With that, it gives me great honour to officially declare the Expatriates Business Awards open!

Continue Reading

BIG STORY

JUST IN: Several Passengers Injured As Commercial Bus Somersaults On Lagos Third Mainland Bridge [PHOTOS]

Published

on

A serious accident involving a Toyota Camry and a commercial bus, commonly called Danfo, happened on Monday along the 3rd Mainland Bridge in Lagos, leaving many passengers injured.

Reports indicate the crash took place just before Adekunle Junction, heading towards Lagos Island on Monday.

The commercial bus reportedly somersaulted multiple times after the impact.

According to a statement from the Lagos State Rapid Response Squad (RRS), there were no fatalities in the accident.

RRS officials, including bikers and patrol teams, quickly arrived at the location to provide first aid and support to the injured passengers.

Officers from the Adekunle Police Division also responded promptly and are assisting with rescue efforts, while emergency agencies have been deployed to handle the situation and ensure the safe evacuation of victims.

The statement said, “A road accident between a Toyota Camry and a commercial bus Danfo has left several passengers injured on 3rd Mainland Bridge.

The accident occurred before Adekunle Junction, inward Lagos. The commercial bus sumersualting multiple times.

RRS biker and patrol vehicles are assisting in helping on giving first aid to the injured passengers, while men of the Adekunle Police Division are equally on ground, and are providing rescue support.”

The statement also noted, “Emergency services providers have been mobilised. No life loss in the unfortunate incident.

Free flow of vehicular movement has been restored and the ill-fated vehicles evacuated from the road.”

Continue Reading

BIG STORY

Donald Trump Threatens Additional 10% Tariffs On BRICS, Partner Countries

Published

on

United States President Donald Trump has declared that countries aligning with the “Anti-American policies of BRICS” will face an extra 10 percent tariff.

“There will be no exceptions to this policy,” Trump stated in a Truth Social post.

His statement comes as the US begins formally notifying affected countries of the tariffs announced earlier this year, with letters and deals scheduled to roll out on Monday.

Trump has consistently criticised BRICS, an economic bloc comprising Brazil, Russia, India, China, and South Africa.

The group was initially formed to strengthen the international positions of its members and counterbalance the US and western Europe.

The bloc later expanded to welcome Iran, Egypt, Ethiopia, and the United Arab Emirates (UAE) in 2024, with Indonesia becoming the first Southeast Asian member the following year.

In January, Nigeria joined Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Thailand, Uganda, and Uzbekistan as BRICS’ ninth partner country after the creation of the partner-country category at the 16th BRICS Summit in 2024.

Nigeria has continued to pursue full membership.

Since assuming office in January, Trump has rolled out a series of import tariffs on goods from other nations, including a 14 percent tariff on Nigeria.

Meanwhile, Brazil reported that BRICS foreign ministers had expressed “serious concern at the prospect of a fragmented global economy and the weakening of multilateralism” during a meeting in Rio de Janeiro.

Brazil’s statement was not a joint declaration by the bloc, as divisions among its members have grown.

The statement also did not specifically mention the United States, whose unilateral tariffs have triggered worries over a potential global economic slowdown.

When the tariffs were initially introduced, Trump encouraged affected countries to strike deals with the US in hopes of gaining concessions.

As the tariff letters are sent out on Monday, the US president told global counterparts to “take it or leave it”.

Continue Reading



 

Join Us On Facebook

Most Popular