Business

VAT War Between FG, States Affected Our 2022 Budget Proposal – Bauchi Govt

Published

4 years ago

November 13, 2021

The Bauchi State Government has said that the disagreement on who should collect Value Added Tax (VAT) between the Federal Government, Rivers and Lagos states affected its projections in the budget proposal for 2022 fiscal year.

This was disclosed by the state Commissioner for Budget and Planning, Alhaji Aminu Hammayo, while briefing journalists at the Government House, Bauchi, shortly after the State Executive Council (SEC) adopted a budget proposal on Friday.

According to him, while considering the proposed budget, the SEC took into consideration the VAT war, adding that this had an impact on the state’s projections for the 2022 fiscal year.

Hammayo said it was decided that the state government would only award new projects where they were absolutely necessary, adding that the state priority for next year was to complete all ongoing projects across the state, DAILY POST reports.

“The fight between the Federal Government and Rivers/Lagos as to who is responsible for collecting VAT was taken into consideration and that has affected our projection.

“We have also defined what our priorities are. Our focus is to try to complete every project that has been started. New projects will only be considered where they become absolutely necessary,” Hammayo said.

The commissioner said that the state governor, Senator Bala Abdulkadir Mohammed, would present the proposed budget before the Bauchi State House of Assembly next week.

While refusing to disclose the state’s budget estimate for the next fiscal year, the commissioner disclosed that the SEC put a lot of things into consideration before finally arriving at the proposed budget.

According to him, the state based its 2022 budget proposal on the assumption of the country producing 1.9 million barrels of oil per day and a benchmark of $57 per barrel.

“We will look at those things that we consider critical to guide us in the budget. While it would be premature to state the amount of the budget at this stage, we considered a lot of things in arriving at our projections as to the proposed budget.

“We based our assumptions on the oil production benchmark at 1.9 billion barrels per day. We also assumed that the crude oil price would remain at $57 per barrel,” the commissioner disclosed.

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Business

NNPCL Reduces Fuel Price After Dangote Refinery’s Adjustment

Published

2 weeks ago

August 14, 2025

Editor

The Nigerian National Petroleum Company Limited has reduced its premium motor spirit pump price on Thursday, according to DAILY POST.

It was confirmed that NNPCL retail outlets in the Federal Capital Territory, Abuja, have reduced their pump price to N890 per litre from N945.

This new fuel price has been reflected in NNPCL retail outlets such as mega station Danziyal Plaza, Central Area, Wuse Zone 4, Wuse Zone 6, and other of its filling stations in the nation’s capital.

The latest downward review of fuel price in NNPCL outlets represents an N55 reduction in fuel pump price.

“It was reduced to N890 per litre this afternoon, down from N945,” an NNPCL fuel attendant told DAILY POST anonymously on Thursday.

This comes a Nigerian filling station, MRS Empire Energy, on Thursday adjusted their fuel pump price to N885 and N946 per litre, down from N910 and N955 per litre.

The latest fuel price reduction trend is unconnected to Dangote Refinery’s ex-depot petrol price adjustment by N30 to N820 per litre from N850 and the price of crude oil in the international market.

Business

Dangote Refinery Reduces Fuel Price

Published

2 weeks ago

August 12, 2025

Editor

Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit, PMS, commonly known as petrol, by N30, from N850 to N820 per litre, effective from August 12, 2025.

This was disclosed in a statement by the company’s spokesman, Anthony Chijiena, on Tuesday.

The 650,000-barrel-per-day plant said the move is part of its unwavering commitment to national development, assuring the public of a consistent and uninterrupted supply of petroleum products.

Business

Indian Refiners Abandon Russia For Nigerian Crude, As Dangote Refinery Relies On US

Published

2 weeks ago

August 11, 2025

Editor

India Refineries have abandoned Russian crude for Nigerian crude, while domestic refiner Dangote Refinery relies heavily on West Texas Intermediate crude from the United States of America.

This followed a recent sanction threat by US president Donald Trump on India over continued patronage of Russian crude.

According to Reuters, industry sources said that Indian Oil Corporation recently bought one million barrels of Nigeria’s Agbami crude for September 2025 delivery in a tender awarded to global trader Trafigura.

Also included are one million barrels of Angola Girassol, one million barrels of US Mars, three million barrels of Abu Dhabi Murban, and two million barrels of Nigerian oil, according to Reuters.

The report noted that the purchase is part of a broader sourcing spree that has seen Indian refiners secure millions of barrels from non-Russian sources post July 2025.

Meanwhile, Indian refiners secured purchases of Nigerian crude grades; the $20bn Dangote Petroleum Refinery in Ibeju-Lekki, Lagos, is relying on around 60 percent on US and other imoorts to feed its processing units.

Data showed that the refinery imported an average of 10 million barrels in July 2025, saying it was increasingly relying on the US for its feedstock despite the naira-for-crude deal with the Federal Government, which kicked off in October last year.

According to Reuters, the Indian Oil Corp and Bharat Petroleum have bought a million barrels of non-Russian crude billed for delivery in September and October after the US pressured India to halt purchases from Russia.

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Indian state refiners had been largely absent from the Nigerian crude market spotlight since 2022; they have in the past concentrated on Russian crude amid the Russian-Ukrainian war. However, the Indian refiners paused Russian purchases in late July 2025 after pressure from US President Donald Trump.

On the part of Dangote Refinery, data from commodities analytics firm Kpler showed that in July, US barrels accounted for about 60 percent of Dangote’s 590,000 barrels per day of crude intake, with Nigerian grades making up the remaining 40 percent.

In July, the Dangote refinery’s crude imports surged to a record 590 kbd—driven largely by US barrels overtaking Nigerian supply for the first time—amid ongoing domestic sourcing challenges, Kpler reports.

“While WTI has held a significant share in Dangote’s import slate since March, this is the first time US crude has overtaken Nigerian supply—a shift driven by several factors,” Kpler stated.