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2022 Petrol Subsidy: Buhari Writes Reps, Seeks Approval of N4trn

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President Muhammadu Buhari
President Muhammadu Buhari
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President Muhammadu Buhari is seeking an increase in the provision for petrol subsidy for 2022 from N442 billion to N4 trillion.

The President has therefore written to the House of Representatives for a review of the 2022 fiscal framework.

The Speaker of the House of Representatives, Femi Gbajamila, read the letter, titled “Submission of the Revised 2022 Fiscal Framework” during plenary on Thursday.

Buhari in the letter dated April 5, cited the rising market price of crude oil heightened by the Russian-Ukraine war.

“As you are aware, there have been new developments both in the global economy as well as in the domestic economy which have necessitated the revision of the 2022 Fiscal Framework on which the 2022 Budget was based,” he said.

“These developments include spikes in the market price of crude oil, aggravated by the Russian-Ukraine war, significantly lower oil production volume due principally to production shut-ins as a result of massive theft of crude oil between the production platforms and the terminals.”

According to him, the adjustments to the 2022 fiscal framework include a rise in the estimated crude oil price benchmark from $62 per barrel to $73 per barrel.

“A reduction in the projected oil production volume by 283,000 barrels per day, from 1.883 million barrels per day to 1.600 million barrels per day,”  Buhari’s letter read.

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Business & Economy

Cashless Policy: CBN limits withdrawal at PoS to N20,000

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PoS Machine
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…………Only of N200 and below shall be loaded into the ATMs

The Central Bank of Nigeria (CBN) has limited daily cash withdrawal at Point of Sale (PoS) terminals to N20,000.

The CBN also ordered banks to load only N200 and lower denominations into their Automated Teller Machine (ATM).

This was contained in a statement issued on Tuesday by the CBN’s Director of Banking Supervision, Haruna Mustapha.

The apex bank also set N500,000 as the maximum withdrawal by corporate organisations and N100,000 by individuals with effect from January 9, 2023.

The CBN noted that cash withdrawals above the stated limit will attract a processing fee of 5 per cent for individuals and 10 per cent for organisations.

It said the measure was in line with its cashless policy, urging all Deposit Money Banks (DMBs) and Other Financial Institutions (OFIs) to comply with the directive.

“The maximum cash withdrawal over the counter (OTC) by individuals and corporate organisations per week shall henceforth be N100,000 and N500,000 respectively.

“Withdrawal above these limits shall attract processing fees of five per cent and 10 per cent respectively.

“Third-party cheques above N50,000 shall not be eligible for payment over the counter, while extant limits of N10 million on clearing cheques still subsist.

“The maximum cash withdrawal per week via Automated Teller Machine (ATM) shall be N100,000 subject to a maximum of N20,000 cash withdrawal per day.

“Only of N200 and below shall be loaded into the ATMs,” the CBN stated.

The apex bank added that it would give concession in compelling circumstances, not exceeding once a month, where cash withdrawal above the prescribed limits was required for legitimate purposes.

“Such cash withdrawals shall not exceed five million Naira and N10 million for individuals and corporate organisations, respectively and shall be subject to the referenced processing fees,” it said.

The CBN noted that monthly returns on cash withdrawal transactions above the specified limits should be rendered to Banking Supervision Department.

“Compliance with extant AML/CFT regulations relating to KYC, ongoing customer due diligence and suspicious transaction reporting is required in all circumstances.

“Customers should be encouraged to use alternative channels, like Internet banking, mobile banking apps, USSD, cards/POS, and eNaira to conduct their banking transactions,” it added.

 

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Fuel scarcity: Marketers Hike Pump Price To N280 Per Litre

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IPMAN
IPMAN
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Few days after the Federal Government denied that it planned to hike the pump price of petrol, independent marketers have raised their price to N280 per litre.

Checks on petrol situations in Abuja on Saturday morning showed that while NNPC Retail stations maintained a pump price of N179 per litre, the major marketers dispensed at N180 per litre.

With most filling stations shut down due to lack of supply, long queues were noticed at the stations selling between N179 to N190 per litre.

The government through the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, had in a statement disclosed that there was no plan to hike the price of petrol.

The agency which insisted that the country had 34 days of sufficiency in stock, however, failed to state what the current government-approved price is.

Speaking to Journalists, the Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria, IPMAN, Chinedu Ukadike attributed the hike in the price of the product to the increase in the cost of purchasing it at the privately owned depots.

However, checks in Lagos indicated that the product was sold at between N250 and 280 per liter, while hawkers of the product continue to sell between N300 and N400 per liter.

Commenting on the development, the National President of IPMAN, Chinedu Okoronkwo, said the non-functional tank farms across the country continue to impact on distribution.

He said: “The major area that affects us as Independent marketers is distribution. We have made several presentations. Before now, we had depots, I mean land depots, both in Kano, Maiduguri, Makurdi, Port- Harcourt, Aba, Enugu, and the rest. Some of these depots have not been dispensing products for some time now, due mainly to pipeline vandalism.

 

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Economy: Nigeria May Lose $23b In 2023 If Crude Oil Theft Is Unchecked, Says NSA

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Major General Babagana Monguno
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The National Security Adviser, Major General Babagana Monguno, has estimated that the Federal Government may lose $23bn in 2023 if crude oil theft continues.

He made the comment on Tuesday during the inauguration of a special investigation panel set up to check crude oil theft in the country.

General Monguno expressed worries that the nation currently produces one million barrels of crude oil per day as against the two million barrels daily target by the Organization of Petroleum Exporting Countries (OPEC).

While lamenting the poor revenues accruing from the petroleum sector, he charged members of the committee to work towards bringing reducing the menace.

The committee is expected to submit its report by February 21st, 2023.

The Nigerian National Petroleum Company Limited (NNPCL) said last October its cooperation with security forces was reducing theft and will bring production consistently back up.

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