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Home |   About Us |   Contact Us |   Members |   Search |   Subscribe |   Disclaimer |   THE GUARDIAN CONSCIENCE, NURTURED BY TRUTH LAGOS, NIGERIA.     Friday, July 02 2004   news   editorial/opinion   politics & people   focus/record   business   sports   metro   capital market   weekend   golf weekly   Guardian Chat Click to join the chatroom PPPRA says fuel tax proceeds intact From Jane Ezereonwu, (Abuja) ABOUT 98.5 per cent of the proceeds from the controversial fuel tax has been lodged with the Central Bank of Nigeria, according to the Petroleum Products Pricing Regulatory Agency (PPPRA). This was disclosed in a statement by the PPPRA's chairman Rasheed Gbadamosi yesterday. Dated June 30, 2004, the statement affirmed that fuel marketers had complied with the order that the tax be refunded. The government had introduced the N1.50 tax on petroleum products on January 1, 2004, raising the price of Premium Motor Spirit (PMS), popularly known as petrol, from N40 t0 N41.50k. The tax was, however, suspended on the order of the Federal High Court, Abuja, following a move by the Nigeria Labour Congress to declare a national strike. The prices were further raised by the government and the marketers, citing an increase in the prices of the products at the international markets. They were again lowered to between N42.50 and N42.90 in Lagos and the environs following a court order after labour returned to the trenches for a strike. The labour has also demanded the whereabouts of the suspended final tax proceeds. Gbadamosi's statement read in part: "The PPPRA wished to state that contrary to reports that levies collected were unaccounted for, a total of N82,632,388.50 has been refunded by marketers and paid into the relevant account at the Central Bank, leaving a balance of N12,626,404.50. This in effect means 98.5 per cent compliance by the affected marketers." The statement said that the figure was disclosed by the agency at a meeting with its governing board. Also at the meeting, the statement added, were representatives of the Nigeria Labour Congress (NLC) and the National Union of Road Transport Workers (NURTW). � 2003 - 2004 @ Guardian Newspapers Limited (All Rights Reserved).  Powered by dnetsystems.net dnet�

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