Connect with us

Business

No plans to increase petrol price increase in July – NNPC

Published

on

 

The Nigerian National Petroleum Corporation has said the official price of petrol will remain N162 in July.

It stated this as the crude oil price hit $74.72 per barrel at the international market early Tuesday.

The NNPC said talks were still ongoing with the organised labour on the appropriate price of petrol.

Group Managing Director of the NNPC, Malam Mele Kyari, said until the conclusion of engagements with labour, Nigerians would continue to buy petrol at N162 per litre.

He spoke on Channels TV’s Sun Rise programme on Tuesday, adding that although the pump price of petrol should be N256 per litre based on the current crude oil price, the Federal Government had decided to continue paying the differential until an appropriate price is agreed upon by the government and labour.

He said President Muhammadu Buhari had told the corporation to do everything legally possible not to make petrol price out of reach of Nigerians, especially at this moment.

“What this means however is that we are taking out cash that could have been used for other things to pay under-recovery,” he said.

He said it was not true that the corporation was now remitting zero naira to the federation account because of the under-recovery payment.

Business

Oil Prices Continue to Climb on Supply Disruptions As Brent Hits $78/1

Published

on

Brent crude futures rose more than 1% to above $78 a barrel on Friday, the highest since October 2018 and widening a weekly gain to 3.6 per cent amid global supply concerns following storms in the US that damaged facilities on the Gulf coast.

WTI crude rose for the fifth consecutive week, with futures up almost 3 per cent to an 8-week high of $73.98 a barrel boosted by growing fuel demand and falling US crude inventories.

Disruptions in US Gulf Coast production following Hurricane Ida and other storms have led to sharp draws in US and global inventories. EIA data showed US crude stocks fell by 3.5 million barrels to 414 million last week, the lowest since October 2018. Capping some gains was China’s first public sale of state oil reserves. State-owned PetroChina and private refiner and chemical producer Hengli Petrochemical bought four cargoes totaling about 4.43 million barrels.

Leadership News

Continue Reading

Business

Buhari: Five million homes to get solar power by 2030

Published

on

Nigeria is working on an ambitious energy plan including decentralised solar energy solutions that will substantially reduce the energy shortcomings by the year 2030, President Muhammadu Buhari has said.

The President spoke on the sidelines of the 76th United Nations General Assembly in New York on the High-Level Dialogue on Energy.

Spokesman for the President, Mr Femi Adesina, in a statement Friday night, quoted Buhari as saying, “Nigeria’s commitment to a just transition is reflected in our ambitious Energy Compact, which includes the government’s flagship project to electrify five million households and 20 million people using decentralised solar energy solutions.

“This is a major first step towards closing our energy access deficit by 2030. Nigeria’s commitment is also reflected in the development of our Energy Transition Plan, which was developed with the support of the UK COP26 Energy Transition Council.”

He called for support from developed countries to unlock the financing needed to accelerate a just energy transition for all.

“The focus of our discussions on transition must now evolve how we help countries develop detailed energy transition plans and commitments to mobilize enough financing to empower countries to implement those plans,” he said.

The President said the scale of financing required for Nigeria to achieve net-zero would amount to over $400bn across the Nigerian economy in excess of business-as-usual spending over the next 30 years.

He said, “This breaks down to $155bn net spends on generation capacity, $135bn on transmission and distribution infrastructure, $75bn on buildings, $21bn on industry and $12bn on transport.”

Buhari, however, said that gas would continue to have a big role to play before phasing it out, explaining that solid fuel cooking was still wreaking havoc in Africa:

He said, “As a global leader on the energy transition, it is imperative that I flag a major risk to development that stems from the current narrative around the energy transition, particularly on the role of gas and the lack of financing.

“Nigeria’s Energy Transition Plan has laid out our road map to reach net-zero and highlights the scale of the effort required, which includes the development and integration of renewables into current grid infrastructure at tremendous scale and electrification of all sectors.

“This is challenging for any country, especially a developing country. On our development objectives, gas will have a key role to play here for some years before being phased out.”

President Buhari noted that these plans must also take into account the provision of access to electricity and clean cooking solutions for those in Nigeria and around the world currently without access.

He also stressed the essential role of gas in addressing clean cooking challenges.

“Globally, there are 2.6 billion people who lack access to clean cooking – which is unacceptable. Even more concerning is that solid fuel cooking in Africa causes almost 490,000 premature deaths annually, making it the second-largest health risk in Africa,” he stated.

Continue Reading

Business

States can’t collect VAT, it’s on exclusive list – Malami

Published

on

State governments are not empowered to collect value-added tax (VAT) in the country because it is on exclusive legislative list, the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, has said.

The AGF gave this position on Friday night in an interview with Channels Television.

The Federal Inland Revenue Service has been at loggerheads with Rivers and Lagos State governments over VAT collection. And the matter already receiving the backing of some other state governments is current in court.

Malami, who said the collection of VAT in the country is under the exclusive legislative list, posited that only the National Assembly could make laws on VAT.

He said, “A lot has precluded the state from collecting value-added tax. One, generally speaking, as you rightly know, the issue of the value-added tax is an issue on the exclusive legislative list.

“And the implication of being in exclusive legislative list matter is that only the national assembly can legislate on it. The question that you may perhaps wish to address your mind on is whether there exists any national legislation that has conferred the power on the state to collect VAT. And my answer is ‘no’.

“In the absence of a law passed by the national assembly in that direction, no state can have a valid claim to collection of value-added tax.

“The responsibility, right and constitutional powers to legislate on collection of VAT are exclusively and constitutionally vested in the National Assembly and not in the state.

“Where the national assembly has not passed any law in that regard authorising the state to collect VAT, then it goes without saying that no state can arrogate unto itself the powers to collect VAT.”

According to the minister, it will be reckless for any state to go ahead to collect VAT, despite the court’s decision asking parties to maintain the status quo.

He said, “I don’t see any state perhaps taking the law unto its hands without allowing the judicial process to take its natural course and in breach of the prevailing legislation.

“I don’t see the states acting arbitrarily and setting a very bad precedence as far as governance is concerned with particular regard to the fact that the matter is receiving judicial determination.

“I can’t understand. I can’t perhaps bring that thought into consideration that I believe it could amount to a high level of recklessness on the part of any state government to be operating in breach and to be operating a lawless governance style as far as the Nigerian state is concerned.”

Continue Reading

Trending