Economy
Removal of tariffs on importation of rice, other food items not yet ratified by President Tinubu — Presidency
A leaked memo which circulated on Monday, July 8th, 2024 had said that the government of President Bola Tinubu was considering suspending tariffs on rice and other food commodities’ imports for 150 days to rein in hunger nationwide.
According to the leaked official document, Abubakar Kyari, minister of agriculture and food security, had in a statement earlier on Monday, said duties, tariffs and taxes on imported maize, husked brown rice, wheat and cowpeas — through land and sea borders — have been suspended.
Kyari, in the memo, said a 150-day duty-free import window for food commodities will be enforced as part of measures to be implemented over the next 180 days to ameliorate food inflation in Nigeria.
According to him, the measures are part of the accelerated stabilisation and advancement plan recently presented to President Bola Tinubu by the economic management team (EMT) under the Presidential Economic Coordination Council (PECC) constituted by the president in March.
“The policy was mistakenly circulated,” Onanuga said on Monday evening.
Onanuga apologised for the error and said the government was not oblivious to its potential impact on long-suffering Nigerians.
The retracted policy draft said the measures would be implemented over the next 150 days and involve relaxing duties, tariffs and taxes on importing certain food commodities through land and sea borders.
It would be recalled that the Tinubu government is facing growing anger among Nigerians over its failure to address endemic food shortages urgently, even as inflation hovered at historically high figures.
On Monday, a frustrated citizen attempted to jump to his death from a 40-metre-high radio transmitter over a worsening economic crisis.
Economy
NNPC Retail sensitizes auto mechanics on CNG Adoption, Oleum lubricant range
Economy
News Alert: Again, NNPCL increases fuel pump price to N1,030 per litre in Abuja, N998 per litre in Lagos
— terminates exclusive purchase agreement with Dangote refinery
The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS) to N1,030 per litre at its various outlets in Abuja on Wednesday.
This price hike follows the company’s decision to terminate its exclusive purchase agreement with Dangote Refinery.
On Monday, October 7th, 2024,NNPC ended the agreement, allowing other marketers to directly purchase petrol from the refinery.
Consequently the national oil company is no longer the sole off-taker while marketers are now free to negotiate prices directly with Dangote Refinery.
This shift aligns with the current practices of fully deregulated products, enabling refineries to sell to marketers on a “willing buyer, willing seller” basis.
By implication and with the N1030 pump price of NNPCL, pump prices of the product by the major and independent marketers are now expected to be over the NNPCL pump price.
Economy
NNPC sells Dangote September fuel delivery at N950.22 per litre in Lagos
“The NNPC Ltd can confirm that it is paying Dangote Refinery in USD for September 2024 PMS offtake, as Naira transactions will only commence on October 1st, 2024.
“The NNPC Ltd assures that if the quoted pricing is disputed, it will be grateful for any discount from the Dangote Refinery, which will be passed on 100% to the general public.
“Attached to this statement are the estimated pump prices of PMS (obtained from the Dangote Refinery) across NNPC Retail Stations in the country, based on September 2024 pricing.
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