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October 11, 2024 FG Launches Sale of ₦40,000 Rice in Ogun
IFMNEWS

FG Launches Sale of ₦40,000 Rice in Ogun

The Federal Government has begun selling 50kg bags of rice for ₦40,000 in Abeokuta, the Ogun State capital. This initiative is part of the government’s efforts to ease the current socioeconomic challenges caused by the removal of fuel subsidies.

At the launch event, the state governor announced that his administration would soon expand the sale of other subsidized food items, such as garri, rice, and beans, across all 20 local government areas. The governor emphasized that this move would help extend the reach of the program to the grassroots, ensuring more people benefit from the subsidized prices.

The governor also highlighted that both the federal and state governments are committed to sustainable development through inclusiveness, transparency, fairness, and accountability. He praised the Head of Service and his team for their efforts in organizing the initiative. The rice distribution will target various groups, including civil servants, artisans, trade unions, market women, NGOs, community associations, and religious organizations.

He assured the public that the Ministry of Agriculture and the office of the National Security Adviser have created a fair and structured system to distribute the rice equitably across the 20 local government areas. Additionally, the sale will also begin in Ilaro for Ogun West Senatorial District and Ijebu-Ode for Ogun East Senatorial District.

The governor urged beneficiaries to maintain order at the sales points, follow the schedule set by the organizing committee, and avoid overcrowding. Payments will be made through Point of Sale (PoS) machines, and physical verification, including the use of NIN, will be required to prevent fraud.

He praised President Bola Ahmed Tinubu for his leadership in addressing food inflation, noting that the liberalization of petroleum products saved the country from spending over ₦11 trillion in a year.

The Head of Service, Mr. Kehinde Onasanya, highlighted that the initiative, powered by the Federal Government, aims to improve citizens' welfare. Representing the Minister of Agriculture and Food Security, Senator Abubakar Kyari, Ayo Ajayi commended Ogun State for its effective implementation of the program and stated that this template would be adopted in other states.

Senator Kyari explained that the process for purchasing the subsidized rice involves verifying the buyer’s NIN and paying ₦40,000 using an ATM. Chief Waheed Oloyede, the state chairman of the Nigerian Union of Pensioners, praised Governor Abiodun for his continued support of pensioners and for being the first to adopt this federal initiative.

October 11, 2024 New Bill Requires Tax ID for Opening and Maintaining Bank Accounts
IFMNEWS

New Bill Requires Tax ID for Opening and Maintaining Bank Accounts

A new bill has been proposed in Nigeria that would mandate individuals involved in banking, insurance, stockbroking, or other financial services to provide a Tax Identification Number (TIN) as a prerequisite for opening or maintaining accounts.

The bill, titled “A Bill for an Act to Provide for the Assessment, Collection of, and Accounting for Revenue Accruing to the Federation, Federal, States, and Local Governments; Prescribe the Powers and Functions of Tax Authorities, and for Related Matters,” aims to boost tax compliance and streamline the country’s revenue collection process. According to the document, dated October 4, 2024, and obtained from the National Assembly, individuals engaged in these financial activities must provide a tax ID before they can open a new account or operate an existing one.

This initiative is part of a broader strategy to ensure that all individuals and entities participating in Nigeria's financial sector are properly registered for tax purposes. The bill further stipulates that non-residents supplying taxable goods or services in Nigeria or earning income from the country must also register for tax purposes and obtain a TIN.

However, non-residents who earn passive income from investments in Nigeria will not be required to register, though they must still provide relevant information as directed by the tax authority. The proposed legislation also gives tax authorities the power to automatically register individuals who are required to obtain a TIN but fail to do so. In such cases, the tax authority is expected to promptly inform the individual of their registration and issue the tax ID accordingly.

Failure to comply with these requirements may result in administrative penalties. According to the bill, a taxable person who fails to register for tax will incur a penalty of N50,000 in the first month of non-compliance, followed by N25,000 for each subsequent month.

October 11, 2024 Falana Declares NNPC’s Fuel Price Fixing Illegal
IFMNEWS

Falana Declares NNPC’s Fuel Price Fixing Illegal

Nigerian lawyer and human rights advocate, Femi Falana (SAN), has criticized the Nigeria National Petroleum Company Limited (NNPCL) for setting fuel prices, deeming the action illegal, null, and void. In a statement released on Thursday, Falana argued that NNPCL's decision to fix prices for both imported and locally refined fuel violates Section 205 of the Petroleum Industry Act (PIA).

Falana pointed out that Section 205 of the PIA mandates that fuel prices should be determined by market forces, not by the NNPCL. He cited a statement made on September 5, 2024, by NNPC's Executive Vice President of Downstream, Mr. Adedapo Segun, who acknowledged that fuel prices in Nigeria are meant to be driven by free market forces, with the exchange rate playing a significant role in price determination.

However, Falana noted that contrary to this public declaration, the NNPCL unilaterally set the price of fuel refined by the Dangote Refinery last month, disregarding the role of market forces. He accused the company of repeatedly violating the laws that govern its operations by fixing prices, which should have been determined through market competition.

Falana further criticized NNPCL's recent announcement of new pump prices for fuel from the Dangote Refinery, highlighting that once again, market forces were not allowed to dictate the pricing. This comes amid an ongoing dispute between NNPCL and Dangote Refinery over fuel pricing, a matter in which the Federal Government has stated it will not intervene.

October 11, 2024 TUC Calls on FG to Revert Petrol Prices to June 2023 Rates
IFMNEWS

TUC Calls on FG to Revert Petrol Prices to June 2023 Rates

The Trade Union Congress (TUC) has called for the restoration of petrol prices to the levels seen in June 2023. Speaking at a press conference in Abuja, TUC President Festus Osifo emphasized that their demand goes beyond merely returning prices to the previous rates, but seeks to reduce them further. He urged the government to intervene by offering foreign exchange to the Dangote Refinery at a favorable rate of $1/N1,000, rather than the current exchange rate of over $1/N1,600, to help lower petrol prices.

Osifo argued that implementing this solution could restore petrol prices to the levels seen in June 2023, stressing the need for government intervention in the oil sector, just as other nations manage their critical industries. He noted that since May 2023, the Nigerian National Petroleum Company Limited (NNPCL) has significantly increased petrol prices, with the price per litre in Lagos rising from ₦184 to ₦998. By June 2023, the price had already climbed to ₦450 per litre.

The TUC President stressed that petrol must be affordable, accessible, and available for all Nigerians, noting that even households without cars are affected by rising prices. He called for all petrol marketers to be licensed to lift products from the Dangote Refinery and suggested that if the refinery cannot meet demand, NNPCL should import refined petrol from other sources. He explained that the refinery’s current production of 15 million litres per day is insufficient to meet national needs, so alternative sourcing is necessary until production ramps up.

On Wednesday, Nigerians faced another shock as NNPC retail outlets increased petrol prices once again, with prices in Lagos jumping to ₦998 per litre, up from ₦855. This increases panic buying, leading to long queues at filling stations. In Abuja, prices also surged to ₦1,030 per litre, echoing similar hikes from September. Although NNPCL has yet to issue an official statement on this recent spike, the company hinted at further increases after beginning to load its first petrol batch from the Dangote Refinery in mid-September.

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