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Crude oil price and animal feed VAT remain focus of press – Nigeria

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Crude oil prices, as well as a bill seeking to remove animal feeds from the Value Added Tax (VAT), are two of the trending stories in the Nigerian press on Wednesday, 11 March 2020.

President Muhammadu Buhari has forwarded a bill to the Senate for the total exemption of animal feeds from the new seven-point five percent Value Added Tax which took effect from 1 February 2020.

The crude oil price has also moved by around eight percent yesterday, a day after the biggest rout in nearly thirty years as investors eyed the possibility of economic stimulus and Russia signaled that talks with the Organisation of Petroleum Exporting Countries (OPEC) remained possible.

The Punch quoting the National Bureau of Statistics reported that the amount spent on petrol imported into the country dropped by fourty-two percent to N1.71tn in 2019.

The Leadership said the Economic and Financial Crimes Commission. (EFCC) has said it will issue criminal summons against former Minister of Petroleum Resources,  Diezani Alison-Madueke, to compel her to stand trial.

The Sun said the Senate has constituted a joint-committee to engage the Executive arm of government on measures to stave off the negative effect of crude oil price crash on the Nigerian economy.

The panel is also expected to work with the Executive in the event that it wants to review the 2020 budget downward, in view of the unstable global oil market.

The Guardian said the country’s ability to attract sustainable foreign direct investments has remained weak as the bulk of imported capital continues to be dominated by portfolio investments, otherwise known as ‘hot money’.

– APA

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