GERMANY AND AUSTRIA TO TAP OIL RESERVES AFTER 400 MILLION BARRELS REQUESTED. (PHOTO).

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 Germany and Austria to tap oil reserves after 400 million barrels requested  Germany and Austria announced they are releasing portions of their oil reserves in response to an International Energy Agency request for member nations to collectively release 400 million barrels to help ease rising energy prices linked to the Iran conflict. Japan also said it will begin releasing part of its reserves starting Monday. The move marks one of the largest coordinated releases of emergency oil stocks in history. The previous record came in 2022, when IEA members released 182.7 million barrels following the energy disruptions caused by Russia’s invasion of Ukraine. Member countries currently hold over 1.2 billion barrels of public emergency oil stocks, along with an additional 600 million barrels of industry stocks maintained under government requirements. The release comes amid heightened tensions in the Persian Gulf, where Iran has targeted commercial ships and disrupted shipping throug...
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FIRS BOSS NOT UNDER INVESTIGATION SAYS PRESIDENCY.{PHOTOS}.#PRESS RELEASE.

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     STATE HOUSE PRESS RELEASE
Following reports making the rounds in some media outlets, it is necessary to state categorically that the Chairman of the Federal Inland Revenue Service, Babatunde Fowler, is not under any investigation.
The letter from the Chief of Staff to the President, Abba Kyari, on which the purported rumour of an investigation is based, merely raises concerns over the negative run of the tax revenue collection in recent times.
Taking a cue from today’s (Monday) presentation of Vice President Yemi Osinbajo at the Presidential Retreat for Ministers-Designate, Federal Permanent Secretaries and Top Government Functionaries , which dwelt on an ‘Overview of the Policies , Programmes and Project Audit Committee,’ a body he chaired, projected revenue of government falls behind recurrent expenditure even without having factored in capital expenditure.
Consequently, it would appear that the country might be heading for a fiscal crisis if urgent steps are not taken to halt the negative trends in target setting and target realisation in tax revenue.
Anyone conversant with Federal Executive Council deliberations would have observed that issues bordering on revenue form the number one concern of what Nigeria faces today, and therefore, often take a prime place in discussions of the body.
It is noteworthy and highly commendable that under this administration, the number of taxable adults has increased from 10 million to 20 million with concerted efforts still on-going to bring a lot more into the tax net.
Garba Shehu
Senior Special Assistant to the President
(Media and Publicity)
August 19, 2019.
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