NASS calls for increase in fuel prices and introduction of toll gates

The Federal House of Representatives is currently debating a bill titled “The National Roads Fund bill” that may see Nigerians paying more for fuel.

When passed into law, the cost for petroleum products will increase by N5.

The N5 increase is part of a recommendation of a technical committee set up by the House Committee on Works.

The technical committee, chaired by Chris Okoye, was given the task of drawing a report to be reviewed and considered by the House.

The National Road Fund will serve as a repository of revenues from road user-related charges and other sources for financing.

The funds will to be managed and administered for routine and periodic maintenance works on Nigerian roads.

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The committee recommended that “fuel levy of N5 chargeable per liter on any volume of petrol and diesel products.

“The price affects all petroleum products imported into Nigeria and those produced locally.”

The committee also recommended that reinstatement of toll fees and international vehicle transit charges.

They also recommended interstate mass transit user charge of 0.5% deductible from the fare paid by passengers.

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Also, there will be 05% surcharge on the assessed value of any imported vehicle into the country.

The fund is to be managed by a governing board with a managing director as the head of the fund.

However, the National Institute for Policy and Strategic Studies (NIPSS) opposed the recommendation on the N5 fuel levy.

The institute, which was part of the technical committee, submitted a minority report to the House works committee.