Senate Allays Fears Over Fuel Price

Senate Allays Fears Over Fuel Price
Chris Steven, Abuja
Nigerian Senate has cleared the air on the report being circulated that the lawmakers were planning to impose a fuel levy of five N5 per litre of premium motor spirit, PMS, as a major source of revenue for funding the proposed National Roads Fund.
The Upper Chamber admitted that the story about the recommended increase in price of fuel remained a proposal which has not been reviewed by Senate plenary comprising of all 109 lawmakers.
It however added that the recommendation, like all reports, will still be reviewed and debated at plenary in line with the Senate procedures and democratic practices.
Meanwhile, on Thursday, the Senate Committee on Works suggested to the Federal Government to impose a fuel levy of N5 per litre of premium motor spirit, PMS, as a major source of revenue for funding the proposed National Roads Fund.
The Committee, in its report on the National Roads Fund (Establishment, etc) Bill 2017 (S.B 218) which is currently before the Senate for passage, also recommended other sundry levies and taxes to enable government effectively finance the Roads Fund when established.
The N5 fuel levy is chargeable per litre on any volume of petrol and diesel products imported into Nigeria and on locally refined petroleum products.
The report which was supposed to go through clause by clause consideration before final passage by the Upper Chamber was later stood down to another legislative day.