Federal Ministry of Finance has released what it calls the Benchmark Price of Rice for the 4th Quarter of 2012, that is, October to December, 2012
In a circular signed by the Coordinating Minister for the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala shows the breakdown as follows, the price per tonne of a 50 kilogramme bag of rice US$673.
The Freight on Board price per tonne is US$613, while the benchmarked freight rate per tonne is US$60. The benchmarked price per tonne is inclusive of freight.
Federal Ministry of Finance has released what it calls the Benchmark Price of Rice for the 4th Quarter of 2012, that is, October to December, 2012
In a circular signed by the Coordinating Minister for the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala shows the breakdown as follows, the price per tonne of a 50 kilogramme bag of rice US$673.
The Freight on Board price per tonne is US$613, while the benchmarked freight rate per tonne is US$60. The benchmarked price per tonne is inclusive of freight.
The circular further stated that the price was arrived at based on advice of an Inter-Ministerial Committee, comprising the Presidential Committee on Trade Malpractices (PCTM), Federal Ministry of Agriculture (FMA), Nigeria Customs Service (NCS), Federal Ministry of Trade and Investment (FMTI), Budget Office of the Federation/Federal Ministry of Finance and Rice Millers, Importers and Distributors Association of Nigeria (RIMIDAN).
According to the statement, the Minister enjoined strict compliance with the new benchmark in the appraisal of all consignments of rice during the quarter.
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