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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'OUR BUSINESSES ARE DYING',MOTOR PARTS DEALERS LAMENT DOLLAR SCARCITY.[PHOTO]..

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 ‘Our Businesses Are Dying,’ Motor Parts Dealers Lament Dollar Scarcity


People who own cars or run a transport business will attest to the persistent cost of maintaining their cars. The problem of dollar exchange and sourcing for the currency to carry out export activities by Nigerian motor parts importers is currently biting hard across the country.


Infact, most Nigerian motor parts importers are grappling to survive even in the Federal Capital Territories as some of the markets have lost their boom.


Motor parts importers have lost their credit worthiness before their foreign suppliers who formerly gave them goods on credit.


The prices of automobile engines and other motor parts have risen at an alarming rate as the naira has continued to lose its value.


The naira is trading at N410.89 per dollar at the Central Bank of Nigeria rate, while it is trading around N572 at the unofficial market, but the more serious challenge is the supply of the dollar.


The scarcity has led to a spike in prices of different commodities in the Nigerian market. Earlier in January 2021, a Toyota Highlander 2008 engine was N300,000, but it now sells around N550,000 to N600,000.


A Toyota Corolla S engine as of December was between N320,000 to N330,000 now sells for N380,000 and N400,000.

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