Oil price in Nigeria cheapest in West Africa – NNPC Customs Service has generated N653.3 billion by the end of June 2019, N1.202 trillion in the 2018, Comptroller General

Posted by Larry Nwabuoku on 2019-07-11 05:02:00 | Views: 3 |

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Oil price in Nigeria cheapest in West Africa – NNPC Customs Service has generated N653.3 billion by the end of June 2019, N1.202 trillion in the 2018, Comptroller General

By Henry Umoru

ABUJA-  THE Group Managing Director ( GMD) of Nigeria National Petroleum Corporation (NNPC), Mele Kyari, yesterday lamented at the Senate over the N145 per litre fuel price in Nigeria.

 Nigeria Oil price NNPC
Oil price

The Management of NNPC told the Senate yesterday that its fuel was the cheapest in the entire west African sub region.

Meanwhile, the Comptroller General of Customs, Hammeed Ali has told the Senate that Customa Service has generated N653.3 billion by the end of June 2019 adding that N1.202 trillion in the 2018.

Also, the Executive Chairman of the Federal Inland Revenue Services ( FIRS), Babatunde Fowler yesterday informed the Senate that in the last 2 months, FIRS has generated about N6.5 billion.

Both Kyari, Ali and Fowler spoke yesterday during a courtesy call on the President of the Senate, Senator Ahmad Lawan in his office to make submissions on revenue generation by the agencies.

Speaking further, the NNPC GMD who noted that the low fuel price and smuggling , are the two key factors hampering high revenue generation of the agency, said, “The N145 per litre fuel price regime Nigeria runs against the N350 per litre most of the other west African countries operate, encourages smuggling , which invariably affected revenue generation for the agency and by extension the country.

” it is even very difficult for us to make the Petroleum Product available at N145 ”

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Kyari who noted that Nigeria is not benefiting optimally from gas production, however, informed the Senate leadership that as far as projected daily production level was concerned , remarkable achievement has been made with the 2.3million barrel daily production being recorded as against 1.6m barrel recorded on daily basis in 2016.

He however assured that before the year runs out, the corporation would meet the revenue projection of the appropriations act since the NNPC was working tirelessly with the customs and security agencies in controlling and containing cross border activities of the oil smugglers.

In his own submission , the Director of Department of Petroleum Resources ( DPR), Rufai Ahmed Ishaku, however called on the National Assembly to speed up the passage of the Petroleum Industry Bill, saying that doing so will significantly transform the oil and gas industry and attract revenues.

Speaking further, Customs boss said, “We collected N1.202 trillion in 2018 and as at June this year , we have collected N653.3 billion. We will surpass 2018 revenue by the end of the year”

Speaking further, the FIRS boss said that by the end of this quarter, the agency would have been able to generate about N500 billion from its aggressive revenue drive in meeting the projections made in the 2019 budget.

In his remarks, President of the Senate, Senator Ahmad Lawan told the executives of the revenue agencies that the purpose of the collaboration , was to gear them up in making more revenues for the government for effective and efficient budget implementation.

Lawan said, ” it is very worrisome that the country within the last few years , have been resorting to borrowing from external lenders for implementation of capital components of the yearly budget.

” This is not good for the country economically when we have agencies that can assist in generating revenues at home for execution of such projects.

” What is happening today is not healthy and must be critically addressed by all stakeholders involved.”
Vanguard

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