Fuel crisis: NUPENG directs members to commence nationwide distribution – Newstrends
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Fuel crisis: NUPENG directs members to commence nationwide distribution

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President of NUPENG, William Akporeha

In a bid to restore normalcy to the prolonged fuel crisis, the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has directed members to ensure adequate and unhindered fuel distribution nationwide.

The President of NUPENG, William Akporeha, in a message to the Daily Sun said all members involved have been directed to present themselves at their loading bays.

Akporeha said this was against the backdrop of a meeting the union had with stakeholders in the downstream sector.

He noted that members involved in the distribution have been warned to shun any form of complicity that would further exacerbate the current problem.

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He said, “Arising from a stakeholder meeting on downstream of the petroleum sector of the oil and gas industry, the leadership of Nigeria Union of Petroleum and Natural Gas workers has decided to once again direct all its members involved in direct distribution chain and who are Petroleum Tankers Drivers, Deport workers and Petrol station workers to shun any form of illegal  and sharp malpractices that will cause or compound the present fuel scarcity across the country.

“All members are also directed to make themselves available at their various loading and distribution units round the clock to ensure adequate and unhindered distribution of the petroleum products across the nook and crannies of the country.”

Nigeria, is the world’s 6th oil producer but is dependent on importation of petroleum products, which has always made the country suffered shortages of supply due to fluctuating and scarcity of foreign exchange.

The development has in recent times thrown motorists and households into confusion as petrol, diesel and kerosene disappeared from filling stations.

The NUPENG president reiterated that the solution to end the perennial fuel crisis would be for the country to reactivate all its refineries to checkmate the incidence of fuel imprtation.

SUN

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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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