A destroyed refinery By Favour Ifeoluwa & Akinola Ajibade The Nigerian National Petroleum Company Limited( NNPCL) says it has destroyed 134 illegal refineries in the last few weeks. Also, the company said 63 illegal pipeline connections were uncovered during the the weeks . The corporation, In a visual report, stated that at about 2 am on Sunday, a joint team of security agents discovered a large wooden boat illicitly loading stolen crude oil from Barge AGS01 within the OML 18 operating area, noted intelligence report a large wooden wooden boat was caught receiving crude oil from the barge. According to the state-owned oil firm, while the barge was towed away with a tugboat in custody, five speedboats used in towing the large wooden boat to the illegal loading site were also detained and the particulars of the tugboats and barge used for the operation were reportedly seized for further investigation. It further said that two large boats, which involve
By Akinola Ajibade
Manufacturers have advised Federal Government to remove 7.5 per cent Value Added Tax( VAT) imposed on diesels in order to record growths.
This is coming on the heels of rising prices of goods and services in the country, a development, which has attested to the fact that the economy is facing serious crises and can only be rescued by timely adjustment of some factors affecting the development of the macro economies.
The President, Manufacturers Association of Nigeria ( MAN, Mansur Ahmed, who gave this advise at the at the 25th Annual General Meeting of the Kaduna State branch of the association, said it is high time the government looks inward in order to put the economy on path of growth.
Represented by the association' chairman in Bompai Branch, Kano, Sani Saleh, Ahmed urged the government to create a national strategic response to the disruptive impact of the ongoing Russian – Ukraine war on the global supply value chain and its debilitating impact on Nigeria’s economy.
Strategic response, Ahmed said, will help to identify viable options to ameliorate the negative impact of the disruption, assuage other pain points in the business environment and activate innovative solutions to familiar and emerging macroeconomic and Infrastructure challenges as well as provide a lead way for resilience in the economic ecosystem.
According to him, the removal of VAT on diesel, strategic response should be put in place, pending the normalisation of the international supply system, as well as resolving the complexity surrounding the seamless implementation of the eligible customer initiative in order to enable manufacturers to take of the advantage of stranded electricity.
Recall that Over Nigeria’s manufacturing sector was once regarded as the highest contributor to job and wealth creation, skill development and technology transfer.
However, the sector in recent times, has been facing challenges ranging from insecurity, inconsistent and unfavourable government policies and global economic crisis among others.
More worrisome is the on-going Russian-Ukraine war on Nigerian economy, a development, which has untold effects on the cost of petroleum products, raw materials among other issues.
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