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NNPC Plans to Rebuild Roads Under Tax Credit Scheme

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NNPC Plans to Rebuild Roads Under Tax Credit Scheme

The Nigerian national petroleum corporation, NNPC says it is planning to rebuild critical roads under the tax credit scheme.

Its group managing director, mele kyari revealed this during a meeting on NNPC’S intervention over the weekend with the petroleum tanker drivers branch of the Nigeria Union of petroleum & natural gas workers, NUPENG.

According to him, stakeholders have agreed on a framework for NNPC’S intervention in critical road rehabilitation through the federal government tax credit scheme so as to find lasting solutions to the road network challenges and other lingering issues.

He explained that established under FG’S executive order 7 of 2019, the road trust fund policy/tax credit scheme gives private sector operators an opportunity to fund critical infrastructure with the government.

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It would be recalled that following NNPC’S intervention over the weekend, the petroleum tanker drivers branch of the Nigeria Union of petroleum & natural gas workers called off a planned strike action, agreeing instead to accept the dialogue option proposed by the corporation, a development that has sustained smooth supply and distribution of petroleum products nationwide.

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Business Africa

Fuel scarcity looms as NUPENG threatens FG With Strike

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fuel scarcity looms as NUPENG threatens FG With Strike

The Nigerian Union of Petroleum and Natural Gas (NUPENG) has issued a two-week strike notice to the federal government, raising the possibility of fuel scarcity across the country in the coming weeks.

This was contained in a statement jointly signed by NUPENG President, Williams Akhoreha, and General Secretary, Olawale Afolabi, Monday.

The union said the notice of strike was one of the decisions reached at its special national delegates conference Thursday.

It listed non-payment of workers’ salaries and benefits, among others, as reasons for its resolution.

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One of the issues, NUPENG said, was the outstanding payment of terminal benefits to its members that were declared redundant in 2012 by the management of Chevron Nigeria limited.

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Finance

Naira Weakens Further to 517 Against Dollar

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Naira Weakens Further to 517 Against Dollar

The naira fell further against the dollar at the parallel market on Wednesday after staying steady at 515/$ in recent days.

The naira had strengthened to 506/$ on August 4 after dipping to 525/$ at the parallel market on July 28, a day after the Central Bank of Nigeria stopped foreign exchange sales to Bureaux de Change.

The CBN Governor, Mr Godwin Emefiele, had on July 27, at the end of the Monetary Policy Committee meeting, announced the stoppage of forex sale to the BDCs, saying they had turned themselves into ‘agents that facilitate graft and corrupt activities of people who seek illicit fund flow and money laundering in Nigeria’.

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He said the CBN would channel a significant portion of its weekly allocation currently meant for BDCs to commercial banks to meet legitimate forex demand for ordinary Nigerians and businesses.

It was reported that the total forex transactions on FMDQ Securities Exchange rose by about 2.24 per cent last week.

The Exchange said in the forex spot and derivatives markets, the total turnover for the week ended August 13, 2021 was $692.60m, up from $677.44m reported for the previous week.

It said the week-on-week increase in turnover was driven by the 12.31 per cent increase in the forex spot, despite the 24.06 per cent decrease in forex derivatives turnover.

The total value of transactions in the Investors’ & Exporters’ window was $550.14m, representing an increase of 12.31 per cent from $489.85m in the previous week.

According to the Exchange, the average Nigerian Autonomous Foreign Exchange Fixing rate was N411.17/$, compared to N411.16/$ recorded in the previous week, representing a depreciation of the naira against the dollar by 0.003 per cent.

The naira, however, appreciated against the dollar by 0.04 per cent at the parallel market as it averaged 510.60/$, compared to 510.80/$ in the previous week.

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Finance

Mark your calendar, the Lagos international Trade Fair will be happening from 4th to13th Dec. 2020

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international Trade Fair

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NCBN has been allocated a space at the ongoing Abuja International Trade Fair.

The AITF is platform designed to promote and strengthen businesses, trade and investment opportunities in the country.

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It provides a neutral and open atmosphere for blue chip companies, trade groups/associations, government
investment/export promotion agencies, institutions and other private sector organizations to engage new business partners for investment/trade relations and conclude business deals.

The Lagos International Trade Fair is the largest International Trade Fair in Nigeria. The Lagos Chamber of Commerce and Industry, which is the foremost highly influential in Nigeria, The Chamber is uniquely aware of the high standards expected of an International Trade Fair, and it is, therefore, constantly striving to live up to this expectation. Moreover, the Chamber comprises the creme de la creme of Nigeria’s top business organizations and personalities, who are able and ready to enter business interactions with their counterparts all over the world. This event showcases products like offers a unique exposition for manufacturers, suppliers, buyers and users of a wide range of goods and services as well as opportunities for investment and trade promotion etc. in the Business Services industry.

 

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