Economy
There’s no law in Nigeria prohibiting importation of PMS-Govt regulator
- /home/naijuinz/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 27
https://naijablitznews.com/wp-content/uploads/2025/02/NMDPRA-1000x600.jpg&description=There’s no law in Nigeria prohibiting importation of PMS-Govt regulator', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
- Share
- Tweet /home/naijuinz/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 72
https://naijablitznews.com/wp-content/uploads/2025/02/NMDPRA-1000x600.jpg&description=There’s no law in Nigeria prohibiting importation of PMS-Govt regulator', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), on Wednesday, stated that no law prohibits Nigerian National Petroleum Company Limited (NNPCL) from importing when necessary.
The NMDPRA, while saying that all the petroleum products imported to the country this year are of standard quality, clarified that the NNPCL has not imported the Premium Motor Spirit (PMS) petrol this year.
The Executive Director, Distribution System, Storage and Retailing Infrastructure, Ogbugo Ukoha, who made this disclosure in a press briefing in Abuja, noted that local refineries met 50 per cent national consumption requirement while the shortfall is imported by Oil Marketing Companies (OMCs).
He explained that the contribution of local refineries has been less than a 60 per cent shortfall in January and February 2025.
He however specifically noted that none of the OMCs that owned refineries have imported petroleum products this year.
In his words, “So, just for clarity, what I am saying is that the contribution of local refining towards the sufficiency was less than 60 per cent in January and less than 50 percent in February 2025.
He added that “the shortfall is sourced by way of importation. Even though none of the OMCs that owned refineries have imported this year PMS.”
On quality, he said the NMDPRA always insists that all petroleum products meet the specifications of the Standard Organization of Nigeria (SON) and the Petroleum Industry Act (PIA) 2021.
According to him, the Authority does not permit the distribution of products that fall short of quality standards.
“You must meet those specifications, otherwise we will not let those products be distributed,” he said.
He announced that the NMDPRA has banned trucks carrying over 60,000 litres of hydrocarbon products from loading effectively from 1st March 2025.
Similarly, a statement by the NNPC spokesman, Femi Soneye, on Tuesday, while reacting to a report on the alleged importation of 200million litres, noted that while NNPC Limited has not imported PMS in 2025, “it is important to clarify that there is no law prohibiting NNPC Limited from importing when necessary”.
He added in the statement that “As a company primarily responsible for ensuring energy security in Nigeria if there were any PMS supply insufficiency in the future, NNPC Limited has the right and responsibility to intervene by importing to bridge the gap.”
The Nigerian naira traded at relatively stable levels against the United States dollar on Tuesday, June 23, 2026, across both the official and parallel foreign exchange markets, as market participants continued to monitor liquidity conditions and foreign exchange demand.
Latest data from the Nigerian Foreign Exchange Market (NFEM) showed that the naira exchanged at approximately ₦1,366.41 per dollar at the official market. The NFEM rate, which is published by the Central Bank of Nigeria, represents the volume-weighted average exchange rate for the day.
The official exchange rate has remained within the ₦1,350-₦1,370 range in recent weeks, supported by improved liquidity and sustained foreign portfolio inflows into local assets.
In the parallel market, also known as the black market, the dollar traded at around ₦1,400 for buying and between ₦1,410 and ₦1,420 for selling, depending on location and dealer quotations.
The spread between the official and parallel market rates remained relatively narrow compared with previous years, reflecting ongoing reforms aimed at improving transparency and efficiency in Nigeria’s foreign exchange market.
Currency traders said demand for dollars from importers, travellers and businesses remained steady, although the naira has benefited from increased confidence in the foreign exchange market and improved dollar supply.
Analysts noted that exchange rates could continue to fluctuate in response to changes in foreign exchange inflows, global oil prices and domestic economic conditions.
As of the prevailing rates, $100 would exchange for about ₦136,641 at the official NFEM window, while the same amount could fetch between ₦141,000 and ₦142,000 in the parallel market.
Foreign exchange rates remain subject to intraday movements and may vary across banks, bureaux de change operators and other market participants.
A total sum of N2.300 trillion, being the May 2026 Federation Account Revenue, has been shared between the federal government, states, and the local government councils.
In a statement on Wednesday by the spokesperson of the Office of the Accountant General of the Federation, Bawa Mokwa, the revenue was shared at the June 2026 Federation Account Allocation Committee FAAC meeting held in Abuja.
The N2.300 trillion total distributable revenue comprised distributable statutory revenue of N1.611 trillion and distributable Value Added Tax (VAT) revenue of N688.785 billion.
A communiqué issued by the Federation Account Allocation Committee (FAAC) indicated that the total gross revenue of N3.395 trillion was available in the month of May 2026. Total deduction for cost of collection was N123.546 billion, while total transfers and refunds were N971.610 billion.
According to the communiqué, gross statutory revenue of N2.651 trillion was received for the month of May 2026. This was higher than the sum of N2.378 trillion received in the preceding month by N273.623 billion.
Gross revenue of N743.668 billion was available from the Value Added Tax (VAT) in May 2026. This was lower than the N806.617 billion available in the month of April 2026 by N62.949 billion.
The communiqué stated that from the N2.300 trillion total distributable revenue, the federal government received a total sum of N818.680 billion, and the state governments received a total sum of N759.141 billion.
The local government council received N534.277 billion, while the sum of N188.132 billion (13% of mineral revenue) was shared with the benefiting state as derivation revenue.
On the N1.611 trillion distributable statutory revenue, the communiqué stated that the federal government received N749.801 billion and the state governments received N380.309 billion.
The local government councils received N293.202 billion, and the sum of N188.132 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue.
From the N688.785 billion distributable Value Added Tax (VAT) revenue, the federal government received N68.879 billion, the state governments received N378.832 billion, and the local government councils received N241.075 billion.
In May 2026, Companies Income Tax (CIT), CGT, SDT, Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), and Oil and Gas Royalty increased significantly, while Import Duty, Value Added Tax (VAT), Excise Duty, and CET Levies decreased considerably.
The Federal Government, states and local government councils shared a total sum of N2.257 trillion from the Federation Account in April.
Director, Press and Public Relations, Office of the Accountant General of the Federation, Bawa Mokwa, disclosed this in a statement on Monday.
The revenue was shared at the May 2026 Federation Account Allocation Committee, FAAC, meeting held in Abuja.
The N2.257 trillion total distributable revenue comprised distributable statutory revenue of N1.260 trillion , distributable Value Added Tax, VAT, revenue of N747.088 billion, and augmentation of N250.000 billion.
This indicated that total gross revenue of N3.184 trillion was available in the month of April 2026. The total deduction for cost of collection was N113.756 billion, while total transfers, refunds, and savings were N813.839 billion.
According to the statement, gross statutory revenue of N2.378 trillion was received for the month of April 2026. This was higher than the sum of N1.699 trillion received in the preceding month by N678.224 billion.
Gross revenue of N806.617 billion was available from VAT in April 2026. This was higher than the N664.425 billion available in the month of March 2026 by N142.192 billion.
The communiqué stated that from the N2.257 trillion total distributable revenue, the Federal Government received a total sum of N787.351 billion, and the state governments received a total sum of N772.360 billion.
The local government councils received N540.152 billion, while the sum of N157.254 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue.
On the N1.260 trillion distributable statutory revenue, the statement stated that the Federal Government received N580.942 billion and the state governments received N294.661 billion.
The local government councils received N227.172 billion, and the sum of N157.254 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue.
From the N747.088 billion distributable VAT revenue, the Federal Government received N74.709 billion, the state governments received N410.898 billion, and the local government councils received N261.481 billion.
The Federal Government received N131.700 billion of the N250.000 billion, the state governments received N66.800 billion, and the local governments received N51.500 billion.
In April 2026, Companies Income Tax, CIT, CGT, SDT, import duty, oil and gas royalty, and VAT increased significantly, while Petroleum Profit Tax, PPT, and hydrocarbon tax, HT, decreased considerably.
Excise duty and CET levies decreased marginally.
World Cup: Ronaldo silences critics with brace as Portugal demolish Uzbekistan
Ekiti poll: Oyebanji, deputy receive certificate of return
State police bill suspicious, timed for politics – Senator Maidoki
-
News21 hours agoSenator Abba Moro hails Olaka Nwogu on electoral victory
-
News21 hours agoTinubu set to Flag-Off Construction of Service Carriageways of the Southern Parkway, from Arterial Road S20 (Oladipo Diya way) to Ring Road II, today
-
News21 hours agoOGTV broadcaster: Police recover stolen Lexus RX300 as CP vows “no stone unturned” in murder probe
-
News19 hours agoTeenage girl allegedly stabbed parents to de@th, stabbed family dog, sent crime scene photos to friends
-
News14 hours agoSouthern Parkway Service Lanes to End Gridlock, Transform Abuja’s Southern Corridor, Tinubu Assures
-
Foreign2 hours agoUS Targets Alleged ISIS Funding Network, Names Nigerian
-
Metro2 hours agoAlleged Drug Trafficking: Billionaire, Two Others Face Trial in Lagos
-
Economy21 hours agoSEE Dollar to Naira exchange rate today, June 23, 2026
Warning: Undefined variable $user_ID in /home/naijuinz/public_html/wp-content/themes/zox-news/comments.php on line 49
You must be logged in to post a comment Login