Business
NEMA Confirms Fire Incident At NNPC Pipelines
The National Emergency
Management Agency (NEMA) last Sunday confirmed a fire incident on the pipeline network of the Nigerian National Petroleum Corporation (NNPC) in Ijegun area of Lagos State.
The SouthWest, NEMA spokesman, Mr lbrahim Farinloye, however, said on telephone that nobody died in the incident.
Farinloye said the explosion was as a result of underground spillage through previous points of vandalism, and that there was no fresh act of destruction to the facility.
The Director of Lagos Fire Service, Mr Rasaq Fadipe, said on telephone that the explosion at Ijegun was reported to have occurred at around 7.15 am on Saturday.
According to Fadipe, several fire incidents occurred at the weekend in the state and the agency responded appropriately.
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Business
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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