Reps clear oil marketers in foul fuel import probe – Newstrends
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Reps clear oil marketers in foul fuel import probe

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The House of Representatives says oil marketers accused of importing methanol-blended premium motor spirit (PMS) into the country have done no wrong.

Duke Oil, MRS Oil, Oando Oil and Emadeb consortium — Hyde, AY Maikifi, Britannia-U were accused of importing the off-spec petrol.

The lower legislative chamber absolved the oil companies of wrongdoing following the consideration and approval of the report of the committee on petroleum resources downstream at the committee of the whole on Thursday.

The House said the oil companies “did not commit any offence, therefore not recommended for suspension”.

The Chairman of the Committee on Petroleum Resources, Abdullahi Mahmud Gaya, submitted the report two weeks ago, but the house refused to consider it and suggested that further work on it.

In February, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) confirmed that petrol with methanol quantities above Nigeria’s specification was discovered in the supply chain.

The Group Managing Director of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, had said the suppliers imported the methanol-blended petrol.

The development caused long queues across Nigeria as many filling stations shut down services.

On February 10, the lower legislative chamber asked the NNPC Limited to suspend the companies involved and also mandated its petroleum committees to investigate the matter.

 

After considering the report of the committee on Thursday, the lawmakers approved the seven recommendations therein.

Besides absolving the oil companies of blame, the lawmakers asked the Standards Organisation of Nigeria (SON) to henceforth test for methanol in imported petrol in the country.

Specifically, the House recommended that Minister of Petroleum Resources should expedite action on the completion of the rehabilitation work and ensure upgrading of the major refineries at Warri, Port Harcourt and Kaduna to meet AFRI5 Specification to boost local refining and reduce over-dependence on imported PMS into Nigeria to avert reoccurrence.

That the minister should initiate the adoption of the 2017 PMS Standard (NIS 116:2017) as approved by the SON which include testing for methanol for future importation of the product into the country to mitigate reoccurrence.

That the Federal Government should position the Standards Organisation of Nigeria (SON) to implement its mandate to the latter by subjecting all imported white petroleum and other products to the offshore conformity assessment and resume routine quality control of them and other products imported into the country at the seaports, airports and borders throughout Nigeria as shrined in the Standards Organization of Nigeria enabling Act of 2015.

Based on the Nigerian National Petroleum Company Limited exoneration, the four (4) oil marketers/importers (Duke Oil, MRS Oil and Gas, Oando Oil and Emadeb, Energy/Hyde/AY Maikifi/Britannia-U Consortium) did not commit any offence, therefore not recommended for suspension.

That the Federal Government is to note that the Standards Organization of Nigeria (SON) mandate is also specifically enshrined in item 62 (d) of Part I of the Second Schedule (Exclusive Legislative List), to the 1999 Constitution.

That the Nigerian National Petroleum Cooperation (NNPC) Limited shall maintain local supply and distribution of 90 million litres daily across the country until normalcy is restored.

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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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CBN jacks up interest rate amid soaring inflation

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CBN jacks up interest rate amid soaring inflation

The Central Bank of Nigeria (CBN) on Tuesday raised the interest rate from 22.75 per cent to 24.75 per cent amid soaring inflation.

Governor of the central bank, Olayemi Cardoso, made this known after the two-day Monetary Policy Committee (MPC) meeting held on Monday and Tuesday.

The country’s latest annual inflation rate jumped to 31.70 per cent from 29.90 per cent for last month, fueled by a continuous rise in food prices.

Cardoso disclosed that the MPC voted to adjust the asymmetric corridor around the MPR at +100 to -300 basis points.

He said the committee voted to retain the Cash Reserve Ratio (CRR) at 45 per cent for commercial banks and adjust the CRR of merchant banks from 10 per cent to 14 per cent.

The committee also voted to retain the liquidity at 30 per cent.

He said, “Members noted the continued rise in headline inflation driven largely by food prices, because of supply shortages, and high cost of Logistics and Distribution.

“The committee, therefore, was of the view that addressing food insecurity is key to containing current inflationary pressures.”

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