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Wed, Nov

FG Increases Tax On Cigarette, Shisha

The Minister of State for Health, Olorunnimbe Mamora has announced that the Federal Government (FG) has increased the tax on cigarettes from 20 to 30 percent to discourage Nigerians from tobacco consumption. The Minister made this known during the launch of the Tobacco Control Date Initiative Dashboard, which is a virtual (web-based) database that allows stakeholders and the public to access relevant and updated data on tobacco control policies in Nigeria.

NAICOM Revokes Operational Licenses Of 2 Insurance Companies

The National Insurance Commission (NAICOM) has cancelled the Certificates of Registration of Standard Alliance Insurance Plc and Niger Insurance Plc. This announcement was contained in a statement issued by the Head, Corporate Communications and Market Development, NAICOM, Rasaaq Salami.

FG Approves Freight Rate Increase To Reduce Fuel Scarcity

In a bid to reduce fuel scarcity in Nigeria, the Federal Government (FG) has approved an increase in freight rate for fuel transporters. Freight rate is the price at which petroleum products are delivered from one location to another. This was disclosed on Thursday in a statement issued by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

NUPRC Set To Issue 57 Marginal Oil Field Licenses

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said it will issue Petroleum Prospecting Licenses (PPL) to successful investors of marginal oil fields in the 2020 bid round. Marginal oil fields are smaller oil blocks located onshore and in shallow waters which have not been exploited in the last ten years. They are usually developed by indigenous companies.

FEC Approves NNPC-ECOWAS Gas Pipeline Deal

The Federal Executive Council (FEC) has given a go-ahead to the Nigerian National Petroleum Corporation (NNPC) to execute an MoU with the Economic Community of West Africa States (ECOWAS) for the construction of the Nigeria-Morocco Gas Pipeline. This was disclosed by the Minister of State for Petroleum Resources, Timipre Sylva, after the FEC meeting presided by the Vice President Prof. Yemi Osinbajo at the Presidential Villa in the nation's capital on 25th May 2022. More so, the Minister made it clear that the project was still at the early stage of the front-end engineering design, which the cost would be determined thereafter, as the pipeline would pass through fifteen (15) West African Countries to Morroco and Spain to enable Nigeria supply the connected 15 countries with gas while tapping into European markets.

Carbonated Drinks: FG Commences Implementation Of N10/Litre Excise Duty

The Federal Government (FG) has begun the implementation of excise duty of N10/liter on all non-alcoholic, carbonated, and sweetened beverages. This was disclosed on Thursday by the Chief Superintendent of Customs, Department of Excise, Free Trade Zone, and Industrial Incentives, Dennis Ituma at a policy meeting.

ICRC: President Buhari Seeks Senate Confirmation Of Ohiani As DG

President Muhammadu Buhari has asked the Senate to confirm the appointment of Mr. Michael Joe Ohiani as the Director-General (DG)/ Chief Executive Officer (CEO) of the Infrastructure Concession Regulatory Commission (ICRC). The President’s request was contained in a letter read by the Senate President, Ahmed Lawan during Wednesday’s plenary in Abuja.

President Buhari Seeks Confirmation Of New RMAFC Chairman

President Muhammadu Buhari is seeking the Senate’s confirmation of his nomination of Mohammed Shehu as the Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC). The President’s request was contained in a letter read by the Senate President, Ahmed Lawan during Wednesday’s plenary.

NERC: Expect Improved Power Supply From July 1

The Nigerian Electricity Regulatory Commission (NERC) has disclosed that Nigerians should expect improved power supply from July 1, 2022. This was made known on Wednesday by NERC Chairman, Sanusi Garba at an interactive session with journalists after the 2nd Nigerian Electricity Supply Industry (NESI) meeting in Lagos State.

Fuel Scarcity: NMDPRA Insists On N165 Pump Price

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) yesterday maintained that the pump price for Premium Motor Spirit (PMS) remains at N165 per litre. This is despite the position of some oil marketers that the current pump price for petrol in the country was unsustainable following long queues that have surfaced in some cities across the nation. NMDPRA’s position was made known by, Mr. Ugbugo Ukoha, Executive Director, Distribution Systems, Storage and Retail Infrastructure (NMDPRA) on Tuesday after visiting jetties in Apapa, Lagos. Ukoha noted that the crisis between Russia and Ukraine had led to an increment in the cost of Automotive Gas Oil (diesel), which is used in transporting petroleum products from the depots to the retail outlets.

BDCs Can End Multiple Exchange Rates - ABCON President

The President, the Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, has encouraged the Central Bank of Nigeria (CBN), to use the Bureaux De Change (BDCs) operators to end multiple rate practices so as to bring in stability in the foreign market. Gwadabe while speaking at the weekend in Lagos, said CBN’s operational manual authorises BDCs (who are small retail end institutions licensed) to carry on the business of selling Personal Travel Allowance (PTA), Business Travel Allowance (BTA), school fees and medical bills payment abroad, among other roles, at the retail end of the foreign exchange market. He however noted that the various policies of the CBN on the operations of the sub-sector continued to be inhibitive and limiting BDCs’ from providing their constitutional roles in the forex market and economy. The ABCON president called for collaboration between the BDC’s and the CBN in the implementation of market-friendly policies that will make the BDCs impact more positively in the market and promoting exchange rate stability in the economy.

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