ATIKU MUST EXPLAIN THE LEGAL AND FISCAL BASIS OF HIS PETROL SUBSIDY PROPOSAL. (PHOTO). #PRESS RELEASE.

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 APC PRESIDENTIAL CAMPAIGN COUNCIL PRESS STATEMENT ATIKU MUST EXPLAIN THE LEGAL AND FISCAL BASIS OF HIS PETROL SUBSIDY PROPOSAL At his press conference in Abuja on Friday, Alhaji Atiku Abubakar reiterated his proposed  “production subsidy” for locally refined petrol, which he said would reduce pump prices. He went further to ask President Bola Tinubu to slash the cost of diesel and petrol at the pump. That proposal raises important legal, fiscal and practical questions that he must answer. Section 205(1) of the Petroleum Industry Act 2021 provides that unrestricted free-market conditions shall determine wholesale and retail prices of petroleum products. The Nigerian Midstream and Downstream Petroleum Regulatory Authority, in a statement on Saturday, explained that it neither fixes pump prices nor issues administrative price templates, except where the statutory conditions for intervention are met. The PIA provisions guide its function.  At the moment, “No such market fail...
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GOVERNOR FASHOLA,REDUCES THE COST OF LAND TRANSACTIONS IN LAGOS STATE.

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              Yesterday monday,Lagos state Governor Raji Fashola,passed into law an executive bill,reducing the cost of land transactions in Lagos state.EXECUTIVE ORDER EO/BRF/001 OR 2015,states that ''Unless otherwise indicated,the valuation of landed property for the determination of tax and other charges payable shall be by reference to the statement of fair market value,produced by relevant professionals,adopted by the state Government and published from time to time in the official government Gazette''.The order which takes immediate effect,reduces consent fee from 6% to 1.5%,while capital Gain tax,which was previously 2% is now 0.5%,while Registration fees has been reduced from 3 percent to 0.5%.Well i believe this new bill will make a big difference during land registration.

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