Inflation report, duty-free food importation… business stories to track this week

Here are the seven top business stories you need to track this week — July 15 to July 19.

NBS INFLATION REPORT

The National Bureau of Statistics (NBS) is expected to release the inflation report for June on July 15 (today).

The bureau also intends to release its monthly reports on the prices of household kerosene, premium motor spirit (petrol), automative gas oil (diesel), and liquefied petroleum gas (cooking gas) for June.

FG SUSPENDS TAXES ON IMPORTATION OF FOOD COMMODITIES

The federal government had officially announced the suspension of duties, tariffs, and taxes on the importation of food commodities.

Abubakar Kyari, minister of agriculture and food security, announced the development in a post on social media on July 10, detailing the federal government’s measures to address the high food prices currently affecting the nation.

Part of the measures, according to the statement, is a 150-day duty-free import window for food commodities, which involves the suspension of duties, tariffs, and taxes for the importation of food commodities — maize, husked brown rice, wheat, and cowpeas — through land and sea borders.

The minister said the measures will be implemented over the next 180 days.

IPMAN SEEKS 50% PETROL ALLOCATION FROM NNPC TO REDUCE PRICES, QUEUES

The Independent Petroleum Marketers Association of Nigeria (IPMAN) is seeking 50 percent petrol allocation from the Nigerian National Petroleum Company (NNPC) Limited to reduce prices and queues in filling stations.

Speaking with NAN on July 12, Hammed Fasola, IPMAN’s national vice-president, said the petrol scarcity was due to low allocation.

Fasola said if IPMAN members receive petrol directly from NNPC, the price per litre will be more affordable for Nigerians, and it will help reduce the queues at filling stations.

‘NNPC STAKE IN OUR REFINERY HAS REDUCED TO 7.2%’

Aliko Dangote, Africa’s richest person, says the Nigerian National Petroleum Company (NNPC) Limited no longer owns a 20 percent stake in Dangote Petroleum Refinery.

Speaking during a press briefing at the refinery on Sunday, Dangote said NNPC now owns 7.2 percent of the refinery over failure to pay the balance of their share, which was due in June.

“NNPC no longer owns 20 percent stake in the Dangote refinery. They were met to pay their balance in June, but have yet to fulfil the obligations. Now, they only own a 7.2% stake in the refinery,” Dangote said.

NCAA THREATENS TO PENALISE AIRLINES OVER FALSE FLIGHT SCHEDULE

The Nigeria Civil Aviation Authority (NCAA) says it would penalise airlines engaged in deceitful departure schedules.

Speaking in a statement on July 9, Chris Najomo, NCAA’s acting director-general, warned the airlines to desist from the infraction or face dire regulatory actions.

In the statement, the authority said it now runs a zero-tolerance approach to regulatory infractions.

TINUBU MULL CREATION OF LIVESTOCK DEVELOPMENT MINISTRY

President Bola Tinubu has hinted at the possibility of creating a ministry of livestock development.

Tinubu spoke on July 9 during the inauguration of the presidential committee on livestock reforms.

The president had in September 2023 approved the establishment of the committee to address herders and farmers’ clashes and bolster livestock and dairy industries.

Tinubu set up the committee after receiving a report from the National Conference on Livestock Reforms and Mitigation of Associated Conflicts in Nigeria.

The committee gave the president 21 recommendations, including creating a ministry of livestock resources.

FG RE-ARRAIGNS BINANCE ON TAX EVASION CHARGES

The Federal Inland Revenue Service (FIRS) has re-arraigned Binance on a four-count charge bordering on alleged tax evasion.

Ayodele Omotilewa, Binance’s representative in Nigeria, was arraigned on July 12 before Emeka Nwite, a judge at the federal high court in Abuja.