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ASUP issues 14 days warning strike to Federal Government over demands 

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The Academic Staff Union of Polytechnics (ASUP) has asked Nigerian government to implement its outstanding demands.
It also threatened to embark on an indefinite strike from October 28, 2017 if government failed to give a positive response.
Issues ASUP want resolved include NEEDS Assessment for federal and state polytechnics at N652, 591, 478, 614 billion, Consolidated Tertiary Institution Salary Scale (CONTISS 15) N20billion and short fall in salaries as at December 2016 N2, 637, 161,000billion and earned academic allowance N3, 221,487,017billion;
Poor funding of public polytechnics as reflected in the unimplemented capital grants, withdrawals of allowances since 2016, shortfalls in personnel allocations as well as non funding of promotion exercises;
Dichotomy against HND holders, victimization of union officials, non release of check off dues, interference in union activities, non release of CONTISS 15 migration arrears, non release of visitation panel reports, delay in review of the Federal Polytechnics Act, non commencement of renegotiation of ASUP/FG agreement of 2010 and tardiness in appointment of rectors of federal polytechnics.
National President, Usman Dutse,disclosed that about 70 per cent of ASUP chapters voted for indefinite strike at just concluded National Executive Council (NEC) meeting held at Abia State Polytechnic.
He said the 14-day ultimatum issued the government took effect from October 9 to 28 (14 working days), adding that NEC expects the federal government to take action.
“Results of the referendum presented at NEC by the chapter chairmen indicated that majority voted for indefinite strike. We decided to give government another opportunity based on a letter from the ministry intervention committee”, he told Sun.
“For the federal government to allow the internal crisis at Federal Polytechnic, Bauchi and Kaduna Polytechnic to linger on for over three months is an indication of its contempt for polytechnic and technical education.
“NEC is worried about the situation and wants the issues resolved to allow for the reopening of the institutions”.
He explained that NEC also condemned the backlog of salaries owe its members in state polytechnics and asked what the state governors did with the two Paris refund money by the federal government.
“Our members in Oyo, Osun, Benue, Kogi, Abia, Edo and Bayelsa states are owed salaries between four to nine months.
“These state governors collected billions from two Paris Club refund recently, they ought to have used it to settle outstanding salaries of state workers.
“It is a shame that lectures in polytechnics are owed backlog of salaries. It is a reflection our commitment to polytechnic and technical education in the country.”
Dutse further revealed that NEC frowned at Ogun government’s plan to convert Moshood Abiola Polytechic (MAPOLY) to a university.
The ASUP boss said the governor should have established a new university rather than convert an existing polytechnic with over 16,000 students and about 1,500 staff.
“The purported establishment of new polytechnic at Ipokia was politically motivated”, he concluded.

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Holiday Relief: Dangote Refinery Lowers PMS Price to N899.50, Introduces Special Credit Offer

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Holiday Relief: Dangote Refinery Lowers PMS Price to N899.50, Introduces Special Credit Offer

Holiday Relief: Dangote Refinery Lowers PMS Price to N899.50, Introduces Special Credit Offer

In a bid to ease financial burdens during the holiday season, Dangote Petroleum Refinery has announced a reduction in the price of Premium Motor Spirit (PMS) to N899.50 per litre. This follows a previous price cut to N970 per litre on November 24. The move is aimed at reducing transportation costs for Nigerians as they prepare for festive celebrations.

Anthony Chiejina, Group Chief Branding and Communications Officer of Dangote Group, disclosed the development in a statement, highlighting additional benefits for consumers. Beyond the price reduction, the refinery is introducing a special credit offer. For every litre of PMS purchased on a cash basis, consumers can buy an additional litre on credit, supported by a bank guarantee from Access Bank, First Bank, or Zenith Bank.

“To help reduce transport expenses this holiday season, we’re offering PMS at N899.50 per litre and providing a credit option for additional purchases. This is part of our commitment to making high-quality petroleum products accessible to Nigerians,” Chiejina said.

The refinery also reaffirmed its commitment to providing premium-quality, environmentally-friendly fuel, while ending Nigeria’s dependence on substandard imported products.

With a capacity of 650,000 barrels per day, the Dangote Refinery is the largest single-train refinery in the world, capable of meeting Nigeria’s entire refined petroleum product demand and generating surplus for export. As the festive season approaches, the company expressed gratitude to Nigerians for their support and pledged continued efforts to ease their economic burdens.

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Setting the Record Straight: Clarifying NNPCL’s Role in the Dangote Refinery Investment

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General Buratai Urges Dangote Not To Succumb To Marketers Blackmail, Reveals Why

Setting the Record Straight: Clarifying NNPCL’s Role in the Dangote Refinery Investment

We have received numerous inquiries from the media and concerned stakeholders seeking clarification regarding a recent report attributed to the Nigerian National Petroleum Company Limited (NNPCL). The report suggested that NNPCL’s decision to secure a $1 billion loan backed by its crude was instrumental in supporting the Dangote Refinery during liquidity challenges.

Setting the Record Straight: Clarifying NNPCL's Role in the Dangote Refinery Investment

We wish to categorically state that this narrative is a misrepresentation of the facts. The $1 billion referenced constitutes just about 5% of the total investment in building the Dangote Refinery.

Our partnership with NNPCL was established based on their strategic importance as the largest offtaker of Nigerian crude and, at the time, the sole supplier of gasoline into Nigeria. As part of this agreement, a 20% stake in the refinery was valued at $2.76 billion. Of this amount, NNPCL agreed to pay $1 billion upfront, while the remaining balance was structured to be recovered over five years through crude oil supply deductions and dividends.

If we had been facing liquidity challenges, such generous credit terms would not have been feasible. At the time of the agreement in 2021, the refinery was still in its pre-commissioning phase. Any claims suggesting financial struggles are inconsistent with the structure and nature of this agreement.

Regrettably, NNPCL was unable to meet its commitment to supply the agreed 300,000 barrels per day of crude oil due to pre-existing financial commitments tied to their crude cargoes. Given this, we extended a 12-month period for NNPCL to pay cash for the balance of their equity. However, they were unable to meet the deadline, which expired on June 30, 2024. Consequently, NNPCL’s equity stake in the refinery was adjusted to 7.24%.

It is therefore inaccurate to claim that NNPCL facilitated a $1 billion investment amid liquidity challenges. Their $1 billion investment secured a 7.24% ownership stake in the Dangote Refinery, a strategic partnership beneficial to their interests.

NNPCL remains a valued partner, and we urge all stakeholders to adhere to the facts and provide accurate information to ensure proper media representation for the benefit of all stakeholders and the public.

Anthony Chiejina
Group Chief Branding and Communications Officer
18th December, 2024

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MTN Contributes N200bn Monthly in VAT, Driving Tax Reform Debate

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MTN Contributes N200bn Monthly in VAT, Driving Tax Reform Debate

MTN Contributes N200bn Monthly in VAT, Driving Tax Reform Debate

 

MTN Nigeria, the nation’s largest telecom company, pays over N200 billion in Value Added Tax (VAT) monthly, making it the single biggest contributor to the country’s VAT revenue, according to Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee.

Speaking at Channels Television’s Town Hall on Tax Reforms, Oyedele highlighted significant disparities in the current VAT allocation system, revealing that all VAT paid by MTN is credited solely to Lagos State, where the company’s headquarters is located, despite the fact that services generating this revenue are consumed nationwide.

“MTN is the largest contributor to VAT in Nigeria,” Oyedele stated. “They pay over N200bn every month, and the gap between them and the second-largest contributor is massive. However, all this VAT is currently allocated to Lagos, even as calls are made across states like Kano, the FCT, Ekiti, Edo, and Kebbi.”

As part of the ongoing tax reform efforts, the committee has proposed a new framework to ensure equitable distribution of VAT revenues based on consumption rather than the corporate headquarters’ location.

Under the proposed redistribution model, Lagos State, which now retains the full N200bn from MTN, would see its share reduced to around 20 per cent. The remaining revenue would be distributed more fairly among other states where the services are consumed.

“This adjustment ensures states where VAT is generated get their fair share,” Oyedele explained. “While Lagos State’s share decreases slightly, every other state stands to gain under the new system.”

The tax reform bill, designed to address inefficiencies and promote fairness in Nigeria’s fiscal policies, has sparked debate among stakeholders. Critics have accused the committee of advancing policies that may negatively impact certain regions.

Oyedele, however, dismissed these claims, arguing that the current system is flawed and in need of urgent correction. “If something is being done wrongly, how can Lagos State or anyone oppose reforms aimed at fixing it?” he questioned.

The proposed reforms, which include provisions for revenue redistribution and efficiency improvements, are seen as pivotal to ensuring fairness and sustainability in Nigeria’s tax system.

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