Dangote refinery to cut fuel import, evils of subsidy shortly – PENGASSAN – Newstrends
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Dangote refinery to cut fuel import, evils of subsidy shortly – PENGASSAN

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Dangote Refinery

Dangote refinery to cut fuel import, evils of subsidy shortly – PENGASSAN

The coming onstream of Dangote Refinery in the coming days will cut importation of petroleum products by NNPC Limited and the evils of petrol subsidy.

The president, Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Comrade Festus Osifo, stated this on Thursday, at the 7th Triennial National Delegates’ Conference in Abuja.

He said with the refinery, there will be an impact on the fuel supply dynamics.

“We welcome the bold move by operators of Dangote Refinery coming on stream soon and hope that its addition will enhance local production, reduce products importation as well as end the era of uncertainties in petroleum products pricing and evils of subsidy payment,” he said.

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While he commended NNPC Ltd for the rehabilitation of the refineries, especially the Port Harcourt and Warri refineries, the PENGASSAN head revealed that South Korean Daewoo (the contractor) has not mobilised to Kaduna Refinery despite signing the contract early this year.

“Kaduna is yet to start and we are pushing to ensure they are completed on time,” he said, as he partly blamed the delay on the insecurity and kidnapping in Kaduna.

On tackling the lingering energy crisis, PENGASSAN tasked the incoming government on hastening the completion of the refineries’ rehabilitation.

“The incoming government must do all within its reach to see to the conclusion of the current rehabilitation effort and initiatives that are currently in place so that our nation’s refinery will come up in no time,” Osifo said.

He also said after nine months of battling crude oil theft along with protests by oil workers, production has moved up by 500,000 barrels per day (bpd).

Highlighting the steps PENGASSAN took, Osifo said: “Key among these was the nationwide protests against crude oil theft and presentations at the National Assembly. These efforts had started yielding fruits as our crude oil production level which was less than a million bpd in August 2022 had risen to more than 1.5mbpd today.”

Dangote refinery to cut fuel import, evils of subsidy shortly – PENGASSAN

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CBN raises commercial banks’ capital base to N500bn

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CBN raises commercial banks’ capital base to N500bn

The Central Bank of Nigeria (CBN) has increased the minimum capital requirements for commercial, merchant and non-interest banks.

The CBN increased the capital base for commercial banks with international licences to N500 billion, while national and regional financial institutions’ capital bases were fixed at N200 billion and N50 billion, respectively.

This was announced in a statement on Thursday, noting that the increase was due to prevailing macroeconomic challenges and headwinds.

The statement signed by Haruna Mustafa, director, financial policy and regulation department at the CBN.

It said the upward review would enhance the banks’ resilience, solvency and capacity to continue to support the growth of the Nigerian economy.

Also, the CBN raised the merchant bank minimum capital requirement to N50 billion for national licence holders.

The financial regulator said the capital base for national and regional non-interest banks is N20 billion and N10 billion, respectively.

To meet the minimum capital requirements, the CBN advised banks to consider the injection of “fresh equity capital through private placements, rights issue and/or offer for subscription”.

The CBN also suggested merger and acquisition (M&A), as well as upgrade or downgrade of licences.

“The minimum capital specified above shall comprise paid-up capital and share premium only. For the avoidance of doubt, the new capital requirement shall not be based on shareholders’ funds,” it stated

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Tinubu orders creation of single-digit tax system

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Tinubu orders creation of single-digit tax system

President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.

Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.

A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”

The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”

 

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Naira gains further against dollar

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Naira gains further against dollar

The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.

According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.

On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.

Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.

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The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.

CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.

Naira gains further against dollar

(NAN)

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