The Central Bank of Nigeria (CBN) has said it had reviewed downward the fee payable on oil and gas export under the Nigerian Export Supervision Scheme (NESS) from 0.2 per cent of the free on board (FOB) value to 0.12 per cent.

The banking sector regulator, which disclosed this in a circular titled: "Re: Appointment of Pre-Shipment Inspection Agents (PIAs) and Monitoring Agents for Nigerian Export Supervision Scheme (NESS) and the Review of NESS Levy for Oil and Gas Export," addressed to all authorised dealers, Nigeria Customs, Service, Nigeria National Petroleum Corporation, Department of Petroleum Resources, all oil and gas companies, as well as the general public, said that the policy became effective from May 1, 2012.

The circular dated May 4, 2012, with reference number: TED/FEM/FPC/GEN/01/012, and signed by the Director, Trade and Exchange Department, CBN, Mr. Batari Musa, was obtained on the apex bank's website.

The NESS is a self-financing scheme. The Pre-shipment Inspection of Exports Act 1996 stipulates that; all expenses relating to the remuneration, fees and other charges payable to the inspection agent(s) shall be defrayed from the NESS fees account and any balance remaining in the account shall be used to fund the NESS programme.

The circular added: "Further to the circular Ref: TED/FEM/FPC/GEN/01/005, of February 11, 2011, on the appointment of additional Pre-shipment Inspection Agents for oil and gas export under the NESS, authorised dealers and the general public are hereby informed that the Federal Government has re-appointed the underlisted PIAs for a contract tenor of ten months with effect from April 4, 2012. They are Globalscan System Technology Limited, JBIS Integrated Resources Limited and Robinson International Energy Limited."