Skip to main content

Reps delist petroleum products from price control

Yakubu Dogara, Speaker, House of Representatives

Yakubu Dogara, Speaker, House of Representatives

The House of Representatives on Thursday de-listed petroleum products from list of commodities being regulated by Federal Government as enshrined in the Price Control Act.

The House took the decision after considering the recommendations of its committee, which studied the bill to amend the Price Control Act, to provide for concessions and waivers, stiffer penalties and to enforce implementation.

The bill sponsored by Rep. Gabriel Onyeama (APGA Anambra) seeks to amend “the first ‎schedule of the principal Act” by deleting the existing list and substituting it with a new list in the schedule”.

Based on the recommendations by the committee of the whole house at plenary, 14 commodities were approved under the new price control legislation.

The commodities are bicycles and spare parts, flour, matches, milk, motorcycles and spare parts, motor vehicles and spare parts, salt, sugar, rice, grains, cereals, electrical/electronic equipment, computers and computer accessories and cement.

The House also adopted the amendment of section 17(b) by increasing the p‎enalty for contravention of the law to N100, 000 from N200 and one year imprisonment.

The lawmakers also approved insertion of subsection 13(2) which stipulates imposition of two years imprisonment or N200,000 on any person that contravenes any provisions of an order made by the court.

Meanwhile, the absence of the Minister of State for Petroleum Resources, Dr Ibe Kackikwu on Thursday stalled a scheduled public hearing of the House Committee on Privatisation and Commercialization at the National Assembly.

The hearing was adjourned after the committee was informed of the Minister’s inability to attend due to his foreign trip to attend a summit of the Organisation of Petroleum Exporting Countries (OPEC).

The minister was expected to explain why Nigerian National Petroleum Corporation (NNPC) rather than Bureau of Public Enterprises (BPE) opened bid for the sale of the nation’s three refineries in Warri, Kaduna and Port Harcourt.

Chairman of the committee, Rep. Ahmed Yerima (Bauchi-APC), expressed displeasure over the minister’s inability to inform the committee about the trip.

“The impression people, including the minister, have is that the committee is opposed to privatisation; that is not true.

“This investigation is to ensure that the NNPC follows due process in the privatization of these refineries,” he said.

Yerima warned that the committee may invoke relevant sections of the 1999 Constitution to deal with the minister if he failed to appear before it within one week.

Labels

Labels:

Comments

Post a Comment

Popular posts from this blog

Pope not involved in Colombian peace deal- Vatican

Pope Francis Pope Francis has turned down a request to play a role in the peace deal between the Colombian government and the Revolutionary Armed Forces of Colombia (FARC) rebel group. The Vatican in a statement issued on Wednesday in in Vatican City said that an invitation was sent to his Holiness in early August to appoint a representative to participate in the committee that selected the judges for the talks. The statement said that though Pope Francis supported the peace process, he, however, reiterated that he would not get involved in Colombian peace deal. It said that Pope was praying for the enlightenment of the hearts and minds of those who were called to promote the common good of the Colombian nation. A deal was announced last week, putting an end to five decades of internal conflict between government forces and the FARC rebels. The agreement, which needed to be ratified through a referendum in Oct. 2, would entail setting up a special court to grant amnesties or pu...
Post a Comment
Read more

Houthis Claim Attack on Central Israel in Response to Gaza ‘Massacres’

The ongoing conflict between Israel and Hamas has taken a concerning regional turn as the Houthi rebels in Yemen claimed responsibility for an attack on central Israel. The group announced this as part of their escalating response to what they describe as "massacres" in Gaza amid the Israeli military’s operations in the strip. Details of the Attack The Houthis, a Shiite militant group with ties to Iran, declared that they launched missile and drone strikes targeting Israel. While the exact impact of these attacks remains unclear, reports suggest that Israel’s defense systems intercepted several threats over its airspace. This marks a significant escalation as the Houthis widen their involvement in the conflict beyond their typical operations within Yemen and neighboring Saudi Arabia. The Houthis’ Justification In their statement, the Houthis framed the attack as retaliation for Israel’s military actions in Gaza, which they characterized as indiscriminate bombings resultin...
Post a Comment
Read more

Fall of Assad is a Blow to Russia's Prestige

The potential fall of Syrian President Bashar al-Assad, a long-standing ally of Russia, would mark a turning point in Moscow’s global influence, particularly in the Middle East. Steve Rosenberg’s analysis underscores the profound implications for Russia, which has invested heavily—both militarily and politically—in ensuring Assad’s survival over the past decade. This article delves into why Assad’s downfall would strike at the core of Russian prestige and what it could mean for the broader geopolitical landscape. Russia's Strategic Commitment to Syria Since the outbreak of the Syrian civil war in 2011, Russia has been a staunch supporter of Assad's regime. In 2015, Moscow launched a military intervention that proved decisive in stabilizing Assad’s hold on power. This intervention solidified Russia's role as a key power broker in the Middle East and demonstrated its willingness to project military power far beyond its borders. Syria is not just an ally for Russia; it is a...
Post a Comment
Read more