REPS SEEK APPROVAL FOR INCREASE OF FUEL PRICE BY 5N

Nigerians may have to pay N5 extra for petroleum products, if the House of Representatives signs the current National Roads Fund Bill into law. A technical committee set up by the House Committee on Works, headed by Toby Okechukwu, made the recommendation. The objective of the National Road Fund is to generate revenue for routine and periodic maintenance works on Nigerian roads. The committee recommended “fuel levy of N5 chargeable per litre on any volume of petrol and diesel products imported into Nigeria and on locally refined petroleum products.” 10% of any revenue paid as user charge per vehicle on any federal road designated as a toll, was also recommended as toll fees; inter-state mass transit user charge of 0.5% deductible from the fare paid by passengers, as well as surcharge of 0.5% chargeable on the assessed value of any imported vehicle into the country. The fund will be managed by a governing board, with a managing director as the head of the fund.