29 Oct

Daily Watch – Petrol scarcity feared in Lagos, Government revenue dips

  • A scarcity of petrol appears to have hit Lagos with motorists beginning to queue at petrol stations. While some of the independent marketers claimed that petrol was not available for sale, others, who were selling, preferred to sell at N120 per litre rather than the official N87 per litre.
  • The revenue available to the federation dipped in the month of September by N47.14 billion from August’s total. In September, the three tiers of government shared N389.94 billion. Permanent Secretary, Ministry of Finance, Anastasia Daniel-Nwobiala, said the government was worried about the dip in revenue, which has continued for some time. As a result, the government has started work with a consultant to ensure that the tax revenue base was enlarged.
  • The Senate has kicked against the proposed N64 billion contract for the construction of a second runway at the Nnamdi Azikiwe International Airport, Abuja. In a three-point motion by Dino Melaye (APC, Kogi West), the Senate acknowledged the urgent need for a second runway at the airport, but ​ruled ​that the contract sum was “too exorbitant”. The Senate then urged the Federal Government to ensure that due process and diligence ​i​s followed in the design, award and procurement of the contract, while the cost should be “drastically reduced”.
  • President Mohammadu has asked Indians to stop shipping fake and sub-standard food and medicines to Nigeria. The President made the request in a meeting with CEOs of Indian companies with interests in Nigeria. He also assured the Indians that Nigeria’s economy was doing well despite the fall in oil prices, and despite its severe impact on government revenues.