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Marketers Will Pay Naira for Dangote Fuel -IPMAN

Aliko Dangote Refined petroleum products from the $20bn Dangote Petroleum Refinery are to be sold in naira and not in the United States dollar as speculated in some quarters, oil marketers clarified on Monday. Dealers in the downstream oil sector also stated that the registration process for marketers at the refinery was still ongoing, as many operators had continued to register with the plant. It was further gathered that officials of the Nigerian Midstream and Downstream Petroleum Regulatory Authority were meeting with the management of the refinery to perfect the pricing template for products produced by the facility. On January 12, 2023, the Dangote Petroleum Refinery announced the commencement of production of Automotive Gas Oil, also known as diesel, and JetA1 or aviation fuel. The President, Dangote Group, Aliko Dangote, had in a statement issued by the firm, said, “We have started the production of diesel and aviation fuel, and the products will be in the market within this mon...
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Adeosun: Federal, states share N90b less

Mrs. Kemi Adeosun

Mrs Kemi Adeosun, minister of finance said Federal, state governments and the local councils  shared N420 billion as revenue for September as against N510.3 billion shared in August.

Adeosun, said this in Abuja on Thursday at the monthly revenue allocation to Federal, States and Local Governments.

She was represented by the Permanent Secretary of the ministry, Mr Mahmoud Isa-Dutse.

According to her, the revenue allocation to Federal, States and Local Government for September declined by N90.2 billion.

Adeosun attributed the decline to the loss of 45.5 million dollars in Federation export sales, despite the increase in average price of crude oil from 46.06 dollars per barrel in May to 48.4 dollars in June.

“Force Majeure was declared at Bonny Terminal and there was a subsisting Force Majeure at Forcados Terminal.

“Shut-in and Shut-down of pipelines for repairs and maintenance also contributed to the drop in revenue.

“Also, there were decreases in volume of dutiable imports receipts from Joint Venture Cash Call, Foreign Companies Income Tax and Value Added Tax,” she said.

Giving a breakdown of how the N420 billion revenue for September was generated, Adeosun said that N250.9 billion was from the distributable Statutory Revenue of the month.

She added that N6.33 billion was refunded by the NNPC to the Federation, N63.4 billion from the Excess Petroleum Profit Tax account, exchange gain of N41.4 billion and VAT, N64.2 billion.

The minister said after deductions as cost of collection by FIRS, Customs and DPR, the Federal Government received N120.4billion, representing 52.68 per cent; states and N61 billion, representing 26.72 per cent.

The local governments, she said, received N47 billion, amounting to 20.60 per cent of the amount distributed.

She announced that N13.7 billion, representing 13 per cent derivation revenue, was also shared among the oil producing states.

Adeosun said that the country generated N135.4billion as mineral revenue and N144.3 billion as non-mineral revenue.

She said this showed a decrease of N23.3 billion and N12 billion from what the country generated as mineral and non-mineral revenue in the months of August and September.

She said that the balance in the Excess Crude Account remains 2.45 billion dollars.

Meanwhile the Chairman, Commissioners of Finance Forum, Mr John Inegbedion, said the lower revenue generated for the month would put a strain on the finances of states and local government.

“Something needs to be done to end the activities of the Niger-Delta militants because it is really impacting on the economy.

“We want to seek all support from all persons to help in


Source; nan

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