Nigeria is about to lose money, plenty of it.

It risks losing $561.2 million, about 200 billion naira and 334.2-million-naira revenue to indiscriminate approval of 50% reduction on fuel imports.

The Managing Director of Nigerian Ports Authority, Hadiza Usman, raised alarm during the 2017 budget performance and 2018 budget defence at the instance of the House of Representatives’ Committee on Ports on Thursday.

She therefore called for immediate review of the policy, observing that the policy had not impacted on the official pump price of PMS pegged at 145-naira per litre.

“What NPA lost as a result of 50% reduction of charges on PMS vessels between 2009 to 2015, is $234.4 million and 3.2 billion naira while in 2018, $561.2 million and N34.2 million would be lost. If you have done this before, why do you want to reintroduce it.

“And if you reintroduced it, let Nigerians know that the price of fuel will be reduced. Because government has reduced NPA’s charges by 50%. When you look at PPPRA template you will see NPA charges were reduced by half,” Usman said.

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According to her, “The NPA has been given directive to provide 50% rebate on all PMS vessels that are coming into Nigeria, so we are concerned about that 50% rebate because it was instituted and suspended in June 2015 and within that period while it was on (2011-2015) there was no reduction in the price per litre of PMS, so, who enjoys that rebate (now)?”

She added: “While the rebate was on, Federal Government lost 50 percent of the value of the revenue that would have been paid for vessels coming into the ports.

“We questioned that, and we need to have clarity on that. Now that it is been reintroduced, we need to see that recognition within the PPPRA templates, within the price for a litre of fuel. We need to see that, to enable Nigerians appreciate and recognise the value of the rebate."

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