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DPR Seals 24 Filling Stations in Ondo for Selling Above N145

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Kerosene
  • DPR Seals 24 Filling Stations in Ondo for Selling Above N145

As the fuel scarcity continues to bite harder in Ondo State, the Department of Petroleum Resources on Thursday sealed 24 petrol stations in Akure, the state capital and Ondo town for selling the Premium Motor Spirit, also know as petrol, above N145 per litre.

Since the fuel scarcity began, many filling stations in Ondo town are allegedly selling the product above N145 per litre.

Many of the sealed filling stations were members of the Independent Marketers Association of Nigeria, while some major marketers were still selling the product at the official pump price amidst long queue of vehicles.

In an operation that lasted for three hours, many filling stations were sealed, while DPR officials forced some stations to sell the product to the public at the normal price.

The DPR team, led by the Deputy Chief Officer, Mr. Stanley Okwekwe, said the exercise was carried out to ensure that the marketers sold the product at the official pump price.

The DPR boss also declared that the operation will be conducted on a regular basis in order to alleviate the suffering of the people of the state.

Meanwhile, about eight other filling stations in the state would face the sanction of the Federal House of Representatives for selling fuel above official pump price.

The alleged erring filling stations were allegedly selling the product between N220 and N250 per litre, while they displayed N145 per litre on the metre.

The Chairman, House Committee on Petroleum Resources, Mr. Joseph Akinlaja, who declared this after a monitoring tour in Akure and Ondo towns, stated that the erring filling stations would be summoned to the Assembly to give reasons for selling above the official price.

Akinlaja, who represents Ondo East/West Federal Constituency in the House, declared that the erring filling stations would face the wrath of the law if found guilty of the offence.

He said, “When the NNPC will be telling me there is fuel in abundance, I will ask, ‘why the queue?’

“We are already taking steps on the development and very soon, the scarcity will end.”

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Economy

Nigeria Sees 9.11% Increase in VAT Revenue, Generating N1.56 Trillion in Q2 2024

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The federal government in the second quarter of 2024 generated a total of N1.56 trillion from Value Added Tax. This is a 9.11 percent increase from the N1.43 trillion in Q1 2024.

According to the National Bureau of Statistics report, local payments recorded were N792.58 billion, foreign VAT payments were N395.74 billion, while import VAT contributed N372.95 billion in Q2 2024.

“On a quarter-on-quarter basis, human health and social work activities recorded the highest growth rate with 98.44%, followed by agriculture, forestry and fishing with 70.26%, and water supply, sewerage, waste management and remediation activities with 59.75%,” NBS reported.

“On the other hand, activities of households as employers, undifferentiated goods and services producing activities of households for own use had the lowest growth rate with 46.84%, followed by Real estate activities with 42.59%.

“In terms of sectoral contributions, the top three largest shares in Q2 2024 were
manufacturing with 11.78%; information and communication with 9.02%; and Mining and quarrying with 8.79%.

“Nevertheless, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.00%, followed by activities of extraterritorial organisations and bodies with 0.01%; and Water supply, sewerage, waste management and remediation activities with and real estate services 0.04% each.

“However, on a year-on-year basis, VAT collections in Q2 2024 increased by 99.82% from Q2 2023.”

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Economy

Finance Minister Denies VAT Hike, Confirms Rate Remains at 7.5%

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Value added tax - Investors King

Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, on Monday, debunked reports doing the rounds that the rate for Value-Added Tax (VAT) has been upwardly adjusted to 10% from 7.5%.

The Minister, in a statement signed by him, affirmed that VAT rate as contained in relevant tax laws and chargeable on goods and services remains 7.5%.

“The current VAT rate is 7.5% and this is what government is charging on a spectrum of goods and services to which the tax is applicable. Therefore, neither the Federal Government nor any of its agencies will act contrary to what our laws stipulate.

“The tax system stands on a tripod, namely tax policy, tax laws and tax administration. All the three must combine well to give us a sound system that gives vitality to the fiscal position of government.

“Our focus as a government is to use fiscal policy in a manner that promotes and enhances strong and sustainable economic growth, reduces poverty as well as makes businesses to flourish.

“The imputation in some media reports on the issue of VAT and the opinion articles that have sprouted from them seem to wrongly convey the impression that government is out to make life difficult for Nigerians. That is not correct. If anything, the Federal Government has, through its policies, demonstrated that it is committed to creating a congenial environment for businesses to thrive.

“In fact, it is on record that the Federal Government, as part of efforts to bring relief to Nigerians and businesses, recently ordered the stoppage of import duties, tariffs and taxes on rice, wheat, beans and other food items.

“For emphasis, as of today, VAT remains 7.5% and that is what will be charged on all the goods and services that are VAT-able,” Edun said

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Nigeria to Raise VAT to 10% Amid Revenue Crisis, Says Fiscal Policy Chairman

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Value added tax - Investors King

Taiwo Oyedele, Chairman Presidential Fiscal Policy and Tax Reforms Committee, has said the committee working on increasing the Valued Added Tax (VAT) from the current 7.5% to 10%.

Oyedele announced this during an interview on Channels TV’s Politics Today.

According to Oyedele, the tax law the committee drafted would be submitted to the National Assembly for approval.

He also said his committee was working to consolidate multiple taxes in Nigeria to ensure tax reduction.

He said, “We have significant issues in our tax revenue. We have issues of revenue generally which means tax and non-tax. You can describe the whole fiscal system in a state that is in crisis.

“When my committee was set up, we had three broad mandates. The first one was to look at governance: our finances as a country, borrowing, coordination within the federal government and across sub-national.

“The second one was revenue transformation. The revenue profile of the country is abysmally low. If you dedicate our whole revenue to fixing roads it will be insufficient. The third is on government assets.

“The law we are proposing to the National Assembly has the rate of 7.5% moving to 10% from 2025. We don’t know how soon they will be able to pass the law. Then subsequent increases are also indicated in terms of the year they will kick in.

“While we are doing that, we have a corresponding reduction in personal income tax. Anybody that is earning about N1.5 million a month or less, they will see their personal income tax come down. Companies will have income tax rate come down by 30% over the next two years to 25%. That is a significant reduction.

“Other taxes they pay are quite many: IT levy, education tax, etc. All these we are consolidating into a single one. They will pay 4% initially. That will go down to 2& in the next few years.”

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