Fidelity bank banner Bayelsa State 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 Share on Google+

Views: 3,946


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 Share on Google+


 

CLASSIFIED ADS

 

You may also like...
Nigeria’s Air Force Bases under threat: Chief of...

Niger Govt. spends N787m on Colleges of Nursing...

Jonathan laments Abuja bomb blast, cancels trip

Group seeks probe of National Population Commission crisis...

IGP vows to clampdown on perpetrators of gender-based...

FG warns on harmful practices against children

Police invade home of Jonathan’s former aide ‘in...

Ortom, Benue Assembly suspend 3 APC council chairmen...

Guber Tussle: Akwa Ibom Govt. dismisses report on...

Anambra 2017: PDP group warms up for mass...

Trump morally unfit to be US President: Ex-FBI...

FG pledges pledges to deploy science and tech...

 

Latest News Osun Election: Controversy as INEC official says his boss ordered him to destroy authentic poll result Double Tragedy: Ras Kimono’s wife dies three weeks after his burial Kogi LG workers now to receive 54 pct of salary Water projects: Minister pleads with court for more time to render account PDP screens 30 governorship aspirants in North East Anti-Corruption War: Strike weakens CCB, CCT Gunshot at Osun INEC office Flood overruns more Delta riverine communities, victims sleep in canoes PDP is party to beat in 2018, says Makarfi Aisha Buhari to address UN meeting on Tuberculosis Osun: INEC has shown its readiness for 2019 — Group Plateau SSG, commissioner resign to contest 2019 elections

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (396,547 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (376,776 views) Shameless Genevieve Nnaji exposes breasts in public (308,535 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (250,628 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (232,341 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (221,639 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (200,093 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (181,672 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (165,741 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (163,393 views) Lagos plane crash: Journalist releases victims’ names (158,174 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (146,914 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (63) Business & Economy (3,623) Business Verdict (52) Columnists (933) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (547) Features (652) Global Business Monitor (301) International (2,427) Interview (165) Live Commentary (28) Love Matters (144) News (39,082) Opinion (1,110) Pidgin (11) Politics (6,711) Religion (872) Sports (1,701) Stock Watch (34) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

I am Imo State's New Governor -- Okorocha's son-in-law Uche Nwosu...

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement