(Ecofin Agency) - The Petroleum Products Pricing Regulatory Agency, (PPPRA), on Wednesday released the import allocation for the supply of approximately 3 million metric tonnes of Petrol for the first quarter of 2016.

The Executive Secretary of the agency, Farouk Ahmed (photo), in a statement revealed that 78 % of the overall allocated capacity for the first quarter was awarded to the Nigerian National Petroleum Corporation (NNPC), while the remaining 22 % will be supplied by other oil marketing companies. 

He said that the agency wishes to repeat that deliberation for the involvement in future allocations, will be based on the achievement of 100 % performance in the first quarter of 2016. Any marketer caught selling above its approved price shall be excluded from future participation in product importation and faces withdrawal of licenses.  

Meanwhile, the Federation Accounts Allocation Committee (FAAC), in Abuja on Tuesday, shared an overall revenue of N367.411 billion amongst the federal, state and local government for December 2015.

According to Sun news, the revenue includes N307.411 net statutory allocation for December and N59.588 Value Added Tax proceeds.

Anita Fatunji