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Fed Govt Slightly Reverse The Price of PMS

Queue at the filing station  The President,  Petroleum Products Retailers Owners of Nigeria( PETROAN), Dr Billy Gills Harry, says the reduction of the product, by the Nigerian National Petroleum Company Limited( NNPCL) is good for the nation'struggling economy, as it would help in soften the difficult situations posed by the sharp rise in the price of petroleum products. While reacting to the issue through a statement issued and signed to the NEWSMIRROR yesterday, Harry said that the slight reversal of the price by NNPCL shows that the government is committed to the alleviation of the problems of the masses. According to him, the reduction in the price per litre of Petrol Motoring Spirit( PMS) from N1,020 per litre to N899 per litre is good, adding that the country will soon get over its problem, if the readjustment of the economy continues. Also, PETROAN's Public Relation Officer, Dr  Joseph Obele said that Dangote Petroleum Refinery had earlier started the r...
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Manufacturers to Govt: remove 7.5% VAT

 

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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