Connect with us

Business

NNPC Records N211bn From Petroleum Products Sales In February

Published

on

The Nigerian National Petroleum Corporation on Tuesday announced that its downstream subsidiary company in charge of bulk sales and distribution of petroleum products, Petroleum Products Marketing Company, recorded ₦211.62bn sale of white products in February 2020.

NNPC’s Group General Manager, Group Public Affairs Division, Kennie Obateru, explained that the figure contained in the corporation’s February 2020 Monthly Financial and Operations Report was significantly higher compared to the previous month’s record which stood at ₦151.79bn.

The report showed an increased trading surplus of ₦3.95bn garnered by the corporation in February 2020, when compared to the ₦1.87bn surplus that was posted in January 2020.

The 111 per cent growth in the month, the report stated, was largely attributable to improved performance of the Nigerian Gas Company as a result of its low expenses.

Other reasons cited for the increased trading surplus were the reduced deficits post by the downstream units, refineries, as well as the NNPC corporate headquarters.

The February 2020 report also indicated that total revenues recorded from the sales of white products for the period February 2019 to February 2020 stood at about ₦2.6tn, with petrol contributing about 98.06 per cent of the total sales value of about ₦2.5tn.

The report stated that about 1.7 billion litres of white products were sold and distributed by PPMC in the month of February 2020 compared with about 1.2 billion litres sold in January 2020.

This comprised about 1.7 billion litres of PMS (petrol) and 1.09 million litres of AGO (diesel). Also, there was a sale of 0.01 million litres of special product, Low Pour Fuel Oil in the month.

Total sale and distribution of white products for the period February 2019 to February 2020 stood at about 21 billion litres and PMS accounted for 20.8 billion litres or 98.73 per cent.

During the period under review, a total of 32 pipeline-points malfunctioned or were vandalised, representing about 47 per cent decrease from the 60 points recorded in January 2020.

These comprised 22 pipeline breaches, eight-weld failures and two pipeline ruptures. Mosimi area accounted for 78 per cent of total cases, the Port Harcourt axis 16 per cent and all other routes accounted for the remaining six per cent.

In respect of natural gas off-take, commercialisation and utilisation, out of the 241.74 billion cubic feet of gas supplied in February 2020, 146.54BCF was commercialised, consisting of 35.83BCF and 110.71BCF for the domestic and export market respectively.

This translates to a total supply of 1,235.56 million standard cubic feet per day of gas to the domestic market and 3,817.4mmscfd of gas supplied to the export market for the month.

During the period, the report said 699mmscfd was delivered to gas-fired power plants to generate an average power of about 3,064 megawatts, compared with January 2020 when an average of 640mmscfd was supplied to generate 2,683MW.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

FCCPC: Electricity Topped Consumers’ Complaints In 2020

Published

on

By

The Federal Competition and Consumer Protection Commission (FCCPC) says it received the highest consumer related complaints from the electricity sector in 2020.

Speaking in Abuja on Sunday, Babatunde Irukera (pictured), chief executive officer of FCCPC, said the banking and telecommunication sectors ranked second and third respectively on the complaints chart.

He added that the aviation sector was ranked fourth.

“Our complaints resolution team is still a very small team of people and they are dealing with thousands of complaints,” Irukera said.

“We are looking at expanding capacity to have more hands handling the complaints but the real game changer in handling complaints better and faster is for companies to start doing it.

“The person who has the least open complaint in our resolution team has about 800 complaints across sectors and that is one person. If you multiply it by 12 to 15 persons, you will imagine the number of complaints.

“Being able to expand to a point where we are able to operate more efficiently, we will keep training, leveraging technology, the more we leverage technology, the more efficiently we can do our work.”

The commission was established by the 2018 Federal Competition and Consumer Protection Act (FCCPA) to promote fair, efficient and competitive markets in the Nigerian economy, facilitate access by all citizens to safe products, and protect the rights of all consumers in Nigeria.

Continue Reading

Business

FEC Approves CBN’s Request To Renovate National Theatre For N21b

Published

on

By

Lai Mohammed, minister of information and culture, said on Wednesday that the Federal Executive Council (FEC) has approved a memorandum of understanding (MoU) between the Central Bank of Nigeria (CBN), and the ministry of information and culture for the renovation of the National Theatre in Iganmu, Lagos.

He spoke at the end the weekly FEC meeting in Abuja.

The federal government, on July 12, 2020, handed over the national theatre to CBN and the bankers’ committee to signify the kick-start of the renovation process.

“This is a landmark approval because, it has paved the way for investment in the creative industry as part of the resolve of this government to create at least one million jobs in the next three years in the creative industry,” Mohammed said.

“The CBN and banker’s committee are willing to invest N21.894 billion to renovate, refurbish and commercialization (run it profitably) of the national theatre complex. The MoU has a life span of 21 years after which it will revert back to government.”

The minister assured that no job will be lost after the national theatre is renovated, adding that the “brand new national theatre, an event centre” will instead create more jobs.

Asides from this, FEC approved about N9.43 billion to complete the digital switch over (DSO) in broadcasting; N8.98 billion for a new national ICT park in the federal capital territory (FCT) to coordinate public and private ICT hubs in Nigeria.

The council also approved a new national policy on aging which would take care of the needs of the aged people across Nigeria; approved the ministry of water resources memo to construct Damaturu water supply project in Yobe state worth N8.43 billion.

Continue Reading

Business

Adesina identifies Debt Service As Greatest Risk To Nigeria

Published

on

By

 

The President of African Development Bank (AfDB), Dr. Akinwunmi Adesina, has warned that debt service is Nigeria’s greatest risk, even as he urged the federal government to take steps to increase tax revenue in the face of dwindling oil income.

The Director of Communications and Liaison of the Federal Inland Revenue Service (FIRS), Mr. Abdullahi Ahmad, stated that he spoke virtually at the recently held First Annual National Tax Dialogue .
Dr. Adesina was quoted as saying that due to the impact of the COVID-19 pandemic, Nigeria’s economy shrank “by 3% in 2020 on account of falling oil prices and the effects of the lockdowns on economic activities,” adding, “with shrinkage in oil revenues, debt service payments pose the greatest risk to Nigeria.”
He stressed further that for Nigeria to overcome the pandemic, “taxes must form a significant percentage of government revenue. Digitalization of tax collection and tax administration is critical to ensure greater transparency of the tax system, widening of the tax base, while mitigating compliance risks and encouraging voluntary tax compliance.”
Tax experts and stakeholders at the event called for the automation of tax collection by the FIRS through data and intelligence in order to ease tax collection, as well as, improve revenue.
Executive Secretary, African Tax Administration Forum (ATAF), Mr. Logan Wort, harped on the place of technology in generating revenue for the country in a post-Covid economy.
Mr. Wort, who joined the dialogue virtually from South Africa, stated, “Domestic Resource Mobilisation (DRM) is expected to contribute at least 75% to 90% on average per country” in the post-Covid era, adding that Nigeria and other African countries should note, “improved tax revenue will have to take prime position” in the scheme of things.
He urged Nigeria to pay serious attention to e-commerce and the digital economy sector where big, trans-national digital conglomerates like Google, Netflix and Uber operate and make huge, tax-free profits as a possible way of increasing tax revenue generation.
He said Nigeria should borrow a leaf from Ghana in e-commerce taxation, projected to fetch Ghana $450 million in annual tax revenue.
Ekiti State Governor, Dr. Kayode Fayemi, who was chairman of the Dialogue, was quoted as lauding the FIRS “for its performance in the 2020 fiscal year, despite operating in the most challenging period. The Service not only collected N4.9 trillion in taxes, achieving 98% of its target; only 30.6% of this was attributed to Petroleum Profits Tax, from what used to be over 50%”.
He urged participants to, “interrogate how Nigeria can further deepen the use of technology to improve tax compliance nationally and across sub-nationals.”

Continue Reading