• The NNPC has signed a crude-for-product swap deal with oil major, BP. Announcing it on its official Twitter handle, the corporations said that more details would be provided later. The state owned oil company imports about 70 percent of Nigeria’s fuel needs, mainly petrol, via swap contracts. NNPC has contracts, known as Direct Sale Direct Purchase, with 10 consortia that include trading houses Vitol, Trafigura, Mercuria and oil major, Total.
  • The service charge on all payments into the Treasury Single Account of the FG will be borne by the payer of such funds starting yesterday. The decision to shift the burden of charges was taken at a stakeholders’ sensitisation programme on TSA e-Collection charges organised by the Office of the Accountant General of the Federation. Under the new model, which was reported by to the Punch, all funds collection into the TSA will require the payers to bear the transaction cost. Under the previous tariff regime, the FG owed the technology service providers and the participating banks up to two years’ arrears in service charges. The TSA initiative, which took off fully in September 2015, had led to the closure of 20,000 bank accounts, while over ₦8 trillion had been moved from the banks to the Central Bank of Nigeria. A total of 1,674 government Ministries, Departments and Agencies have been enrolled onto the TSA platform.
  • Facilities belonging to the Bank of Agriculture, Forte Oil, Airtel, and MTN Nigeria have been shut down by the Kogi State Internal Revenue Service as a result of accrued taxes to the tune of ₦470 million, which the state alleges that the companies owe. The head of the Legal Services Enforcement unit of the Kogi State Internal Revenue Service, Jamil Isah, led his team on the shutdown operations. He alleged that Airtel and MTN Nigeria owe the state some ₦321 million and ₦140 million respectively, while Forte Oil owes ₦5 million, and the Bank of Agriculture, ₦4 million. Airtel, which owes the highest amount, has long refused to pay the obligatory annual rent for its fibre cable which is laid across the state, Isah said. He said that his team had to resort to a more drastic action after previous attempts to get the companies to meet their tax obligations failed.
  • The PDP says its presidential candidate will reduce the cost of premium motor spirit (PMS), popularly know as petrol to ₦87-₦90 per litre. The party claimed that former vice-president, Atiku Abubakar, had consulted with international players in the oil industry and found that the President Muhammadu Buhari administration is fleecing Nigerians. The opposition party alleged that “cabals” within the Buhari government are diverting ₦58 on every litre of petrol sold. The PDP also asked the APC government to account ₦3.49 trillion “stolen” under the subsidy regime. Petrol prices are a hot political topic in Nigeria as many in the country see cheap petrol as the only benefits they derive from being an oil producer.