16 Nov

Daily Watch – Remita details emerge, Petrol scarcity bites harder

  • Contrary to claims made last week in the Senate, Remita, a software that facilitates the payment of government revenue from financial institutions to a TSA in the CBN, is not a revenue collection agent. Also, the entire 1 per cent commission does not go to SystemSpecs, the company behind the software, but is shared between the CBN, commercial banks and SystemSpecs. “A tariff of 1% of the funds collected shall be charged for the government revenue collections: i. Platform Owner/SystemSpecs: 50%, ii. Collecting Agents/DMBs (banks): 40%, iii. Introducer? CBN: 10%,” the agreement reads. At a seminar organised by the CBN and the Office of the Accountant General of the Federation (OAGF) between May 27 and 28, 2013, SystemSpecs proposed a commission of 1.5 per cent, the commercial banks proposed 5 per cent, while a committee set up by the CBN and the OAGF, proposed 2.5 per cent. The then Accountant-General of the Federation overruled all the suggested commissions and reduced it to 1 per cent.
  • The nationwide petrol scarcity, which began last week, did not show any sign of respite over the weekend. In Abuja, the intensified on Sunday, leading to the flooding of major roads by black marketeers. In Lagos, petrol stations exploited the situation to sell the product between N100 and N200 per litre. The PPMC had on Friday said that the country had 656.38 million litres of petrol, which would last for at least 16 days.
  • The National Bureau of Statistics has released the Consumer Price Index for the month of October stating that the country’s inflation rate experienced a marginal decrease from 9.4 per cent in September to 9.3 per cent. NBS explained that the slower pace in October was as a result of lower increases in most divisions, which contributed to the headline index with the exceptions being transport, recreation and culture divisions. It said the food sub-index stood at 10.1 per cent during the month, from 10.2 per cent recorded in September.
  • MTN has asked Nigeria for a plan to allow it to stagger the payment of a N1.04 trillion fine as the deadline for the payment expires today (Monday). The government is considering the request, which was made at a meeting on Friday between MTN and high-level government officials, and the decision will be announced today.