GTB 737 banner Yudala banner

FG considers tax on fuel, diesel, kerosene and gas

By News Express on 22/07/2016

Share on facebook Yahoo mail icon Gmail icon

Views: 2,797


The Petroleum Products Pricing Regulatory Agency (PPPRA) has said that taxation of petroleum products like fuel, diesel, kerosene and gas holds a huge revenue potential for Nigeria.

This was contained in a report PPRA made available to the Ministry of Finance and obtained by newsmen at the conclusion of the two-day National Revenue Retreat in Kano.

According to the report, PPPRA said the introduction of taxes on petroleum products would supplement the revenue lost due to the fall of oil prices at the international market.

It said the revenue potential from taxation of petroleum products was enormous, given the average national daily consumption of the products.

The report from PPPRA showed that the average national daily consumption of fuel was 45 million barrel, diesel nine million barrel and aviation fuel, 1.5 million barrel.

The report, according to the News Agency of Nigeria (NAN) revealed that there were three different taxes that could be charged which the PPPRA’s pricing template did not currently accommodate. These are highway maintenance, government tax, import tax and fuel tax.

“Fall in government’s revenue from oil sale receipts and budget deficits in the face of compelling demand has made it imperative that the nation begins to examine the next step in the petroleum downstream business in Nigeria.

“Deregulation remains the key to achieving a self-sustaining downstream sector as well as the stimulation of the economic growth and social wellbeing of the populace.

“Environmental tax, consumption tax, fuel tax, VAT, import and excise tax, when included in the final pricing of petroleum products provides opportunities for petroleum products to provide direct funds for other sectors,” it said.

Also, PPPRA made available to the government, the option of privatisation of refineries as another way for revenue generation.

It also suggested that the downstream logistics facilities should also be privatised.

•Text courtesy of THISDAY.

 

Source News Express

Posted 22/07/2016 12:36:54 PM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

 

You may also like...
PDP peace deal collapses •Sheriff, Makarfi back to...

2019: Federal lawmaker applauds Amosun’s support for Ogun...

NIRA registers 27,862 .ng domain names in Q3:...

School feeding: FG releases N844m, employs 11,775 cooks...

Mobil, Chevron, Shell lead gas flare chart

FG taps ideas from states for National Economic...

Gunmen abduct Kaduna lawmaker, 3 others

Pentascope/NITEL Scam: Is El-Rufai an accidental public fraud?...

Panic in Ogun community over military bombardment •Save...

New tax regime imminent in Abia as govt....

50 SHOT, MACHETED IN ANAMBRA CHURCH ATTACK •Assemblies...

Oyo Govt. shuts Emmanuel Alayande College of Education...

 

Latest News FG assures on 2nd Niger Bridge, Enugu/Onitsha expressway Man who jumped into Lagos Lagoon identified Kebbi Accountant-General bags 70 years jail term over N1.6bn fraud US, UK biggest recipients of looted funds from Nigeria Lagos to gets special court for commercial disputes •New CJ vows to stamp out corruption, uphold rule of law Magu decries celebration of corruption N9.7bn NAF Fraud: Finance Director indicts ex-Chief of Air Staff Osun commissions university road •How Alakija's N250m donation rescued project Hackers hit 30 million internet users in South Africa’s ‘worst data breach’ Expect a sunny but hazy Saturday spiced with thunderstorms: NiMet 22 secondary school students land in court for attacking teachers, fellow students Lagos vows to become Africa’s third largest economy by 2020

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (287,564 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (270,176 views) Shameless Genevieve Nnaji exposes breasts in public (218,246 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (183,646 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (179,425 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (162,048 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (140,502 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (128,691 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (123,585 views) Lagos plane crash: Journalist releases victims’ names (114,118 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (112,123 views) APC cries foul as PDP’s Fayose takes early lead in Ekiti governorship election (104,481 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (30) Business (2,728) Business Verdict (24) Columnists (757) Complaints & Requests (93) Enterprise & Opportunities (183) Entertainment (395) Features (497) Global Business Monitor (187) International (1,581) Interviews (134) Live Commentary (28) Love Matters (79) News (29,495) Opinion (826) Pidgin (8) Politics (3,988) Religion (645) Sports (1,338) Stock Watch (23) AMA & Al Jazeera Global Update

 

UBA mobile app

CBN Advert

 

 

#MonkeyPox outbreak

 

APO Group Partner

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!