Business
JUST IN: Dangote Oil Refinery To End Nigeria’s Fuel Queues – MAN
Dangote Petroleum Refinery;
Manufacturers Association of Nigeria
The Manufacturers Association of Nigeria (MAN) has expressed hopes that the Dangote Petroleum Refinery will end the persistent fuel queues in the country.
In a congratulatory message, yesterday, to the President and Management of Dangote group on the completion and commissioning of the refinery in Lagos, the Association said,” the coming onboard of the Dangote Refinery promises to bring to pleasant end, the nightmare of long queues at petrol filling station and the disruption of social and economic activities that come with it.”
” For all the determination and trail blazing zeal to bring this dream into reality, we Congratulate the President/CEO of Dangote Group, Alhaji Aliko Dangote, on the occasion of the official commissioning of this pride-of-Africa birthed-in-Nigeria project,” said its Director-General, Segun Ajayi-Kadir.
Ohibaba.com learned that works started on the refinery which is situated on land spanning approximately 2,635 hectares in 2016.
The refinery is claimed to be the World’s Largest Single Train 650,000 barrels per day Petroleum Refinery with a 9000 KTPA Polypropylene Plant ever built.
” It is gratifying to note that the Refinery can meet 100% of Nigeria’s requirement for all refined products (Gasoline, 57 million litres per day; Diesel, 27 million litres per day; Kerosene, 11 million litres per day and Aviation Jet, 9 million litres per day) and also have a surplus of each of these products for export.
” The Refinery when fully operational is expected to generate $10 Billion from the export of refined petroleum products and save Nigeria an estimated $10 Billion in foreign exchange.
With State-of-the-art technology, the refinery is designed to produce with 100% Nigerian Crude with the flexibility to process other crudes from Africa, Middle East, and US Light Oil,” he said.
Alsp, it was gathered that the refinery has a self-sufficient marine facility with the ability for freight optimization.
With the Largest Single order of 5 SPMs anywhere in the world, Diesel & Gasoline Products from the refinery will conform to Euro V Specifications.
The refinery design complies with the World Bank, US EPA, European emission standards, and the Department of Petroleum Resources (DPR) emission/effluent standards.
To cushion the potential impact of increase in mean sea level due to global warming, the company took appropriate measures using the world’s largest, 2nd and 10th largest dredgers to elevate the sea height by 1.5 metres.
Dangote Group is one of the few companies in the world executing a Petroleum Refinery and a Petrochemical complex directly as an Engineering, Procurement, and Construction (EPC) Contractor. Globally, apart from three companies, no individual owner has done the complete EPC Contract for a Petroleum Refinery.
Business
NTA didn’t introduce VAT on charges collected by banks — NRS
The Nigeria Revenue Service (NRS) wishes to address and correct misleading narratives circulating in sections of the media suggesting that Value Added Tax (VAT) has been newly introduced on banking services, fees, commissions, or electronic money transfers.
Photo: NRS chairman, Zacch Adedeji
The Nigeria Revenue Service (NRS) has clarified that the Nigeria Tax Act (NTA) did not introduce VAT on banking charges, nor did it impose any new tax obligation on customers in this regard.
In a statement made available to newsmen and signed by Dare Adekanmbi, Special Adviser on Media to the NRS chairman, Zacch Adedeji, the service said the claims are incorrect.
According to the NRS, VAT has always applied to banking services and was not introduced by the Nigeria Tax Act.
The statement reads:
“The Nigeria Revenue Service (NRS) wishes to address and correct misleading narratives circulating in sections of the media suggesting that Value Added Tax (VAT) has been newly introduced on banking services, fees, commissions, or electronic money transfers.
This claim is categorically incorrect.
“VAT has always applied to fees, commissions, and charges for services rendered by banks and other financial institutions under Nigeria’s long-established VAT regime.”
Business
LIRS gives employers Jan 31 deadline for filing 2025 tax returns
The Executive Chairman of LIRS, Dr Ayodele Subair, who gave the directive on Thursday, reminded employers that the obligation to file annual returns is in line with the provisions of the Nigeria Tax Administration Act 2025.
The Lagos State Internal Revenue Service(LIRS) fixed statutory deadline of January 31, 2026, for all employers of labour in the state to file their annual tax returns for the 2025 financial year.
The Executive Chairman of LIRS, Dr Ayodele Subair, who gave the directive on Thursday, reminded employers that the obligation to file annual returns is in line with the provisions of the Nigeria Tax Administration Act 2025.
Subair explained that employers are required to file detailed returns on emoluments and compensation paid to their employees, as well as payments made to service providers, vendors, and consultants, and to ensure that all applicable taxes due for the 2025 year are fully remitted.
He emphasised that the filing of annual returns is a mandatory legal obligation and warned that failure to comply would attract statutory sanctions, including administrative penalties, as prescribed under the new tax law.
Business
Nigeria To Review Inflation Reporting First Time In 15 years
The agency said the expected spike in December inflation did not reflect actual price movements in the economy but was largely a statistical distortion caused by the rebasing of the Consumer Price Index.
Nigeria’s National Bureau of Statistics (NBS) has announced plans to revise its inflation reporting methodology.
This followed concerns that December’s year-on-year figure may be artificially inflated due to the impact of last year’s rebasing exercise.
The agency said the expected spike in December inflation did not reflect actual price movements in the economy but was largely a statistical distortion caused by the rebasing of the Consumer Price Index.
Reuters reported that the rebasing, the first in 15 years, adopted December 2024 as the index reference point.
Officials explained that the change is likely to exaggerate the year-on-year inflation figure for December without accurately capturing prevailing market trends.
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