With the increase in fuel pump price looming, there is an increasing possibility of it becoming a reality if the current National Roads Fund bill before the House of Representatives is passed into law.
The National Road Fund, which is to serve as a revenue source derived from road user-related charges and other sources will be used for financing the routine and periodic maintenance of Nigerian roads.
The report from Daily trust indicates that extra N5 on petroleum price is part of recommendations of a technical committee set up by the House committee on works, chaired by Rep Toby Okechukwu.
The technical committee, which was allocated the task in November, 2016, of drawing a report to be reviewed and considered by the House has recommended the fuel levy of N5 chargeable per litre of petroleum products bought.
According to its reports: “Fuel levy of N5 chargeable per litre on any volume of petrol and diesel products imported into Nigeria and on locally refined petroleum products.”
Other sources of funding as recommended by the committee include; toll fees not exceeding 10 percent of any revenue paid as user charge per vehicle on any federal road designated as a toll road; international vehicle transit charges; inter-state mass transit user charge of 0.5 percent deductible from the fare paid by passengers as well as surcharge of 0.5 percent chargeable on the assessed value of any imported vehicle into the country.
In addition to the above sources of funding, it was further recommended by the committee that sourcing funds from license or other fees which should be 10 percent of the revenue accruing from such or other fees pertaining to non-vehicular road usages along any federal road; grants and loans and gifts of land, money or other property.