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...

WIKE ORDERS ABUJA LAND OWNERS WITH C-OF-O TO PAY RECERTIFICATION FEE.(PHOTO).


Wike orders Abuja land owners with C of O to pay recertification fee

Minister of the Federal Capital Territory, Nyesom Wike, on Friday, directed existing landowners with Certificate of Occupancy (C of O) to pay for re-certification.
 
Wike, who spoke on a live television programme in Abuja, said the new C of O would require a National Identification Number (NIN) and Bank Verification Number (BVN).

He said since assumption of office, he decided not to sign any C-of-O because of the need to introduce enhanced security measures.

The Minister said an individual would pay N50,000 while a corporate body would pay N100,000 for the new C of O.

Wike said, “There are a lot of discrepancies, a lot of cloning of C-of-Os, so we have come up with an idea that every allottee who seeks and applies for a C-of-O must supply his NIN; this is one of the features we are going to put in the new C-of-O.

“If a corporate body doesn’t have an NIN and they have a property, they must put their BVN. So many persons have not registered, and this will make them go and re-register.”

He said existing landlords with C-of-Os would only be required to pay a nominal fee for recertification.

He said, “For everyone who has a C-of-O, they will come for a recertification, so that we can incorporate the NIN or BVN.

“Those who had a C-of-O before don’t need to pay money again; the highest they can pay is N50,000, and corporate bodies will pay N100,000. It helps in terms of security; it also helps to improve our revenue generation.”

Wike also hinted that the cost of obtaining new C of O, which was initially fixed for N5m might be reduced to N3.5 million.

 

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