The Petroleum Products Pricing Regulatory Agency (PPPRA ) has announced the reduction of the pump price of the Premium Motor Spirit (PMS) to N121.50 from N123 per litre.
The PPPRA in its memo titled “A.4/9/017/C.2/IV/701 31“, also disclosed that the ex-depot price band is now N100. 13 and N108. 13 per litre while ex-depot for collection is N108. 78 and N111.78 per litre for the month of June.
Marketers were directed to comply and operate within the indicative prices. The memo reads;
“Please recall the recently approved pricing regime which became effective 19th March 2020 and the provision for the establishment of a monthly price band within which Petroleum Marketers are expected to sell PMS at the retail stations.
”After a review of the prevailing market fundamentals in the month of May and considering Marketers’ realistic operating costs, as much as practicable, we wish to advise of a new PMS guiding pump mice with corresponding Ex-Depot price for the month of June, 2020, as follows:
Tola Johnson, Special Assistant to President Muhammadu Buhari on Micro Small and Medium and Medium Enterprises(MSMEs), says 100,000 small businesses will get N50,000 each.
NAN reports that the gesture is part of COVID-19 economic stimulus.
The presidential aide made the announcement at the inauguration of the Implementation of Survival Fund and Guaranteed Off-Take Stimulus Schemes for MSMEs on Thursday in Abuja.
Johnson, the Project Coordinator, said that the schemes were part of the Economic Sustainability Plan drafted by Vice President Yemi Osinbajo-led committee and approved by President Muhammadu Buhari.
“The Payroll Support targets 100,000 businesses. However, the number of individuals who will benefit from this is 500,000. What the government has done is to say that there a lot of MSMEs that have been affected by the COVID-19 pandemic lockdown.
“Afterward, there is a CAC (Corporate Affairs Commission) free registration; it is free for the MSMEs but the government is paying the CAC for this. What the government has done is to say to the CAC, you do this regularly to the MSMEs at about N12,000 or thereabout; give it to us at half price, we will give it to the MSMEs free.’’
Johnson added that under the National MSMEs Clinic, Osinbajo and the Minister of Industry, Trade and Investment went to no fewer than 26 states.
He said it was discovered that very creative businesses were not registered.
“They will tell you they don’t have N10,000 to N12,000 to register their businesses. The government had promised that at some point, we will do and I think the opportunity has come now; the opportunity cannot be better than now.’’
The official also announced that under the Survival Fund, the last strap would be the Transport and Artisans Support.
At least 333,000 beneficiaries will get a one-off N30,000 grant, Johnson said.
He added that the government will work with associations, individuals and the Ministry of Transportation to implement the scheme.