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

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B  178
6.  The Authority shall from the effective date of these Regulations,
through incremental stocking, maintain a maximum of 60 days national demand
reserve of a designated petroleum product as national strategic stock.
7.  A petroleum product held as national strategic stock shall not be
subject to seizure, forfeiture, lien, mortgage or any other encumbrance by the
owner of the facility in which the petroleum product is held or a third party.
8.—(1)  There shall be a national strategic stock levy of not more than
5% of the retail price of petroleum products which shall be collected by the
Authority on wholesale basis at wholesale points.
(2) The levy shall apply to any petroleum product imported into or
processed and sold in Nigeria and shall be for the purpose of administering
and financing of the national strategic stocks.
(3)  The Authority shall from time to time determine and publish the
amount to be charged as the levy, which shall form part of the retail price of
each petroleum product.
(4) The Authority shall maintain accounts for the administration and
financing of the national strategic stocks into which the levy shall be paid and
expenses incurred disbursed from, and the accounts shall be interest-bearing,
and any accrued interest shall be applied to the administration and financing
of the national strategic stocks.
(5)  The Authority shall issue a debit note for the levy to wholesalers of
petroleum products, which shall be paid to the Authority within 21 days from
the date of issuance of the debit note.
9.  The Authority shall, in the administration of national strategic stocks —
(a)  determine a minimum reserve volume of national demand of
petroleum products as national strategic stocks ;
(b)  impose public service obligations on a licence issued for the bulk
storage of petroleum products ;
(c)  impose public service obligations on a licensee or permit holder to
distribute petroleum product from the national strategic stocks ;
(d)  designate such places in consultation with security agencies, as it
may consider appropriate on marine and on land for holding, maintenance
and distribution of the national strategic stock ;
(e)  approve the duration of the maintenance of national strategic stocks
at a designated bulk storage facility ;
(f ) ensure that the national strategic stocks are efficiently operated within
an appropriate corporate governance framework issued by the Authority ;
Maintenance
of the
national
demand
reserve
National
strategic
stocks not
subject to
seizure
National
strategic
stocks levy
Duties of the
Authority