13 Oct

Daily Watch – NNPC denies reduction in petrol price, World Bank to help with IGR

  • The Nigerian National Petroleum Corporation (NNPC) has denied the rumours making the rounds on social media that pump price of petrol has been reduced to N57 per litre. The NNPC instead insisted that the price of PMS remains at government approved N87 per litre.
  • The Federal Government has released N56 billion towards rehabilitating victims and places ravaged by insurgency in the North-Eastern part of the country. Alhaji Muhammed Sani-Sidi, the Director-General of the National Emergency Management Agency (NEMA), announced this at the second ‘Safe School Initiative Leaders’ meeting in Tehran, Iran.
  • The Nigerian Agricultural Insurance Corporation says about 40,000 farmers across the country have obtained crop insurance using an electronic payment system designed and implemented during the last dry season. The corporation is targeting a minimum of five million small-scale farmers in the country to access agricultural insurance through this model. According to the Managing Director of the corporation, Bode Opadokun, the previous years had been particularly tumultuous for the agricultural industry, being affected by natural disasters such as flood, drought as well as disease outbreak. “The issue of flood has become more frequent due to climatic change as experienced recently in Sokoto, Kebbi, Adamawa, Rivers, Benue, Ebonyi, Delta, Kogi and other states.”
  • The World Bank is exploring avenues for collaborative engagements with the state governments to help boost their internally generated revenue (IGR) and augment receipts from the Federation Account. According to the Country Director of the World Bank, Rachid Bemessaoud, the bank intends to formally start engagement with the federal government as soon the ministers are in place on how to provide assistance to the country. According to bank states could boost their earning profile if only they would be ready to implement certain reforms. It observed that part of the problems militating against increase in IGR was the inefficient tax administration.Some states depend almost 100 per cent on federal allocation with little or no emphasis on internal revenue sources. The World Bank will also be looking at how the state can improve on governance mechanism, working out measures to improve on the systems on ground to make service deliver more transparent and effective.