Business
Ekiti Plans 16 Mini Bio-Fuel Refineries
Governor. Segun Oni of Ekiti State said that the state government planned to build 16 mini bio-fuel refineries as part of efforts to boost its revenue base.
Oni said this in Ado-Ekiti last Thursday at a meeting with the executive of a Brazilian Company, Green Energy Company, Crownek, partnering with the state government.
He explained that the refineries would be built by the company in conjunction with the state government.
Our correspondent reports that the refineries are to be located in each of the 16 local government areas.
Oni said that the first refinery would be built at Iyemero in Ikole Local Government Area with a capacity to produce 1,000 litres of Ethanol fuel per day.
The governor said that when the refineries commenced production, government would distribute about 8,000 bio-fuel powered stoves free to the residents.
He said that the project was aimed at reducing the dependence of people on kerosene and fossil fuel for domestic cooking.
Oni said that the state government would soon put an end to poverty by ensuring that the vast agricultural resources available were converted to wealth through an industrial revolution.
He assured the company that the government would support it with the clearing of the project site to build the 16 mini bio-fuel refineries, which would be converted to its equity contribution.
“We are here to put in all that we have so that we can conquer the adversity of staying in a greenbelt and not utilising the resources that it provides for us free.
“We want to take the economy of the state to such a level that the government will be able to feed on it, unlike now that economy is feeding on the government.
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Sugar Tax ‘ll Threaten Manufacturing Sector, Says CPPE
In a statement, the Chief Executive Officer, CPPE, Muda Yusuf, said while public health concerns such as diabetes and cardiovascular diseases deserve attention, imposing an additional sugar-specific tax was economically risky and poorly suited to Nigeria’s current realities of high inflation, weak consumer purchasing power and rising production costs.
According to him, manufacturers in the non-alcoholic beverage segment are already facing heavy fiscal and cost pressures.
“The proposition of a sugar-specific tax is misplaced, economically risky, and weakly supported by empirical evidence, especially when viewed against Nigeria’s prevailing structural and macroeconomic realities.
The CPPE boss noted that retail prices of many non-alcoholic beverages have risen by about 50 per cent over the past two years, even without the introduction of new taxes, further squeezing consumers.
Yusuf further expressed reservation on the effectiveness of sugar taxes in addressing the root causes of non-communicable diseases in Nigeria.
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