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Senate Panels Okays Fuel Price Increase - Politics - Nairaland

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Senate Panels Okays Fuel Price Increase by sylve11: 4:33pm On Jun 02, 2017
Senate panel okays fuel price increase, others


A fresh increase in the pump price of petrol is among the contents of a bill that has been approved by the Senate Committee on Works. It was presented yesterday for enactment by the upper chamber.

The proposed law captioned “The National Road Fund Establishment Bill”, which is part of the 11 economic reform bills initiated by the Senate, has already been endorsed by the House of Representatives.

The import of the proposed fuel levy charge is that end-users, including motorists, will pay N5 tax on every litre of fuel bought at any fuel station. This will worsen the hardship most Nigerians currently face.

Among the nine sources for generating revenue for the planned National Roads Fund, according to the bill, are “fuel levy of five naira (N5) chargeable per litre on any volume of petrol and diesel products imported into Nigeria and on locally refined petroleum products, as well as axle load control charges.” Others are: “Toll fees (a percentage not exceeding 10% of any revenue paid as user charge per vehicle on any federal road designated as a toll road, this is not applicable to PPP roads); international vehicle transit charges; and inter-state mass transit user charge of 0.5% deductible from the fare paid by passengers to commercial mass transit operators on inter-state roads.”

The bill also recommends “roads fund surcharge of 0.5% chargeable on the assessed value of any vehicle imported at any time into Nigeria; lease, licence or other fees which shall be 10% of the revenue accruing from lease or licence or other fees pertaining to non-vehicular road usages along any federal road and collected by the federal roads agency.” Also on the list are grants and loans, and gifts of land, money or other property.

The bill further states that the National Roads Fund would be established with a high level of independence under the jurisdiction of the Federal Ministry of Finance which will only oversee the fund for policy direction. In its report to the Senate, the Kabiru Gaya-led Committee on Works, which processed the bill, said: “The National Roads Fund shall set aside an amount not exceeding 3% of the total monies accruing to it in the preceding year as Administrative Fund.

“The use of National Roads Fund is restricted to routine and periodic maintenance work on roads and the administration of the road network, which includes research and development.“Road agencies that will receive disbursements from the National Roads Fund must be established by law as independent agencies with dedicated accounts.

“The National Roads Fund will be excluded from The Consolidated Revenue Fund and Treasury Single Account.”The 11 economic recovery bills from where the National Road Fund Bill originated was initiated by the National Assembly leadership to help take the country out of recession.

They are the Petroleum Industry Governance Bill; National Development Bank of Nigeria Bill; National Road Fund Bill; Federal Roads Authority Act (Amendment) Bill; and National Transport Commission (Establishment) Bill.


https://m.guardian.ng/news/senate-panel-okays-fuel-price-increase-others/
Re: Senate Panels Okays Fuel Price Increase by OZAOEKPE(f): 4:34pm On Jun 02, 2017
Bunch of ani mals except saraki and dino grin
Re: Senate Panels Okays Fuel Price Increase by Teebouye995(m): 4:36pm On Jun 02, 2017
this means war
Re: Senate Panels Okays Fuel Price Increase by Nobody: 4:37pm On Jun 02, 2017
=))º°˚˚˚°ºнaĦaнaº°˚˚˚°º​=))
Re: Senate Panels Okays Fuel Price Increase by benedictnsi(m): 4:49pm On Jun 02, 2017
once it will help in killing Nigerians more..... they will rush to OKAY IT

1 Like 1 Share

Re: Senate Panels Okays Fuel Price Increase by Mynd44: 4:53pm On Jun 02, 2017
Re: Senate Panels Okays Fuel Price Increase by nNEOo(m): 4:55pm On Jun 02, 2017
Nigeria can go ahead to pass laws that will kill it citizens, I don't care.i pray God quickens the disintegration process.
Re: Senate Panels Okays Fuel Price Increase by Nobody: 5:06pm On Jun 02, 2017
What make the two an exception, are they not part of the senate?
OZAOEKPE:
Bunch of ani mals except saraki and dino grin
Re: Senate Panels Okays Fuel Price Increase by Nobody: 5:08pm On Jun 02, 2017
There is no sign of war. Nigerians are hypocrities and coward. Who will fight the war
Teebouye995:
this means war
Re: Senate Panels Okays Fuel Price Increase by kishimi8(m): 5:09pm On Jun 02, 2017
Only issue i have is why is it excluded from TSA
Re: Senate Panels Okays Fuel Price Increase by Chicagograduate(m): 8:08pm On Nov 04, 2023
I no fit open your email.

Sylve11
Re: Senate Panels Okays Fuel Price Increase by chichar1(f): 8:50pm On Nov 04, 2023
Where are those nuisance and nonentity called Yarimo ,leodeking and accodadog?
Re: Senate Panels Okays Fuel Price Increase by yarimo(m): 9:27pm On Nov 04, 2023
chichar1:
Where are those nuisance and nonentity called Yarimo ,leodeking and accodadog?
Hahahaha 2017 news and you are making comments in 2023, please take your malaria drugs seriously
Re: Senate Panels Okays Fuel Price Increase by tsdarkside(m): 9:30pm On Nov 04, 2023
a litre in europe is now 2.20euros....
Re: Senate Panels Okays Fuel Price Increase by tsdarkside(m): 9:32pm On Nov 04, 2023
yarimo:
Hahahaha 2017 news and you are making comments in 2023, please take your malaria drugs seriously

they are like that....
all they do the ol day is to look for bad news about nigeria....
Re: Senate Panels Okays Fuel Price Increase by Whalis: 9:35pm On Nov 04, 2023
tsdarkside:
a litre in europe is now 2.20euros....
I keep asking where is Nigeria getting the ones the sell so cheap?
Meanwhile litre or gallon?
Re: Senate Panels Okays Fuel Price Increase by tsdarkside(m): 9:43pm On Nov 04, 2023
Whalis:

I keep asking where is Nigeria getting the ones the sell so cheap?
Meanwhile litre or gallon?

litre....
am not sure why its that cheaper in nigeria till now....

its either subsidy is still going on or local production is keepin the price lower.... undecided undecided
Re: Senate Panels Okays Fuel Price Increase by chichar1(f): 12:09am On Nov 05, 2023
yarimo:
Hahahaha 2017 news and you are making comments in 2023, please take your malaria drugs seriously
Ok

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