News
PPPRA Mulls Tax on Petrol, Kerosene, Others
Petroleum Products Pricing Regulatory Agency (PPPRA) has said that taxation of petroleum products like fuel, diesel, kerosene and gas holds a huge revenue potential for Nigeria.
This is contained in a report PPRA made available to the Ministry of Finance at the conclusion of the two-day National Revenue Retreat in Kano.
PPPRA said that the introduction of taxes on petroleum products will supplement the revenue lost due to the fall of oil prices at the international market.
It said the revenue potential from taxation of petroleum products was enormous, given the average national daily consumption of the products.
The report from PPPRA showed that the average national daily consumption of fuel was 45 million barrel, diesel nine million barrel and aviation fuel, 1.5 million barrel.
The report revealed that there were three different taxes that could be charged which the PPRA’s pricing template did not currently accommodate. These are Highway Maintenance, Government Tax, Import Tax and Fuel Tax.
According to the report, “Fall in government’s revenue from oil sale receipts and budget deficits in the face of compelling demand has made it imperative that the nation begins to examine the next step in the petroleum downstream business in Nigeria.
“Deregulation remains the key to achieving a self-sustaining downstream sector as well as the stimulation of the economic growth and social wellbeing of the populace.
“Environmental tax, consumption tax, fuel tax, VAT, Import and Excise tax, when included in the final pricing of petroleum products provides opportunities for petroleum products to provide direct funds for other sectors,” it said.
Also, PPPRA made available to the government, the option of privatisation of refineries as another way for revenue generation. It also suggested that the Downstream Logistics Facilities should also be privatised.
News
Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria
Legit.ng recently joined forces with the Shade of Life Foundation to become a voice of autism, and drive advocacy for improved media support during Autism Awareness Month.
Conversations around media support exploration was led by Joseph Omotayo, head of Department for Human Interest Stories at Legit.ng, and Dr. Eziafakaku Nwokolo, founder and CEO of the Shade of Life Foundation,
This partnership is a response to the concerns raised by organizations like the Shade of Life Foundation about the level of support received from the media in discussing autism as a disability.
While other disabilities may receive attention, autism, with its critical developmental implications often lacks adequate representation in mainstream media.
Recognizing the importance of addressing these concerns, Legit.ng took proactive steps by integrating itself into the essence of autism awareness.
It facilitated a one-hour workshop with Dr. Nwokolo, the founder of the foundation, to deepen our understanding of autism, its various spectrums, and the language boundaries associated with it.
Other steps we took in advocating autism awareness in the media, can be seen in our attached press release.
Legit.ng believes that by amplifying the voices of autism and advocating for better media representation, we can contribute to creating a more inclusive and accepting society for all.
News
As Nigeria Struggle, Tanzania Turns off Power Plants Due to Excess Supply
While 85 per cent of Nigeria is in darkness, Tanzania, an African country has shut down five hydroelectric stations in a bid to reduce excess electricity in the national grid.
Kassim Majaliwa, prime minister, Tanzania, has said the main plant, Mwalimu Nyerere Hydroelectric Station, alone generated enough electricity to power major cities, including Dar es Salaam, the country’s commercial hub.
It is the first time Tanzania, which suffers chronic power shortages, has closed hydroelectric stations due to excess production.
“We have turned off all these stations because the demand is low and the electricity production is too much, we have no allocation now,” an official from state-run power company, Tanesco, said.
The 2,115MW Julius Nyerere Hydropower Dam is said to be almost filled with water following heavy rains that started early this year.
Meanwhile, while the country has an installed capacity of 1,938MW and the grid installed capacity of 1,899MW, Nigeria which has an installed capacity of 13,000MW is struggling to electrify 85 per cent of its electricity consumers.
News
President Tinubu Appoints Jim Ovia as Student Loan Fund Chairman
President Bola Tinubu has approved the appointment of Jim Ovia, renowned banker and businessman, as the Chairman, Board of the Nigerian Education Loan Fund.
Ovia’s appointment is contained in a State House statement titled, ‘President Tinubu appoints Jim Ovia as Chairman of the Nigerian Education Loan Fund,’ and issued on Friday by Ajuri Ngelale, special adviser to the President, Media & Publicity.
The statement noted that “Ovia is the founder of one of Nigeria’s leading banks and a respected business leader, with a surfeit of efforts and benefaction towards nurturing and empowering young Nigerians.
“He is an alumnus of Harvard Business School and holds a Master’s in Business Administration from the University of Louisiana.”
The National Student Loan Programme is a pivotal intervention that seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths.
The Nigerian Education Loan Fund, the implementing institution of this innovation, demands excellence and Nigerians of the finest professional ilk to guide and manage.
“The President believes Mr. Ovia will bring his immense wealth of experience and professional stature to this role to advance the all-important vision of ensuring that no Nigerian student suffers a capricious end to their pursuit of higher education over a lack of funds,” the statement partly read.
Ovia’s appointment will also ensure “that Nigerian youths, irrespective of who they are, have access to higher education and skills that will make them productive members of society and core contributors to the knowledge-based global economy of this century.”
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