N150 NEW FUEL PRICE AND INTRODUCTION OF TOLL ON FEDERAL ROADS
It’s been a flurry of activities at the National Assembly within the week as new policies were either passed, or scaled critical stages of passage as laws.
A bill, which if passed by the Senate will see to a N5 increment on the current fuel pump price, has been approved by the Senate Committee on works. The bill was presented yesterday for endorsement by the Senate.
The billed titled “The National Road Fund Establishment Bill” has already been approved by the House of Representatives. It forms part of the 11 economic bills initiated by the Upper House.
THE INTENT OF THE BILL
- The bill sets out to ensure that on a very litre of fuel bought, a levy of N5 will be paid by the buyer regardless of whether the fuel was locally refined in Nigeria or imported into the country.
- On any Federal road designated by the government as a Toll Road, a 10% toll fee will be deducted from any revenue paid as user charge per vehicle. This is exclusive of roads mapped out as PPP roads.
- A 0.05% charge deductible from the fare paid by passengers to commercial mass transit operators on inter-state roads. This also applies to international vehicle transit.
- 05% chargeable on the assessed value of any vehicle imported into Nigeria at any time.
- 10% of any revenue accruing from lease or licence or other fees pertaining to non-vehicular road usages along any federal road and shall be collected by the federal roads agency.
“The use of National Roads Fund is restricted to routine and periodic maintenance work on roads and the administration of the road network, which includes research and development”
The essence of the National Road Fund Bill which is an off shoot of the 11 economic recovery bills was initiated by the National Assembly as a step towards taking the country out recession.
The bills, according to The Guardian are:
“They are the Petroleum Industry Governance Bill; National Development Bank of Nigeria Bill; National Road Fund Bill; Federal Roads Authority Act (Amendment) Bill; and National Transport Commission (Establishment) Bill.”
Others are: “Nigerian Ports and Harbours Authority Act (Amendment) Bill; Warehouse Receipts Act (Amendment) Bill; Companies and Allied Matters Act (CAMA) (Amendment) Bill; Investment and Securities Act (ISA); Customs and Excise Management Act and Federal Competition Bill.”
Certain stake holders have already started kicking against the bills, which if passed will further impoverish Nigerians.
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