Posted by Josephine Lohor on
The Federal Government yesterday confirmed approval on the resumption of bunkering trade activities in the Niger Delta area saying it has become pertinent due to the decision of government to strengthen the capacity of its appropriate institutions to manage and supervise that aspect of operations in the oil sector despite the fact that it has continued unabated despite the ban.
The Federal Government yesterday confirmed approval on the resumption of bunkering trade activities in the Niger Delta area saying it has become pertinent due to the decision of government to strengthen the capacity of its appropriate institutions to manage and supervise that aspect of operations in the oil sector despite the fact that it has continued unabated despite the ban.
The Minister of Information and Communication, Frank Nweke, who made this disclosure yesterday explained that the Federal Government is expected to rake in about $1 billion annually into its coffers.
Nweke who spoke to State House Correspondents after the weekly Federal Executive Council (FEC) meeting, explained that licensing requirements would include payment of $60,000 or its Naira equivalent as non-refundable application and license fees, stating that such license will be withdrawn by the government once the company issues a dud cheque or bank draft that could not be cleared by the Central Bank of Nigeria (CBN).
The Minister recalled that "a Presidential committee that was set up to look into the issue, submitted its report to the council and recommended that the resuscitation of the bunkering trade activities would ensure increased revenue generation because this is micro-economic contributor to the nation's GDP, it has the potential to generate at least $1 billion into the nation annually. The committee also believes that the resuscitation of bunkering trade will provide employment, add value to refinery operations and increase trading activities by capturing several vessels into the country."