Economy
Contradiction as NMDPRA Shows Petrol Consumption Drops to 52m Litres Per Day
By Adedapo Adesanya
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has said that the consumption of Premium Motor Spirit (PMS), otherwise known as petrol, in the country dropped by 16.8 per cent in July to 52 million litres daily from 64.96 million litres recorded in June 2023.
This is according to a report by Vanguard, which cited NMDPRA as the source of the data. It gave a comprehensive breakdown of petrol stock levels and sufficiency metrics as of various dates in 2023.
This information contradicts recent information given by the chief executive of the agency, Mr Farouk Ahmed. He had said daily consumption of petrol dropped from 65 million litres before subsidy removal to 46.3 million litres as of July.
This contradiction spurred a recent move by the Nigerian Extractive Industries Transparency Initiative (NEITI) to investigate accurate data on the volume of petrol consumption in the country.
The NDMPRA information also showed various data, including land-based and marine stock, dead stock, sufficiency days, and stock distribution among key Nigerian petroleum stakeholders.
It showed that as of the end of the review month, the country has a land-based stock of petrol, excluding dead stock, was 1.120 billion litres, while marine stock, which accounts for berth and offshore availability, amounted to 521 million litres. Combining the above figures, the total stock less dead stock reached 1.641 billion litres.
Depot deadstock stood at 83.637 million litres, contributing to the overall stock. By taking into account dead stock, the total inclusive stock amounted to 1.725 billion litres.
There was land-based days sufficiency calculated at 21.55 days, and marine days sufficiency, considering berths and offshore areas, was determined to be 10.02 days. The combined total days sufficiency was measured at 31.57 days.
Meanwhile, as of the of the review month, The land-based stock of petrol was reported as 1.059 billion litres and marine stock, including berth and offshore availability, was noted at 826.447 million litres. The total stock, excluding dead stock, came to 1.885 billion litres.
Depot deadstock was reported as 83.095 million litres. Incorporating dead stock, the total inclusive stock reached 1.968 billion litres.
Land-based sufficiency was calculated at 16.31 days, while marine days sufficiency stood at 12.72 days. The combined total days sufficiency was 29.03 days.
Petrol stock levels were distributed among key stakeholders, with the Nigerian National Petroleum Corporation (NNPC) Limited holding a stock of 293.380 million litres while
Members of the Major Oil Marketers Association of Nigeria (MOMAN) had 91.202 million litres, and the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) held the highest share at 753.825 million litres.
As of July 31, 2023, the national inland PMS stock amounted to 1.203 billion litres; a breakdown showed that the state oil company held 377.68 million litres, MOMAN had 60.973 million litres, and DAPPMAN’s share was 765.16 million litres.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) says the rollout of electronic invoicing (e-invoicing) will strengthen tax compliance, curb revenue leakages and improve transparency in tax administration as it moves to fully digitise the country’s tax system.
The Project Lead for the NRS e-Invoicing Project, Mr Mohammed Bawa, stated this at the DigiTax E-Invoicing Compliance Breakfast Session held in Lagos on Wednesday.
The event, organised by DigiTax, an NRS-accredited e-invoicing platform, formed part of efforts to support the agency’s ongoing education and sensitisation campaign on the e-invoicing mandate.
Mr Bawa said the initiative aligns with global trends in tax digitisation and is expected to help improve Nigeria’s tax-to-GDP ratio, which remains one of the lowest in Africa.
According to him, the system will provide the NRS with greater visibility into transactions across sectors, formalise activities within the informal economy and standardise invoice formats nationwide using globally recognised invoice schemas.
He added that e-invoicing would improve operational efficiency for both businesses and tax authorities while supporting the NRS’ transition from manual and electronic tax administration processes to a fully automated system-to-system interaction model.
Mr Bawa noted that the legal framework for implementation is backed by the Nigeria Tax Administration Act, which prescribes penalties for non-compliance.
He disclosed that the NRS has completed onboarding large taxpayers and is preparing to enforce compliance with defaulting entities.
According to him, medium taxpayers are expected to begin compliance in the third quarter of 2026, while onboarding of emerging taxpayers will commence in 2027, with full adoption targeted for all taxpayers by the end of 2028.
Mr Bawa urged taxpayers yet to be onboarded onto the platform to begin the process and work with accredited service providers to ensure compliance.
On his part, Country Director of DigiTax Nigeria, Mr Olumide Akinsola, urged businesses to look beyond their internal systems and assess the compliance status of suppliers and counterparties.
He warned that businesses whose suppliers fail to transmit invoices through the MBS platform risk losing eligibility to claim Value Added Tax (VAT) input credits on such transactions, describing the resulting supply chain exposure as a significant commercial risk that many organisations have yet to quantify.
Mr Akinsola also announced the launch of DigiTax’s white paper, The State of E-Invoicing Readiness in Nigeria, which examines compliance adoption trends and the readiness gap across different taxpayer segments.
He added that DigiTax operates in Nigeria, Kenya, Zambia and the United Arab Emirates (UAE), noting that experience from those markets shows businesses that integrate early are better positioned to avoid disruptions when enforcement begins.
By Aduragbemi Omiyale
The names of about 100,000 companies registered by the Corporate Affairs Commission (CAC) are about to be deleted for inactivity, especially for failing to file their annual tax returns, Business Post reports.
This information was disclosed by the CAC via a notice signed by its management on Wednesday, July 15, 2026.
The list contains organisations like the Nigeria-Poland Chamber of Trade Invest Ltd, Alariwo of Afrika Ltd, Ovation Sports International, First Union Pension Fund Administrators, Investopedia Limited, Baptist High School Abuja Ltd, and Yobe Aluminium Manufacturing Industries Ltd, amongst others.
In the statement, the commission said its decision to strike off the names of the affected firms from the register aligns with the provisions of Section 692(3) (3) and (4) of the Companies and Allied Matters Act (CAMA), 2020.
However, the affected companies can still salvage the situation by filing all outstanding annual returns and regularising their records within 90 days.
“Please note that companies that fail to comply within the stipulated timeline shall be struck off the register without further notice,” it declared, expressing its continued commitment to providing prompt and efficient registration and regulatory services to the satisfaction of its valued customers.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange gained 1.75 per cent on Wednesday, July 15, pushing the NASD Security Index (NSI) up by 74.20 points to 4,316.51 points from 4,242.31 points, as the market capitalisation added N44.54 billion to finish at N2.590 trillion compared with the preceding session’s N2.546 trillion.
During the session, there was an 11.5 per cent rise in the value of transactions at midweek to N72.7 million from the preceding session’s N65.2 million, as there was a 3.7 per cent growth in the number of deals to 28 deals from the previous session’s 27 deals, while the volume of securities slumped by 64.5 per cent to 4.9 million units from 13.7 million units.
At the close of trades, Great Nigeria Insurance (GNI) Plc ended as the most active security by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion, with the second spot occupied by Infrastructure Credit Guarantee (Infracredit) Plc after selling 2.3 billion units valued at N6.5 billion, and the third position was taken by Central Securities Clearing System (CSCS) Plc, which exchanged 74.3 million units for N5.3 billion.
GNI Plc also finished the trading day as the most traded stock by volume on a year-to-date basis, with a turnover of 3.4 billion units traded for N8.4 billion, followed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.
Business Post reports that the market breadth index was negative yesterday, as there were two price gainers and three price losers.
11 Plc added N22.36 to its value to close at N250.00 per share versus N227.64 per share, and CSCS Plc improved by N7.95 to N90.35 per unit from N82.40 per unit.
On the flip side, FrieslandCampina Wamco Nigeria Plc lost N1.37 to end at N150.00 per share versus N151.37 per share, UBN Property Plc depreciated by 6 Kobo to N1.75 per unit from N1.81 per unit, and Food Concepts Plc dropped 1 Kobo to close at N2.49 per share versus N2.50 per share.
