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Fuel Queues: NNPC Assures Of Supplies, Warns Against Panic Buying In Abuja

The Nigerian National Petroleum Corporation (NNPC) has assured residents of Abuja against panic buying of fuel, assuring that the agency has adequate supply despite the resurgence of queues in the city.
This is according to a series of tweets on the NNPC handle late Sunday.
“We assure all residents of the FCT, and indeed all Nigerians, that we have ample local supplies and national stock in excess of 2.5 billion liters, with a sufficiency of more than 43 days,” it added.
“The NNPC Ltd hereby advises motorists not to engage in panic buying as supplies are adequate as will become increasingly evident in the coming days.”
It explained the appearance of fuel queues in parts of Abuja “is very likely due to low loadouts at depots which usually happen during long public holidays, in this case, the Sallah celebrations”.
The statement added that the “increased fuel purchases which are also usual with returning residents of the FCT from the public holidays”.
The recent development is coming a few months after fuel queues resurfaced in the country due to the importation of “bad fuel” into Nigeria.
Lawmakers had then initiated a probe into the matter as calls came for those found guilty to be punished.
The House of Representatives had then called on the NNPC to suspend the companies involved in the importation.
But in April, the lower chamber said nobody would be sanctioned over the supply of the adulterated product.
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SANWO-OLU ASSURES LAGOSIANS OF ECONOMIC SUSTAINABILITY

Governor Babajide Olusola Sanwo-Olu has assured Lagosians that the State will continue to sustain its enviable status as the fifth largest economy in Africa and also achieve its vision to become Africa’s model megacity as well as a global economic and financial hub that is safe, secure, functional and productive.
Sanwo-Olu gave the assurance at the Year 2022 edition of the Punuka Annual Lecture with the theme:
“Taxation of the Digital Economy: The Challenges and Prospects for the Nigerian Economy”, held recently at Metropolitan Club, Victoria Island.
Governor Sanwo-Olu, represented by the
Commissioner for Finance, Dr. Rabiu Olowo, reaffirmed Lagos State’s commitment to improving the ease of doing business through the development of Small and Medium Scale Enterprises (SMEs) and ensuring overall prosperity for every citizen.
He averred that the Lagos State Government will continuously seek ways of improving revenue generation through a tax system that is modern, efficient and effective, noting that it is in this regard that the present administration considers the lecture timely and relevant.
Sanwo-Olu said the State faces major challenges in taxing income/profit accruing from e-commerce and digital activities as the transactions more often than not transcend borders, while the contracting entities usually do not have a fixed base (tax residence rule) in the State.
Explaining that the trend has made it difficult to trace, track and establish taxing rights over the huge profits made by multinational enterprises and individuals, the Governor said the inability to garner the requisite tax income from such e-commerce businesses is detrimental to revenue collection/generation.
According to him, the emerging trend requires laws to regulate their operations, just as monitoring will also help to establish the economic presence of these entities for tax purposes.
Mr. Governor reiterated that the State is always open to ideas, strategies and ways to effectively and comprehensively improve tax administration processes and procedures in line with emerging trends in the digital economy towards maximising its revenue generation capacity.
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EndSars: Osun govt compensates Police brutality victims, presents cheques of N53,290,000.00
