Fynecounrty is a 60-year-old woman who depends solely on kerosene for her daily cooking.
She is grateful to the Federal Government for initiating the Kero-Correct programme that slashed the cost of kerosene from over N100 per litre to N50 per litre.
Fynecountry was all smiles when she bought 25 litres of kerosene at the NNPC Mega Station in Port Harcourt at N50 per litre, as she insisted that she had never bought the fuel at such a low price in the last five years.
“I am grateful to the Federal Government for this initiative; it has helped me and other mothers who depend solely on kerosene to cook for our families. At least, these 25 litres of kerosene I bought at a cheap rate will last for a long time.
“I commend the government and wish that it continues, as kerosene will directly get to several communities at a cheap rate,’’ she said.
Similarly, a 48-year-old trader and mother of five, Mrs Fortune Abang, also benefitted from the Kero-Correct programme.
“I have been buying kerosene for between N130 and N140 per litre for more than one year and it appears there will be no end to the high price.
“However, the Kero-Correct programme has really saved me and many families from the big burden of looking for kerosene and buying it at a high price.
“I thank the Federal Government for initiating the programme. Many families, especially people at the grassroots, can now afford to buy kerosene at a cheap price and use it for their daily cooking.
“Kerosene is the cheapest domestic fuel used by many families in Nigeria for their daily cooking.
“At times, when my children return from school, they advise me to desist from using firewood because their teachers told them that continuous falling of trees provokes deforestation.
“For me and other families that cannot afford the high cost of kerosene, we had to resort to using firewood for our daily cooking. But thank God, the price of kerosene has been reduced through the Kero-Correct programme,’’ she said.
The South-South Zonal Coordinator of the Kero-Correct programme, Mrs Edith Johnson, said: “The exercise is aimed at bringing kerosene at the regulated price to all nooks and crannies of the country in a three month-campaign.
“The main purpose of the campaign is to force down the price of kerosene and ensure its distribution to every household in the country at the rate of N50 per litre and 25 litres per individual,’’ she said.
Explaining the programme’s processes in the three-month campaign, Johnson said: “Under the campaign, the NNPC is to distribute 1,500 tankers of kerosene to 37 NNPC mega stations, 12 floating stations and 524 NNPC affiliate stations.
“The product will be distributed transparently to the right customers and some non-governmental organisations (NGOs) have been nominated to monitor the process,’’ she said.
Mr Anthony Egbuche, the team leader of the 25 NGOs which are collaborating with the NNPC on the Kero-Correct programme, said that the programme was basically aimed at getting the product to the final users in a hitch-free manner.
“The aim is to enable the ordinary people to buy kerosene at N50 per litre and we will monitor the programme strictly so as to ensure that the end users actually get the product,’’ he said.
Egbuche said that the NGOs would remain at the various centres to ensure that the masses actually benefitted from the programme.
However, a Port Harcourt-based historian, Mr Ajomiwe Ezuma, said that kerosene sales at a cheap rate to Nigerians would surely alleviate the sufferings of many persons and homes.
“You will recall that the search for kerosene had brought untold hardship to many families, particularly those who suffered explosions caused by fake or adulterated kerosene.
“The present exercise by government is a step in the right direction, and we hope that it will be continuous so as to make kerosene available to all households, especially those in rural communities,’’ he said.
Johnson said after the three months of the Kero-Correct programme, an impact assessment survey of the scheme would be carried out to determine the government’s next line of action.
Egbuche stressed that in three months’ time, many homes would have access to kerosene procured at the regulated price, adding that if the government decided to extend the programme, the price of kerosene would crash and Nigerians would be better off for it.
All the same, Johnson urged Nigerians to endeavour to buy kerosene from NNPC mega stations and affiliate stations.
“This campaign is borne out of the federal government’s desire to supply kerosene to the people who really need it, so as to reduce the level of hardship associated with efforts to procure the product in Nigeria,’’ she said.
Mbonye is of the News Agency of Nigeria (NAN)
NSE Begins Week On Negative Note, Loses N19.49bn
The Nigerian stock market began the week on a negative note as banking and consumer goods stocks, among others, triggered a N19.49bn loss.
At the end of trading on the floor of the Nigerian Exchange Limited , the NGX All-Share Index dropped by 0.09 per cent to end at 43,270.94 basis points, while the market capitalisation declined to N22.58tn.
Market activities were mixed as the total volume of shares traded decreased by 30.19 per cent while the value traded rose by 34.05 per cent.
A total of 213.13 million shares valued at N2.36bn were exchanged in 4,105 deals, compared to 305.32 million shares worth N3.58bn in 4,450 deals last Friday.
FCMB Group Plc topped the traded stocks in terms of volume, accounting for 27.43 per cent of the total volume of trades while Airtel Africa Plc emerged as the most traded stock by value, representing 28.81 per cent of the total value of trades on the exchange.
14 firms gained compared to 21 losers.
AIICO Insurance Plc was the biggest gainer for the day, topping the gainers’ chart with a price appreciation of 8.57 per cent to N0.76 per share.
It was followed by LivingTrust Mortgage Bank Plc with a rise of 7.95 per cent, ending the day at N0.95 per share.
Analysing by sectors, three of the five major indices closed lower, led by NGX Oil & Gas (-0.56 per cent), NGX Consumer Goods (-0.23 per cent) and NGX Banking (0.18 per cent).
But the insurance (0.82 per cent) and industrial goods (0.002 per cent) indices gained at the end of trading.
… Introduces TIES To Boost Business Loan
The Central Bank of Nigeria (CBN) has introduced the Tertiary Institutions Entrepreneurship Scheme (TIES), which provides undergraduates and graduates with a platform to access loans.
The TIES’ underlying aim is to provide access to capital for Nigerian undergraduates and graduates with innovative entrepreneurial and technological ideas from polytechnics and universities.
TIES intends to shift undergraduates and graduates away from white-collar job pursuits and towards a culture of entrepreneurship development for economic development and job creation.
In a national biennial entrepreneurship competition, the Developmental Component would be distributed in the form of awards to Nigerian polytechnics and universities.
The competition aims to increase undergraduates’ awareness and visibility of high-impact entrepreneurial/technological concepts, foster entrepreneurial talent hunts in Nigerian polytechnics and universities, and encourage commercially viable and transformative technologies.
Interested Nigerian polytechnics and universities shall apply to participate in the national biennial entrepreneurship competition on a dedicated online portal.
Outlining brief details of the project, potential impact and evidence of originality of project, CBN said it is an innovation for students entrepreneurs.
CITN Applauds FG, Tax Authorities On Fiscal Policy Decisions
The Chartered Institute of Taxation of Nigeria (CITN) has lauded the Federal Government and tax authorities on the giant strides made on fiscal policy decisions and tax administration measures initiated this year in the area of Finance Act 2021 and the introduction of TaxPromax solution.
President of the institute, Adesina Adedayo, who gave the commendation at the institute’s yearly award ceremony at the weekend in Lagos, assured the government and tax authorities of aligning with the measures and promised to provide professional thoughts and insights on ways through which they could achieve an efficient and effective Nigerian tax system.
Adedayo emphasised the need to address the database, adding that without knowing who the tax-payers are, there is no way they can take money from unknown tax-payers.
Database is the aspect we have been emphasising on as an institute and in doing this, there are so many of pockets of data we have. All the data must be harmonised to have a simple unique tax-payers identification number,” he said.
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