Library / B 173 Federal Republic of Nigeria Official Gazette No. 53
B 173 Federal Republic of Nigeria Official Gazette No. 53

Page 8 of 11
B  180
13.—(1)  The Authority shall, not later than 90 days before the end of
the fiscal year, prepare a stock management programme for the next year.
(2)  The stock management programme shall include —
(a) proposed transactions for any fiscal year for administration of the
national strategic stocks with adequate financial justification in terms of
value of stock to be held, inventory management cost, freight, and other
charges for other services ; and
(b)  cost implications associated with the proposed transactions and
services.
14.  The Authority shall, on a quarterly basis, following reconciliation
with the facility owner, determine and reimburse the facility owner the cost of
operating and maintaining the national strategic stocks.
15.—(1)  The Authority shall, by notice, set out the criteria for a facility
to be designated as a holder of national strategic stocks.
(2)  Notwithstanding subregulation (1), a facility to be designated as a
holder of national strategic stocks shall —
(a) have a valid bulk storage licence ;
(b)  comply with the licensing requirements of bulk petroleum storage
facilities ;
(c) be a fit-for-purpose facility with good operational management and
corporate governance practices to ensure the security of the national strategic
stocks stored in the facility ;
(d)  maintain the national strategic stocks at the volume and at a quality
specification as directed by the Authority ; and
(e)  declare to the Authority any administrative or legal proceedings
being undertaken by or against the facility or facility owner by a third party
which may impact on the security of the national strategic stocks.
16.—(1)  The Authority shall, by notice, set out the criteria for the off-
take of products from the national strategic stocks.
(2) Notwithstanding subregulation (1), an off-taker from the national
strategic stocks shall—
(a)  have a valid retail outlet licence ;
(b)  comply with the Authority’s licensing requirements for the operation
of retail outlets ;
(c)  have functional distribution infrastructure and retailing outlets for
product dispensing ; and
Stock
management
programme
Authority to
reimburse
costs of
maintaining
the national
strategic
stocks
Authority to
set criteria
for facility
to hold
national
strategic
stocks
Authority to
set criteria
for product
off-take
from
national
strategic
stocks