The Nation Newspaper

Tag: disbursement

  • CBN begins disbursement of small naira notes to traders

    CBN begins disbursement of small naira notes to traders

    The Central Bank of Nigeria (CBN) has commenced the disbursement of smaller naira denomination notes to traders across the country to improve circulation of N5, N10, N20, and N50 notes in the markets.

    The pilot exercise was held in Abuja yesterday and the acting Director, Currency Operations Department, CBN Mrs Priscilia Eleje said the campaign was targeted at the informal sector, especially traders in markets with the aim of increasing the circulation of the smaller units of the naira to make doing business easier.

    According to her, the Federal Capital Territory will be used as the pilot stage of the new campaign and if successful, will be replicated nationwide to ensure that traders desist from hiking prices of goods, simply to avoid looking for “change.’’

    According to her, new naira notes will be distributed to traders within Wuse and Garki Markets and others through their associations. “The notes we will be disbursing are mints. This money is not meant for you to keep in your house or to go and spray at weddings or sell. We have our operatives everywhere and whoever is caught selling these notes will be prosecuted” she told the traders.

    She added that “these notes are meant to be used for daily transactions so that when a customer comes to the market, you won’t tell him or her that you don’t have change,’’ she said.

    Eleje said that the money was not free, as the CBN through the various associations in the market would exchange lower denominations for larger ones.

    Also, the Deputy Director, Currency Operations Department, CBN Mr Vincent Wuranti, lectured the traders on ways to handle naira notes and detect fake Naira notes by desist from squeezing the notes, writing on them or using dirty hands to handle the notes.

    Wuranti also urged the public to inculcate the habit of using wallets in order to safeguard the naira and allow it to have a longer life span.

    The Chairman, Wuse Market Association, Mr Rapheal Okorie, said insufficient lower denominations of the naira was one of the greatest problems being faced by traders.

    “When you buy something you cannot get change. There are instances where customers change their minds about buying items because of change.

    “As a trader, you lend another trader change and he cannot give you back when you need it. This has led to a lot of crisis in the market. So we are happy that the CBN has come up with this plan,’’ he said.

    Okorie said the CBN has agreed to make the funds available to traders on a weekly basis depending on the volume and market demand.

  • NAPTIP denies involvement in disbursement to Libyan returnees

    NAPTIP denies involvement in disbursement to Libyan returnees

    The National Agency for the Prohibition of Trafficking in Persons (NAPTIP) has denied involvement in the disbursement of €100 to Libyan returnees.

    The agency confirmed returnees from Libya through Lagos were directly given the money by International Organisation for Migration (IOM).

    Head, Press and Public Relations NAPTIP, Josiah Emerole in a statement yesterday said the project is part of their Voluntary Returns programme.

    He explained the money was paid directly to the returnees in fulfilment of the IOM’s promise to them before they embarked on the journey home.

    NAPTIP also refuted allegations of noncooperation with the Edo state government.

    Emerole said: “It is important to state clearly that allegations by the Edo State Government are far from the truth as the Agency which was established pursuant to the Trafficking in Persons (Prohibition) Law Enforcement and Administration Act 2003 has never in any way shown a lack of cooperation to the Government and good people of Edo state in the fight against human trafficking.

    “Edo State and her people are held in very high esteem by the agency and it was for that reason that the first and the biggest Zonal Command of NAPTIP after the Lagos Command was established in Benin City early in 2004.

    “That Command which handles only Edo and Delta States remains the busiest and most vibrant command in the country.

    “The present evacuation of Nigerians from Libya is not NAPTIP’s project but that of the Federal Government as directed by President Muhammadu Buhari.

    “Furthermore, the National Emergency Management Agency (NEMA) is the coordinating Agency for the exercise.

    “NAPTIP is only a member of the Federal Government’s mission to Libya and has its personnel who are working with other sister agencies in Port Harcourt to assist the returnees on arrival through profiling and psychosocial assistance especially for victims of human trafficking amongst them.

    “The business of NAPTIP so far has been to identify the victims and suspects of human trafficking and take them to NAPTIPs facilities in Benin, Uyo and Lagos for further assistance.

    “The agency does not have access to funds for this project since NEMA is the coordinating Agency for the project.”

     

  • Why disbursement of recovered looted funds is delayed, by AGF

    Why disbursement of recovered looted funds is delayed, by AGF

    •Minister seeks passage of Proceed of Crime Bill  

    Attorney General of the Federation (AGF) and Minister of Justice Abubakar Malami (SAN) has blamed the National Assembly for the delay in the disbursement of recovered looted funds.

    Malami said the failure of the National Assembly to pass the Proceed of Crime Act (POCA) pending before it was responsible for the Federal Government’s inability to establish a body to manage the recovered funds.

    The AGF’s spokesman, Salihu Isah, in a statement yesterday, said the minister spoke while participating in a programme: “Good Morning Nigeria” on the Nigerian Television Authority (NTA).

    Isah quoted Malami as saying: “If Proceed of Crimes Act had been promulgated, we would have had in place an agency that would formulate policy on the management of recovered loots.”

    He said the Act was intended to mid-wife the Recovered Asset Management Agency (RAMA), with a board comprising a chairman, with 20 years of cognate experience and representatives would be drawn from: the Police (NPF), Economic and Financial Crimes Commission (EFCC), National Agency for Foods, Drugs Administration and Control (NAFDAC), Federal Ministry of Finance, other relevant agencies and civil society groups.

    Malami said when established, RAMA would also, besides managing recovered loots generate income for government from local and international sources.

    The AGF said there was a robust collaboration between states and the Federal Government in the fight against corruption.

    He said the because of such collaboration, the Federal Government granted fiat to states’ attorneys-general to prosecute corruptcases in the states.

    Another participant in the programme, the Chief Whip, House of Representatives, Alhassan Ado-Doguwa, said the fight against corruption must be comprehensive and require a legal framework that would provide answers to key questions.

    He regretted that recovered funds were not fully computed with their location unknown.

    The participants noted that “loot kept in an unidentified custody is loot upon loot”.

    Ado-Doguwa said the passage of the Act Bill was being delayed because other similar bills sponsored by members and interested parties need to be sieved, compared and contrast with the Executive Bill for an enduring legislation on the matter.

    Isah said another discussant, Prof. Abdullahi Shehu of the National Open University of Nigeria (NOUN) argued that one of the major principles of asset recovery was to take away negative role model out of the society.

    He added that lack of coordination in the system was making it difficult to have at a glance the amount so far recovered from looters.

    Shehu said for host countries to repatriate looted funds, necessary procedure must be followed, which includes proper prosecutorial measures and clear-cut punishment, where necessary.

  • OPS, MAN, CBN disagree over $2.83b disbursement claim to members

    OPS, MAN, CBN disagree over $2.83b disbursement claim to members

    The Central Bank of Nigeria (CBN)  has disbursed $2.83 billion foreign exchange (forex) to manufacturers, but members of the Organised Private Sector (OPS), including Manufacturers’ Association of Nigeria (MAN) areclaiming that their inability to access forex has forced some members out of business.  OKWY IROEGBU-CHIKEZIE writes on the manufacturers’ disagreement with the CBN.

    There are rough edges in the relationship between the Central Bank of Nigeria CBN) and the Organised Private Sector (OPS). The bone of contention is the management of forex exchange (forex) by the former.

    The apex bank announced last Thursday that it disbursed $2.83 billion for utilisation in the critical sectors of the economy between December, last year and January.

    CBN spokesman Isaac Okoroafor listed manufacturing, raw materials and agriculture among others as beneficiaries of the disbursements, targeted at strengthening the economy.

    But the OPS faulted the CBN claim, describing it as bogus. The OPS insisted that manufacturers could not have been the sole beneficiary of the $2.83 billion, if indeed such funds were disbursed.

    The other sectors of the economy must have been major partakers in the largesse, the OPS said.

    In the breakdown, Okoroafor said the CBN released $609 million and $228 million for raw materials in December and January. Manufacturers got $53 million and $71 million during the same period. The CBN spokesman said the forex utilisation indicated that $1.839 billion and $0.989 billion respectively, were extended to critical sectors.

    Forex allocations have been marred with alleged irregularities. Only prominent manufacturers allegedly have access to forex. Thousands of thousands were forced to shut down their businesses and relocate to neighbouring countries.

    The OPS, especially the Manufacturers’ Association of Nigeria (MAN), has been critical of the forex policy and the ban on 41 items classified as raw materials that could be sources locally. Such policies, MAN said, was not only hurting its members but the economy.

    Other hurdles being faced by the manufactures include: power instability, security challenges and multiple taxation, all of which it said pushed up production costs in the country.

    A tomato puree manufacturer, Erisco Foods Limited, cried out last year under what it called ‘unfriendly’ forex policy by the CBN and inclement business environment.  The Chief Executive Officer of the company, Chief Eric Umeofia, told a news conference in Lagos that he was relocating the manufacturing segment of his business to China, from where he will import finished products for sale in Nigeria.

    He explained that his decision to close the Nigerian manufacturing plant was taken after the expiration of a 30-day ultimatum given by the management of the company to the Federal Government to compel the CBN to make available enough forex to aid the importation of raw materials and other requisite equipment to keep manufacturing plants running on profit.

    The CBN, however, accused the Erisco Foods’s chief of cheap blackmail. It said Umeofia was raising a false alarm.

    Investigations by The Nation showed that contrary to the  claim that Erisco Foods did not receive support from the Federal Government, the company got support of about N3 billion from the Commercial Agriculture Credit Scheme (CACS) between 2014 and 2016.

    His allegation that NAFDAC, SON, the Ministry of Industry, Trade & Investment and the CBN were frustrating has also been faulted.

    The Nation learnt the Erisco Foods got N500 million in January 2014 for the importation and installation of four additional tomato processing lines to its existing three lines and to stockpile raw materials for operational efficiency.

    The intervention fund with 32-month tenor was sourced through Stanbic IBTC Bank, a document showed.  Also, in May 2014, it received another N400 million as working capital and for the purchase of diesel, gas, payment of salaries and local raw materials including sugar, salt, potassium, solvent, cartons and other packaging materials.

    The document also showed that Erisco Foods was reported to have received additional N300 million. Also in December 2014, the company allegedly received N800 for the procurement of raw materials. The facilities had a separate tenor of 36 months.

    In April, last year, Erisco Food got N1 billion to finance the procurement of processing machinery for fresh tomatoes into concentrate. The fund, with 84-month tenor, was sourced from Keystone Bank Limited.

    The document reads: “The N2 billion facilities given to the company were intended for capital importation, while the extra N1 billion was advanced to the company on the company on the premise that it was going to be used for the purposes of starting primary production through backward integration, using locally produced tomatoes from indigenous farmers.

    “As at today, this has not been achieved. Erisco is only importing and packaging tomato paste concentrates into final products.”

    A source at one of the Participating Financial Institutions (PFIs) through which the CBN disbursed the funds to beneficiaries, confirmed the disbursement of facilities to companies, including Erisco, between between June 2014 and April 2016.

    A CBN source, who pleaded for anonymity, said the apex bank does not allocate forex anymore.

    The source said: “By practice, we do not join issues with individuals on matters of this nature. All I can tell you is that the CBN does not allocate foreign exchange. All business persons, manufacturers, traders, among others, are expected to approach their respective banks to bid for, and obtain foreign exchange. Whether they succeed or not is their business. No amount of blackmail through paid advertorial or sponsored reports could make the CBN change its policy.”

    The claim was corroborated by a special adviser the CBN Governor on Financial Markets, Emmanuel Ukeje, on a television programme in a response to allegations that the regulator was breaching its forex administration policy.

    Ukeje expained: “I want to state categorically that the CBN does not deal directly with any bank customer on any foreign exchange transaction. These transactions are purely between the deposit money banks and their customers.”

    The source urged forex applicant to follow the due process instead of deploying blackmail and other unethical schemes in their ploy to win public empathy.

    Umeofia, who criticised the CBN and other government agencies for not supporting his business, blamed the government for lack of clear policies towards manufacturing, high interest rates and allowing the importation of tomato paste.

    MAN President Dr. Frank Udemba Jacobs faulted the CBN position on the controversial $2.83 billion allocation. In a chat, Jacobs said it was incorrect for the CBN to claim to have allocated such funds to manufacturers.

    According to him, the regulator ought to have explained how the $2.83 billion was shared to beneficiaries in the past two months.

     Round tripping claims

    Responding to the accusation of round tripping levelled against some manufacturers and how the association can monitor the ultilisation of the forex allocated to them, the MAN president described the allegation as baseless.

    He wondered how manufacturers, who do not have enough forex for the importation of raw materials and machinery, could be accused of round tripping.

    Jacobs said: “Any trader with connection can claim to be a manufacturer and have access to forex when the real manufacturers are starved of it. The government should therefore do more work in this area to identify those who are really into manufacturing from traders.”

    On why the naira value continued to nosedive, the MAN chief blamed the free fall of the local currency against the dollar on CBN failure to adequately fund forex. He described the liquidity in the forex market as very low.

    Jacobs declined to comment on Erisco Foods’ allegation against the CBN, saying that he could not speak for any of the parties. He, however, noted that the apex bank claimed to have given the company some funds for the importation of raw materials and equipment for their local production.

    The Director-General of the Lagos Chamber of Commerce & Industry (LCCI), Mr. Muda Yusuf argued that the CBN should be blamed for the alleged round tripping by ‘manufacturers’. According to him, the regulator incentivised the illegality, thus making it attractive for those who may be engaged in it.

    Yusuf said: “The black market rate for the dollar as at today (weekend) is N507 to a dollar. What the bank should do is to close the gap with the official rate which hovers around N300 to make round tripping unattractive if indeed it is happening. The disparity between the official and black market rate created incentive for round tripping.

    “Anybody can claim to be a manufacturer. What the CBN should do is to allow the market to determine the rate and value of the naira. Some government policies are also hurting the economy. For instance, people should be allowed to bring in their forex freely without restrictions.

    The government has placed a lot of hurdles on the path of portfolio investors and Foreign Direct Investment (FDI). There is no way we can come out of the economic problems behooving the nation except there is a review of some of these hurtful policies.”

  • Miners await disbursement criteria for N30b intervention fund

    Miners await disbursement criteria for N30b intervention fund

    Miners under the aegis of the Miners Association of Nigeria have called on the Federal Government to state how it will disburse the N30 billion Mining Intervention Fund released in 2016 for exploration.

    The association’s National Secretary, Mr. Dele Ayanleke, told newsmen in Abuja,that the government would release the criteria and that miners would be involved in the fund’s disbursement.

    Ayanleke recalled that some years back, the World Bank released funds for the mining sector, but they were used for other purposes. He said  2016 was a year full of challenges for miners. According to him, some were attacked and killed during mining. Illegal miners also hampered mining.

    Ayanleke said the Mines Inspectorate Department of the Ministry of Solid Minerals saddled with  monitoring mine sites was incapacitated by lack of funds.

    According to him, the department was willing to work, but lacked empowerment to conduct their oversight functions and to monitor mining sites to know what challenges miners were facing on fields.

    He called on government to provide infrastructure such as access roads and electricity to all mining sites to lessen the burden on miners.

    “Government is meant to construct roads to all mining sites across the country because it is their primary responsibility to do so and miners are to provide educational and health facilities to their host communities,” Ayanleke said.

    He, however, said that the association achieved a huge success in its maiden mining week organised last year.

    A barite miner, Mr. Patrick Odiegwu, also called on government to support miners with mining equipment to ease minerals exploration, adding that lack of equipment had made miners to operate on small scale.

    He said if mining continues on small scale, government would not be able to achieve its diversification plan through the sector.

    “We need world class mining equipment if government wants to diversify the economy through mining sector; no miner can afford to buy one equipment worth N600 million.

  • Government agencies’ delay slows down disbursement of N350b economic stimulus package

    Government agencies’ delay slows down disbursement of N350b economic stimulus package

    Some federal government agencies are slowing down the process of injection of N350billion into the economy, an investigation by The Nation has revealed.

    The fund injection is a major plank of government’s plan in the 2016 budget to reinvigorate the economy.

    The process was set in motion two weeks ago but it was gathered that while the Ministry of Finance is set to fulfill its own part of the deal, some agencies which are expected to act as channels of disbursement are yet to put their acts together.

    A source familiar with the development said: “Only part of the funds has been released; several of the disbursing agencies ought to have commenced certain work even before the budget was signed but they delayed in doing so.

    “They ought to outline the procurement processes, advertise for tenders and arrange for bidding process but many are only just doing that now. It is only when they conclusively meet all the conditions that we can be sure of proper transparency and accountability. Thus their delay has held back expectations of speedy disbursement.”

    The source who declined to mention the names of the affected government  agencies however said  that the N350 billion would be released in accordance with the Buhari administration’s economic stimulus objectives, once the coast is clear from the end of the affected agencies.

    Finance Minister Kemi Adeosun, two months ago announced the plan to inject N350 billion as stimulus into the economy which has been facing a severe crisis occasioned by falling oil prices.

    Expenditures on capital projects and job creation are key areas where the Minister expects the funds to make appreciable positive impact.

    She said: “From the Federal Ministry of Finance, in anticipation of the approval of the budget, we have virtually lined up about N350billion which we would be pumping into the Nigerian economy in the forthcoming months.

    “We explained our rationale and the processes that we have put in place, safeguards to ensure that this money actually achieve the desired objective, which is to stimulate the economy.

    “We are already discussing with some of the contractors who will be paid these monies and the objectives from the overall criteria are how many Nigerians would be re-engaged.

    “We are specifically looking at contractors who have laid-off staff and how many Nigerians are you going to put back to work as a result of this money that we are planning to release. We believe this would bring significant economic activity.”

  • Strict conditions for N350b disbursement, says Fed Govt

    The Federal Government has warned contractors that every kobo disbursed under its planned N350billion to be injected into the economy will be guided by very strict yardstick.

    The government had promised to release the fund in the last month of the first quarter of of this year to kick start economic activities.

    Addressing contractors and procurement officers in Abuja yesterday at the Second National Conference on Public Procurement (NACOPP) Organised by the Bureau of Public Procurement (BPP), the Secretary to the Government of the Federation (SGF) Engr. Babachir David Lawal said injecting the cash into the economy imposes greater responsibilities to procuring entities, contractors and service providers. “Every kobo disbursed will be guided by the strictest yardstick,” he assured.

    Government, the SGF said, “attaches a great deal of importance to procurement which is a vehicle through which government must deliver on the infrastructure promised to the people. So it cannot afford to ignore what is going on in the procurement system.

    “The current administration has promised change to Nigerians, without setting limits to where its policies and programmes will make an impact. But we know that when the dividends of democracy flourish, it benefits all.”

    He said government is confident that the states stand to benefit from a public procurement system that is transparent, competitive, and efficient and one that is founded on accountability.

    The Acting Director, African Development Bank (AfDB),  Dr Andoh Mensah, in his goodwill message, said Nigeria’s public procurement needs to be updated to cover government procurement of security and defence contracts which are areas susceptible to abuse and corrupt practices.

    He said globally, procurement accounts for a substantial portion of national budget, but in Nigeria, “aggregate government procurement is about $40 billion annually, hence the public expects the governments to carry it out efficiently and with high standards of conduct in order to ensure high quality of service delivery, value for money and safeguard the public funds.”

  • Zenith, Diamond banks drive forex disbursement with $41.2m

    Zenith Bank Plc and Diamond Bank Plc disbursed the highest volume of foreign exchange (forex) worth $41.2 million to 802 customers cut across different segments of the economy, published forex utilisation data for last week showed.

    The funds were sourced from the Central Bank of Nigeria (CBN) and sold to the beneficiary customers at the official rate of N197.50 to dollar. The beneficiaries used the funds to the importation of goods, services and other items that fall within the CBN-stipulated import approval list.

    Zenith Bank Plc took the lead with $24,547, 235.36 allocations disbursed to key players in the economy ranging from manufacturing, oil and gas, school fees payment as well as Personal Travel Allowances (PTAs) and Business Travel Allowances (BTAs).

    The bank gave the lion share of $4.4 million to Dangote Gropu of Companies (Dangote Cement, Dangote Flour Mills Plc, Dangote Sugar Refinery) among others. The funds were disbursed to the company in 13 tranches for Letters of Credit (LCs) approved for the importation of different production raw materials ranging from spares parts for textile machines, cement plant machinery, roll crusher plants among others.

    Another $2 million allocation went to Oando Marketing Plc for Premium Motor Spirit (PMS) import. The funds were disbursed in two tranches of $1 million each.

    Zenith Bank financed a total of 472 items within the CBN import approved list. Of this, payment for school fees abroad got the highest allocation in terms of volume, but it also sold dollars to some of its corporate customers for visible items such as the importation of raw materials, pharmaceutical and agricultural products, among others.

    Diamond Bank Plc funded imports worth $16,872,037.50 for 330 customers. Swift Oil Limited; Dozzy Oil & Gas Limited; Rahamaniya Oil & Gas  Limited and Obat Oil & Petroleum Limited and got $2.2 million; $1.5 million; $1.41 million and $1.25 million respectively for the importation petroleum and gas products. The bank also made several allocations to individuals and companies needing the funds for school fees, BTAs, PTA among others.

    The next was Access Bank Plc which got and disbursed about $12.5 million to 184 customers that cut across oil and gas, education, manufacturing among others. The lion share of $6 million went to MRS for gasoline import followed by Blakeney Management which received$1.5 million for school fees payment among others.

  • MAN urges govt to accelerate disbursement of N300b real sector fund

    As funding challenge continues to confront real sector players, the Manufacturers Association of Nigeria (MAN) has urged the Central Bank of Nigeria (CBN) to expedite action that will facilitate the disbursement of N300 billion Real Sector Fund launched earlier in the year.

    Manufacturers in Africa’s largest economy face poor funding access, particularly long-term finance, which prevents them from producing to an optimum capacity and creating sufficient jobs.

    Speaking in Lagos at  a press briefing, the President, MAN, Dr Frank Udemba Jacobs, said this call had become necessary given the key role played by finance in propelling manufacturing and economy.

    “The CBN should expedite actions that will facilitate the disbursement of the Real Sector Fund, as no loan has been granted under this financial window despite huge applications for it,” Jacobs said at a press conference held in Lagos.

    “The CBN should also make operational the Development Bank of Nigeria launched early in the year by the former president, Goodluck Jonathan,” he said.

    According to MAN’s president, the Federal Government should issue a statement on policy consistency to give confidence to the private sector that is propelling the economy, while bearing huge burdens.

    He said the policy should be backed by appropriate gazette that would put the implementation into phases over a reasonable period of time to safeguard the huge capital investment associated with manufacturing.

    “The CBN should remove raw materials that are not available locally from the list of items not valid for foreign exchange and allow reasonable time for affected manufacturers to embark on backward integration process before relisting the affected raw materials,” Jacobs said, in response to the apex bank’s exclusion of importers of 41 items from accessing foreign exchange from the Nigerian markets.

    MAN helmsman further recommended an appropriate mix of monetary instruments to promote reduction in lending rates to single digit while also effectively managing exchange and inflation rates.

    The association of Nigerian manufacturers’ president admitted that real sector players are aware of the need to arrest the dwindling value of the national currency and the role of the CBN in addressing the situation by taking deliberate steps to shore up the naira, but said it is also necessary that genuine cases presented by manufacturers be given some level of consideration.

    “This is to avoid creating more socio-economic problems of unemployment and crime that could emanate from the closure of factories. If the productive sector continues to find it difficult to procure necessary raw materials and spare parts within the next few weeks closure and retrenchment may become inevitable,” he said.

  • Fed Govt approves disbursement of N166b outstanding fuel subsidy

    Fed Govt approves disbursement of N166b outstanding fuel subsidy

    • Okays release of Q1 2015 fuel allocation to marketers

    The  Federal Government has approved the payment of about N166 billion to petroleum marketers as reimbursement for outstanding subsidy claims.

    According to sources at the Federal Ministry of Finance, the payment is for batch I to part of batch M.

    However, the other part of batch M, and batches N, O, and P to the tune of N105 billion are still at the Debt Management Office (DMO) awaiting payment.

    This part payment is geared towards ensuring stability in the fuel supply as well as to encourage banks and other financial institutions, who were hitherto, reluctant in issuing letters of credit to finance petroleum products’ importation.

    Meanwhile, the Minister of Petroleum Resources, Mrs. Diezani-Alison Madueke has approved the release of first quarter (Q1) 2015 allocation to marketers for the importation of petroleum products.

    A statement issued by the Petroleum Products Pricing Regulatory Agency (PPPRA), said the early release is in furtherance of the government’s resolve at ensuring continuous and robust products supply in the system, aimed at sustaining the serenity in the downstream industry.

    While calling on motorists not to engage in panic buying,  the Executive Secretary of the PPPRA, Mr. Farouk Ahmed, assured that, “there is ample supply of petroleum products in the country and discharges and truck-out had continued in spite of the holidays and the festive periods”.

    The PPPRA further explained that apart from facilitating an improved national Premium Motor Spirit (PMS) supply and stock build-up, the latest effort is also to enable marketers make adequate preparations towards products sourcing and importation early in the New Year.

    The PPPRA attributed the proactive initiatives put in place at ensuring products availability across the nation to the support and direction of the Petroleum Resources Minister. Mr. Ahmed said the agency on its part, is committed to prompt processing of documents for all imported products duly brought into the country.

    The minister had commenced a regime of early release of quarterly PMS allocations in addition to supplementary allocations to complement national demand.

    According to the PPPRA, the widely-applauded early approvals, apart from providing additional imports to supplement the prevailing stock level in the system, is now responsible for the sustained availability of petroleum products across the country at regulated prices.