The Federal Government may lose as much as 0.5 per cent of the country’s Gross Domestic Product in revenue following its decision not to raise the Value Added Tax rate, the International Monetary Fund has disclosed.
Despite the various initiatives aimed at tackling estimated billing and enhancing customer satisfaction, over half of Nigeria’s electricity consumers remain unmetered.
The Depot and Petroleum Products Marketers Association of Nigeria (NMDPRA) says the Nigerian Midstream and Downstream Petroleum Regulatory Authority’s (NMDPRA) efforts to streamline licensing processes have attracted $1.2bn in modular refinery investments since 2022.
The Deputy Speaker of the House of Representatives, Benjamin Kalu, on Monday said that the Petroleum Industry Act 2021 has attracted about $16bn worth of investments in the petroleum sector since it was signed into law a few years ago.
Oil marketers and industry stakeholders have thrown their weight behind the proposed sale of Nigeria’s refineries under the management of the Nigerian National Petroleum Company Limited.
