Nigeria’s debt report, NNPC to lift petrol from Dangote… business stories to track this week

Here are the seven top business stories you need to track this week — September 9 to September 14.

NCC TO BLOCK UNLINKED SIM CARDS SEPT 14

The Nigerian Communications Commission (NCC) says September 14 is the “final deadline” for the NIN-SIM linkage exercise.

In a statement on August 28, the NCC directed all mobile network operators (MNOs) to complete the verification and linkage of SIMs to NINs by September 14.

The commission said over 153 million SIMs had been successfully linked to a NIN so far, “reflecting an impressive compliance rate of 96 percent, a substantial increase from 69.7 percent in January 2024″.

Q2 DEBT REPORT

The National Bureau of Statistics (NBS) says it will release reports on the country’s foreign trade in goods and the rail transportation report this week.

Also, the bureau intends to publish the domestic and foreign debt record for the second quarter (Q2) of 2024.

CUSTOMS YET TO IMPLEMENT DUTY-FREE FOOD IMPORTATION POLICY 

The Nigeria Customs Service (NCS) says the suspension of duties on imported food items will be implemented as soon as it receives the list of beneficiaries from the ministry of finance.

Abdullahi Maiwada, spokesperson of the NCS, spoke on Thursday at a joint press briefing of security agencies, organised by the strategic communications inter-agency policy committee (SCIPC) in Abuja.

The development comes almost two months after the federal government directed the suspension of duties, tariffs, and taxes on the importation of food staples through land and sea borders to reduce inflation.

‘TAX COLLECTION IN NIGERIA IS LOW’

Bill Gates, co-chair of the Bill and Melinda Gates Foundation, says tax collection in Nigeria is low.

Gates said the low tax collection poses a challenge to adequately financing critical sectors such as health and education.

The philanthropist said for citizens to gain confidence in the government’s ability to deliver quality healthcare, there must be a commitment to ensure that the funding of health programmes is well-managed.

NNPC INCREASES PETROL PUMP PRICE 

The Nigerian National Petroleum Company (NNPC) Limited has increased the price of premium motor spirit (PMS), also known as petrol, across its retail outlets.

TheCable, on September 3, observed that the price of the product was increased to N855 per litre — from about N600 — at an NNPC filling station in the Berger axis of Lagos.

In Abuja, the commodity is sold for N897 per litre.

DANGOTE REFINERY COMMENCES PETROL PRODUCTION 

Aliko Dangote, chairman of Dangote Industries Limited, officially announced the commencement of petrol production at his refinery on September 3.

Dangote announced the milestone at a news conference, showcasing a bottle of the product, also known as premium motor spirit (PMS).

Dangote said petrol from the plant can compete with products from other parts of the world in terms of quality.

He also said the price of petrol would be determined by the federal government and after meeting with NNPC.

NNPC TO SUPPLY CRUDE OIL TO DANGOTE REFINERY, LIFT PMS FROM SEPT 15

The Nigerian National Petroleum Company (NNPC) Limited says over 17.6 million barrels of crude oil will be delivered to Dangote Petroleum Refinery between September and October.

In an interview on Arise Television on Thursday, Adedapo Segun, executive vice-president, downstream, NNPC, said the move is part of the federal government’s push to drive local production of petroleum products.

Segun said in September, 6.3 million barrels of crude oil will be delivered to Dangote refineries in seven cargoes and another 11.3 million barrels of crude oil in 13 cargoes in October.

Segun, in another interview on TVC News, said NNPC would commence  lifting PMS from the Dangote refinery from September 15 — the timeline provided by the refinery.