The Nigerian Electricity Regulatory Commission has released a new tariff order for May 2024, which will see a reduction in electricity rates for consumers.

NERC said this decision comes after a thorough review of the macroeconomic parameters and exchange rate appreciations.

It disclosed this in a statement signed by its management on Monday.

This is coming after the Nigeria Labour Congress and Trade Union Congress threatened to shut down their operations in the country should the federal government insist on the tariff increment.

The PUNCH reported earlier that the federal government insisted on the tariff increment stating that the burden of electricity subsidy was too much for the government to bear. Meanwhile, the NLC threatened a shutdown.

The revised tariff order, which affects all eleven electricity distribution companies in the country, will lower the end-user tariffs for Band “A” customers from NGN225/kWh to NGN206.8/kWh. This change is expected to provide some relief to consumers who have been grappling with high energy costs.

In response to the NERC’s order, the electricity distribution companies, Abuja, Ikeja, and Ibadan Electricity Distribution Companies, among others, have begun to reduce the tariff accordingly.


The NERC has expressed its dedication to maintaining a regulatory environment that balances the interests of the consumers with the sustainability of the electricity supply industry. This tariff reduction is part of the Commission’s ongoing efforts to ensure that electricity remains affordable for Nigerians while also encouraging efficiency and improvement in service delivery by the distribution companies.

The new tariff order is a reflection of the NERC’s commitment to its tariff methodology and its responsiveness to changes in the economic landscape. It is anticipated that this move will be well-received by the public and contribute positively to the Nigerian economy.

For more information, consumers are encouraged to contact their local electricity distribution company or visit the NERC’s official website.

“The statement read, “Pursuant to the tariff methodology adopted by the Nigerian Electricity Regulatory Commission, a revised tariff order covering the month of May 2024 has been issued by the Commission to the eleven (11) electricity distribution companies.

“The Commission has considered changes in the macroeconomic parameters over the preceding month of April 2024 and especially the appreciation of exchange rates – consequently, the Commission has approved a downward review of end-user tariffs for Band “A” customers from NGN225/kWh to NGN206.8/kWh.

“The Commission reaffirms its commitment to providing a balanced and effective regulatory regime serving the needs of the Nigerian Electricity Supply Industry.”


Source: https://punchng.com/NERC-bows-to-pressure-announces-tariff-reduction

Following an epileptic power supply in the Southeast region, the Indigenous People of Biafra has threatened to shut down the Enugu Electricity Distribution Company.

The group called on the Chairman of the Enugu DisCo, Emeka Offor, and its management to “stop defrauding” the people, adding that residents had been compelled to pay “illegal estimated bills” which run into hundreds of thousands of naira.

As contained in a statement issued on Saturday by its Media and Publicity Secretary, Emma Powerful; IPOB said it is “calling for steady lights in the region by EEDC. If they continue with the abysmal light supply in the South East, IPOB will have no option but to shut down EEDC offices in the South East in the shortest possible time.”

The statement read partly, “Following the abysmal electricity experienced in the South East, we call on EEDC to provide adequate electricity in the area or exit the region for reliable companies to take over.

“EEDC is defrauding her consumers with exorbitant electricity bills without supplying the power. The company has refused to give its consumers prepaid electricity meters but keeps giving illegal estimated bills. In many communities in the Southeast, EEDC gives community bills running in the hundreds of thousands of naira. Whether the light was provided or not, any village that didn’t pay the illegal estimated bills will have the irregular light supply disconnected.

“Communities buy their power transformers and electricity cables. At the same time, they pay the corrupt EEDC company to link power to the community. Afterwards, EEDC will bill the same village for the same power supply.”

The group alleged that the EEDC had failed to either restore or return some faulty transformers in some communities after they were dismantled, lamenting that such would inhibit business and industrial activities in the region.

The statement added, “EEDC dismantled some communities’ faulty transformers for repairs and maintenance but failed to return them for years. Some 10 years and some five years. To date, those transformers have not been restored nor seen.

“EEDC’s cup is full and we are going to show them that people are owners of the region and they are reaping Ndigbo off with abysmal power supply and exorbitant bills.

“The abysmal and unavailable power supply from EEDC will frustrate economic activities and industrialisation of Biafra Land. EEDC, therefore, must be kicked out.”

The pro-Biafran group partly tied the DisCo’s “over N12 billion” debt owed to the Transmissions Company of Nigeria to the epileptic distribution of adequate electricity in the region.

“EEDC’s indebtedness to the Transmissions Company of Nigeria (TCN) to over N12 billion, led to TCN restricting EEDC from using some of their facilities in Enugu. As it stands, EEDC is struggling with corporate integrity issues and liquidity to run its operations.

“The pertinent question to ask is, “Does EEDC have the capacity to distribute adequate electricity to the Southeast with her grossly insufficient budget?

“It is obvious that EEDC is fully aware of her limited capacity to deliver steady power yet they keep going around the Southeast defrauding and extorting the Governors and citizens in the name of power supply. The Federal Government has deregulated the power sector. Monopoly in the power sector is over,” [/b]the statement noted.

[b]-MoU between Anambra State and EEDC-

The pro-Biafran group called on the Anambra State Governor, Prof Chukwuma Soludo, to make public the details and terms of the Memorandum of Understanding signed between the state government and the EEDC, on March 25, 2023.

The group claimed that the contract, worth “over N100bn” was paid to EEDC to “supply 24 hours light in Anambra State.”

Source: https://punchng.com/Southeast-IPOB-threatens-to-shut-down-Enugu-DisCo-over-poor-power-supply

The Federal Competition and Consumer Protection Commission says it will begin the process of blocking loan apps that harass their customers.

Many Nigerians have complained about the harassment they are subjected to by these loan sharks

However, the commission’s acting chairman, Adamu Abdullahi, said the agency has begun to address the issue.

”It would soon be history in the country that online platforms that many people know as loan sharks, where some Nigerians access money quickly to solve urgent issues,” Abdullahi told the BBC

Recall that in March, the Nigeria Data Protection Commission said it was investigating over 400 cases of privacy breaches involving online loan apps.

It noted that investigations have revealed that “loan apps are overly intrusive.”

NDPC is also seeking a ban or restriction on mobile numbers found to have been used by lenders to breach the privacy of their customers.


“They generally violate the principles of data protection and privacy because they have access to contacts, pictures, messages, etc. of data subjects,” the commission stated.

Source: https://punchng.com/FCCPC-vows-to-clamp-down-on-loan-apps-harassing-customers

Dynamicboss:


Buy wire and connect your AC/fridge to transformer directly

Ah!.......Confirm electrocution, mo ti Japa o......

A Federal High Court in Kano has issued an order restraining the National Electricity Regulatory Commission and the Kano Electricity Distribution Company from implementing the new electricity tariff for Band A consumers.

The suit marked FHC/KN/CS/144/2024 was filed by Super Sack Company Limited and BBY Sacks Limited.

Others are Mama Sannu Industries Limited, Dala Foods Nigeria Limited, Tofa Textile Limited, and Manufacturers Association Of Nigeria Limited.

However, ruling on an ex-parte motion by Abubakar Mahmoud, counsel to the plaintiffs, the presiding judge, Abdullahi Liman, ordered NERC and KEDCO from going ahead with the impending tariff pending the hearing and determination of the motion on notice filed before it.

The order also restrained the defendant from intimidating and threatening to disconnect the applicants’ electricity supply for non-acceptance of the new increased tariff.

In April, NERC approved an increase in electricity tariff for customers under the Band A classification.

With the new tariff, customers under the category, who receive 20 hours of electricity supply daily, would begin to pay N225 per kilowatt, starting from April 3 — up from N66.

The sudden hike has since been criticized by the House of Representatives and other stakeholders who have asked NERC to suspend the implementation of the new tariff.

Source: https://punchng.com/Court-stops-implementation-of-new-electricity-tariff

Some repentant Boko Haram insurgents Tuesday night invaded a police station in Maiduguri in an attempt to set free their colleagues that were arrested earlier over alleged drug offences, witnesses told the Daily Trust on Thursday.

However, Police Public Relations Officer in Borno State, Kenneth Daso, who confirmed that there was an incident at the police station, said the assailants were repelled by officers on duty.

Daso said the security breach was heralded by an operation carried out by the police.

He said, “On the 30/04/24 at about 1745hrs in a joint operation raid at the Kasuwar Fara, following an intelligence report that some drug peddlers, smokers, repentant and Boko Haram insurgents are indulging in nefarious activities, eight persons were arrested including seven male and a female in that operation with 476grams of illicit substances.

“As you know, such activities have been banned in the area by the state government since last year.

“Few hours after the arrest, some unscrupulous persons, so-called repentant Boko Haram, dressed up in military attire tried to invade our police station at Ibrahim Taiwo but were repelled immediately.

“Thereafter, they went and attacked Nigeria Immigration Service and NDLEA check points after the welcome to the township gate and they burnt it down,” he said.

ASP Kenneth said a serious investigation is currently ongoing to unravel those who were behind the acts.

They set some people free – Witnesses

However, some eyewitnesses told one of our correspondents that the attackers, dressed in military camouflage and wielding cutlasses, forcefully gained access into the police station and whisked away some suspects.

“About 20 of the attackers forced their way into the police station and escaped with some of the detained members.

“They left some policemen on duty wounded; they also went on rampage attacking passers-by with cutlasses, before reinforcements by the CRACKS team arrived,” he said.

Another witness said the police operatives in the station did their best to repel the attackers but were subdued.

“Some of the police operatives took to their heels but returned when reinforcements came. We were told that the actual suspects could not be freed, only some people at the counter escaped.

“It was a sad incident,” he said.

Residents in the area said they were scared by the development, saying the incident was a clear indication that Maiduguri is no longer safe.

Fanta Modu, who owns a restaurant around the area, urged the government to reconsider its approach to issues around the de-radicalisation exercise of the federal government.

“I was relatively young when followers of Mohammed Yusuf (Boko Haram founder) launched simultaneous attacks on Maiduguri in 2009. They also attacked the police headquarters at that time.

“Honestly, the recent event reminds me of that terrible incident. I am of the view that the so-called repentant Boko Haram members have not fully repented. They are not well refined because if they have been fully reintegrated into the society, why would they go back to drugs to the extent that they had the audacity to attack security posts?” she asked.

We’re yet to be briefed – Borno govt
Contacted last night, Abdulrahman Bundi, who is one of the spokespersons for Governor Babagana Zulum, said they were yet to be briefed on the matter and therefore, could not comment on it.

“I just read it on social media. There is no enough information but I assure you that the government will comment on the matter after we get the correct information on what transpired,” he said.

Daily Trust recalled that on March 5, 2021, Governor Zulum said the de-radicalisation of repentant Boko Haram members “is not working.”

Zulum, who spoke at the North-East Governors’ Forum meeting in Bauchi, said that the initiative needed to be reviewed because some of the ex-Boko Haram members only come to spy on communities and then return to join the group.

“It has been confirmed that the concept of de-radicalisation or Safe Corridor is not working as expected. Quite often, those who have passed through the Safe Corridor initiative, or have been de-radicalised, usually go back and re-join the terror group after carefully studying the various security arrangements in their host communities, during the reintegration process.

“So the idea of de-radicalisation, as currently being implemented, needs to be reviewed because the main goals and the underlying objectives behind the initiative are not being achieved,” he said.

The governor advised at the time that the best option is to immediately prosecute the insurgents in accordance with the Terrorism Act.

However, at a recent event, the Borno State Commissioner for Women Affairs and Social Development, Hajiya Zuwaira Gambo, said that only about 5,000 out of the over 100,000 repentant Boko Haram members were actual insurgents.

Zuwaira disclosed this while presenting a paper titled ‘Borno Model’ at an event to commemorate the 2023 International Day of Peace, organised by an NGO, Peace Ambassador for Humanitarian Aid and Empowerment (PACHE).

She said: “Contrary to fears by the public that 100,000 were insurgents, only about 5,000 are actual fighters. Most of the others are farmers, women and children held hostage by the insurgents.

“Many of them are victims being held by the insurgents,” she said.

She said that those being de-radicalised and reintegrated back to their communities did not include the insurgents.

“We do not release the insurgents. We have records of the whereabouts of any person released,” she said.

Thousands of repentant terrorists released back into ‘communities’

Daily Trust reports that on January 24, 2024, the Chief of Defence Staff, Gen. Christopher Musa, said that 1,935 Boko Haram terrorists were released back to the communities from the Bulumkutu camp in Maiduguri, Borno State in six years.

He said the insurgents were released between 2016 and 2022.

Musa, who was represented by the Director of Training, Defence Headquarters, Rear Adm. Daupreye Matthew, said this while delivering a lecture at the opening of the National Security Course on `Psychological Operations and Strategic Communication’ in Abuja.

“Also, 1,543 repentant terrorists graduated from Mallam Sidi Camp in Gombe State between 2016 and 2022.

“From July 2021 to May 4, 2022, alone, no fewer than 51,828 terrorists and their family members surrendered, out of which 13,360 were fighters,” the CDS had said.

Musa, however, said the military had up-scaled the use of hard and soft power in counter-insurgency operations to contain the emerging and changing nature of adversaries.

He said, “The use of non-kinetic efforts under Operation Safe Corridor led to the surrender of more than 2,000 Boko Haram members between 2016 and 2017. 67 per cent of those who surrendered were of the Abubakar Shekau faction of the insurgents.

“So far, 106,000 terrorists and their family members have surrendered in the North East.”

We must review de-radicalisation programme – Security expert

When contacted, a security analyst, Senator Iroegbu, said with what happened, the whole programme of reintegrating the Boko Haram insurgents needs to be re-evaluated.

“The danger now is that, what these repentant Boko Haram did has justified those who were in opposition to the reintegration programme in the first place, and it strengthens their voices.

“And, this has jeopardised the whole programme itself because it creates doubt that, are these people truly repentant? And it also put in danger the chances of those who genuinely would want to partake in the programme and take a new leaf.

“It is a call for those who are implementing the programme to evaluate it and know whether it should continue or not,” he said.

Source: https://dailytrust.com/Repentant-B/Haram-Members-Invade-Police-Station-In-Borno

The Federal Government has raised a total sum of N11tn through auctions and sales of Treasury bills and saving bonds issuance in four months, according to findings by The PUNCH

An analysis of bonds and bills results issued this year by the Central Bank and the Debt Management Office showed that the government had raised N3.1trn in FGN bonds and 7.92trn in T-bills between January and April 2024, totalling N11.2trn.

These bonds, being crucial instruments for the government’s debt management strategy, serve multiple purposes, including providing investors with a relatively safe investment option, assisting in managing the country’s debt profile, and facilitating efficient fund management.

Specifically, treasury bills and FGN bonds are classified as risk-free, theoretically zero risk, because the government is assumed to always make good on its debts. If not, they can print money to pay it back.

In January 2024, the Federal Government raised about N418.197bn from the four bonds that were auctioned before realising N1.49tn from two FGN bond offers issued by the DMO in February though below the target of N2.5tn.

In March 2024, the DMO raised about N475.67bn in its March bond option capitalising on the current rally in rising rates while the office disclosed that the Federal Government raised N626.8bn in its April 2024 FGN bond auction.

The amount is about 32 per cent higher than the N475.67bn raised in the March auction indicating high market confidence in the government’s credit.

For T-bills, a total of N1tn was on offer but was oversubscribed as investors staked a whopping N2.3tn in January. The one-year bill on offer for N600bn recorded a massive N1.8tn subscription out of which the central bank sold N908.7bn.

The DMO sold bills valued at N2.69tn across its auctions in March 2024 an increase of N11bn in the value of T-bills sold across auctions in February 2024 (N2.589tn).

The CBN also conducted a successful T-Bills auction on April 24, 2024, where about N362.45bn was raised across various maturities. This outcome demonstrates the market’s appetite for government securities.

The raised amount came amidst plans by the government to fund the 2024 budget deficit of N9.18tn and offset debts to settle the Ways and Means Advances.

The government had allocated approximately N4.83tn from the proceeds of Nigerian Treasury Bills and Bonds issued in 2024 to settle the Ways and Means Advances from the CBN, according to the Minister of Finance, Wale Edun.

Reacting, a professor of Economics, Sheriffdeen Tella, in an interview with our correspondent, described bonds and treasury bills as viable solutions to raise funds while reducing foreign debts.

He said the fixed-income securities play a twin role in raising funds for the government and mopping up liquidity in the system.

“Bonds and treasury bills are instruments of borrowing by the government because when the government floats its bond, people, organisations and investors buy into it and that reduces the money supply. So, bonds and treasury bills play two roles: The role of raising funds for the government and the role of mopping up liquidity in the system,” he said.

“Nigerians can earn more via the interest rate paid on these instruments. The bonds can be paid after a minimum of two years while treasury bills can be three months, that is 91 days, six months and a maximum of one year and that is a shorter option. The CBN normally uses that to raise short-term funds for the government and to mop liquidity to reduce money supply,” he added.

Although the government has raised a substantial amount via these means, experts suggest that Nigerians could raise more funds through increased promotion of financial literacy.

The Director of Research and Strategy at Chapel Hill Denham, Tajudeen Ibrahim, said many Nigerians were not taking advantage of treasury bills and bonds as an investment opportunity due to low financial knowledge.

While speaking in a telephone conversation, Ibrahim said the government could increase funding by focusing on improving public awareness of financial literacy and investment opportunities.

He said, “Let me start by saying that Nigeria is one country where financial literacy is still low. So in a country where financial literacy is low, you should not be surprised that many Nigerians are not taking advantage of treasury bills and bonds as an investment opportunity. So, it is true that many Nigerians don’t and there is no way you can know how to do it if you are not financially knowledgeable.

“Secondly, the supervising authorities like the CBN and the DMO of these securities have always tried to educate the public by advertising or creating a notice on the T-bills to be issued and interested investors should bid. But it is difficult for someone to identify them if they are not financially knowledgeable and that is the problem. How many Nigerians are aware of the FGN saving bonds? Nigerians do invest but the reality is that Nigerians who are not aware of it are a lot more than those who are aware of it and invest in it.”

He added, “Every month, the government comes to the market to raise these funds. Portfolio managers, banks, insurance companies and other corporate investors are savvy about these things. They follow it and get updates. They ask about it. So it is not a problem of institutions but a problem of individuals and financial illiteracy and that has to improve over time.”

Explaining the registration process, the economist explained that interested individuals could open an investment account with their preferred portfolio investors, financial institutions, or insurance companies, and then provide instructions for investment in profitable bonds based on observed data and analysis.

“Interested Nigerians have to go through their financial advisers, they can go through investment management businesses. When they open an account with such investment businesses, they will deposit money in their investment account and then they can give their assets management company instruction to invest in treasury or saving bond bills for them and other investment securities that are available to which they are eligible to invest.

“Our company is one of such management organisations that can handle it. They will onboard them as customers and then begin to invest in them. They will also offer investment advice to them. Nigerians are of different ages and your age determines your risk appetite so we expect older citizens to have a low-risk appetite and younger ones to have a high-risk appetite. Investing in bonds and treasury bills is a lot more beneficial than keeping their money in a savings account and is highly more rewarding.”

Source: https://punchng.com/Govt-borrows-N11tn-via-bonds-T-bills-in-four-months

The Federal Government says Nigeria’s electricity generation has risen to 4,800 megawatts up from around 3500 in March.

This is as the government accused some “cartels and cabals” as those who did not want the power sector to function because of their selfish business interests.

The Minister of Power, Adebayo Adelabu, disclosed this on Thursday when he was in Ajah, Lagos State to launch a 63MVA, 132/33kV mobile substation installed under Phase 1 of the Presidential Power Initiative by the FGN Power Company in collaboration with Siemens Energy.

Speaking at the event, Adelabu disclosed that the power generation increased from 4,200MW in the past few days following the operation of the Zungeru hydroelectric power plant.

The PUNCH reports that the Zungeru power plant is a major infrastructure project with the capacity to generate 700MW, making it the second-largest hydroelectric plant in Nigeria, behind the Kainji Dam.

Located in the Kaduna River, near the town of Zungeru in Niger State, the plant is to generate 2.64 billion kilowatt-hours of electricity annually, meeting nearly 10 per cent of Nigeria’s domestic energy needs.

“Let me mention that we have started seeing improvements in our generation output. In the past few days, the output has increased from 4,200MW to 4,800MW. What we experienced in February and some parts of March is not desirable when we had very low generation.

“I just came back from a meeting this morning, where how to make efforts to pay down on our debts to the gencos and the gas companies was discussed.

“We have made significant progress which I believe will encourage generating companies to ramp up their outputs as we are targeting 6,000MW before the end of the year.

“What led to the increase in the past few days was the commencement of the operation of Zungeru hydroelectric power plant that just added 625MW to the national grid,” he said.

Speaking on the cartels preventing power growth, Adelabu asked them to stop being shortsighted, saying there are enough opportunities in the sector.

“I know is that there are cartels and there are cabals in this sector who think their business interest will be negatively affected if we have stable electricity. But they are just being myopic, they’re being shortsighted. There are lots of opportunities available in the sector that will compensate for whatever business loss that they think they are experiencing in their current business. So, it is a win-win.

“I don’t think stabilising the power sector will render anybody jobless or affect the business interest of anybody. It is a matter of you determining where to be because the business moves. The business world is dynamic. A business that is profitable today may not be profitable tomorrow.

“When you see the trend of business moving, you just click into the value chain and it is so huge for everybody such that if local investors are not interested, there are foreign investors interested in this sector,” Adelabu added.

Asked if the cabals are the ones importing generators, he replied: “I did not mention anybody’s name specifically. But whoever knows he belongs to the cartel or cabal should have a rethink and join us in this our transformation journey”.

The ministers maintained that “we are only scratching the surface in this country given the potentials that we have in our human and natural resources,” saying if “we add reliable electricity to it, the sky is our limit.”

He spoke further, “We’ve had over 40 ministers in the past, we are still at this same point. What is that thing that is not allowing us to achieve our plans for the sector? These are the fundamental issues the President Bola Tinubu administration is trying to address. When you are addressing it, of course, there will be resistance.

“There will be frustration because there are some people that do not want this sector to work because of their own personal selfish interest. But we are resolute in this our transformation journey, and we will not be intimidated. We will not be cowed into obscurity.

“Their resistance and abuses are like a tonic to me. The tonic that will incentivise us to do more”.

Earlier, the Managing Director of the FGN, Kenny Anuwe, said the event represented a vital addition to the nation’s infrastructure to enhance transmission wheeling capacity and reinforce the government’s commitment to providing better electricity access for all Nigerians.

“The 63MVA, 132/33kV Mobile Substation plays a critical role in upgrading transmission wheeling capacity and facilitating quick deployment to meet Nigeria’s growing energy demands.

“10 of them were procured and three have been installed while two will be commissioned by next week,” Anuwe said.

He noted that the mobile substations were strategically positioned to enhance the efficiency and reliability of power supply across key economic hubs in the country and would alleviate transmission capacity constraints in the sector by over 1,300MW. Some of the Mobile Substations are being deployed at Ajah, Jebba, Kwanar Dangora, Nike Lake among others.

“The commissioning of the Ajah Mobile Substation marks a significant step within the Nigeria-Siemens Partnership framework aimed at modernising and expanding Nigeria’s power infrastructure. Alongside Ajah, the commissioning of another location, Birnin Kebbi in Kebbi State, occurred simultaneously,” she stressed.

The MD explained these combined efforts will boost transmission wheeling capacity to 123MW, ultimately leading to enhanced electricity provision for households and businesses in both Ajah and Birnin Kebbi.

Source: https://punchng.com/FG-warns-saboteurs-as-power-generation-rises-to-4,800MW

God1000:
it doesn't matter, we need to take a stance on this as a giant of Africa

Giant indeed..........

ufotunang:
... that is where he diverts Nigeria money to ...his neck🙄

You're definitely right, if not it would have been like this.........

The Senate President, Godswill Akpabio, has assured Nigerian workers that the National Assembly and the executive arm of government would work collaboratively to give them a living wage and better working conditions.

The Senate President declared that “No Nigerian worker will again be allowed to work under inhuman conditions. We will do everything to give you the best because you deserve the best.”

He made the declaration in a statement on Wednesday by his Special Adviser on Media and Publicity, Eseme Eyiboh, to congratulate the workers as they commemorate the 2024 May Day.

Akpabio, in the message, extolled the sterling qualities that stood out to the Nigerian workers, saying “A Nigerian worker is noted for his patriotism, hard work, resilience, and dedication to duty.

“I am happy to be associated with the Nigerian workers in the last more than 25 years and I can attest to the fact that everywhere you go, the Nigerian worker’s spirit resonates profoundly.”

Speaking on this year’s theme for Workers’ Day, “Ensuring safety and health at work in a changing climate,” Akpabio promised that the National Assembly under his leadership was more than committed to ensuring the best working conditions for the Nigerian workers.

The Senate President reiterated that the theme for this year’s celebration was apt and in tune with the international best practices, assuring that Nigeria would not be left behind.

Source: https://punchng.com/No-Nigerian-will-work-under-inhuman-conditions-again-Senate-President

Tinubu, represented by Vice-President Kashim Shettima, gave the assurance while delivering his speech at the 2024 May Day celebration, held on Wednesday, at Eagle Square, Abuja.

He appealed to trade unions to continue to use the power of the labour movement for the greater good of the nation and to foster harmony and cooperation.

“I stand before you to tell a fundamental truth: you, the workers of our great nation, are its very backbone. But I’m not here merely to echo familiar praises of the labour force.”

Tinubu acknowledged the understanding, patience, commitment, and support trade unions have shown throughout the implementation of government’s policies and programmes aimed at transforming the nation.

He said: “Your contributions have played a significant role in our efforts to rescue the economy since we came on board.

“So, I call upon each and every one of you, as I have consistently done, to join hands in shaping the destiny of our nation towards greatness.

“Our allegiance and patriotism are the bedrock upon which our beloved country thrives.

“The success of our government’s policies and programmes hinges on the willingness of the workers, as the backbone of our workforce, to embrace them wholeheartedly.”

He said that the theme “People First” for this year’s May Day celebration is both instructive and commendable.

The President said the theme resonates with the government’s agenda and demonstrated that the working class holds a central position in the affairs of this nation.

He said that it also reflected the commitment of Organised Labour to collaborate with the government for the benefit of all citizens.

Tinubu said his administration took power at the time many nations, including Nigeria, were experiencing daunting socio-political and developmental challenges.

“You will recall that on January 30th, 2024, the Federal Government convened a 37-member Tripartite Committee on Minimum Wage.

“The committee’s mandate was to provide counsel and suggest a national minimum wage that aligns with our current economic conditions.

“Since then, the committee, in collaboration with labour leaders, has been diligently working towards proposing a new National Minimum Wage.

“Unfortunately, despite concerted efforts, the committee was unable to reach a consensus at its last meeting. This shall be resolved soon and I assure you that your days of worrying are over.”

The President assured that his administration was open to the committee’s suggestion of not just a minimum wage but a living wage.

“Great Nigerian Workers, we cannot achieve a just and equitable society that caters to the needs of every member, including the strong and the weak, without fostering peace and unity.

“Our shared vision for national growth and development can only be realised in an atmosphere of industrial harmony and peaceful coexistence in every segment of our country.

“The dividends we have promised the nation, and which you work tirelessly to ensure, can only be achieved when we all unite for progress.

“On this momentous day, I urge you and all our fellow citizens to place your trust in this administration.

“The seeds of greatness planted in our nation are beginning to bear fruit, and they promise a future filled with hope and bound by prosperity.”

He said that every initiative undertaken by the administration was geared towards transforming Nigeria into a nation that can truly provide for its people. (NAN)

Source: https://dailytrust.com/May-Day-Better-Days-Ahead-Tinubu-assures-Nigerian-workers

The leadership of the All Progressives Congress on Wednesday assured Nigerian workers that President Bola Tinubu is committed to improving their living standards.

This was disclosed in a solidarity message issued in Abuja by the National Publicity Secretary of the APC, Felix Morka.

The assurance came a few hours after the president promised better working conditions and fair wages for Nigerians of working age.

Tinubu made the pledge in his maiden May Day message dedicated to workers nationwide.

Morka stated that the increase in wages and the far-reaching economic policies of the APC government administration are intended to benefit workers and Nigerians in general.

The statement read, “We applaud the resilience, sacrifice, diligence and patriotism of Nigerian workers and celebrate their invaluable contribution to the building and sustenance of our nation’s economic life. Nigerian workers deserve the best quality of life that our nation can offer, which in turn secures our collective aspirations for total and sustainable economic growth and transformation.


“Delightedly, the President Bola Tinubu-led administration remains resolute in its commitment to improving the welfare of Nigerian workers. Aside from the delisting of the Academic Staff Union of Universities from the Integrated Personnel and Payroll Information System and wage awards for several months, negotiations are in top gear to approve a new living minimum wage for Nigerian workers.

“The far-reaching transformative economic policies of the administration are intended to expand economic opportunities and benefits for workers and Nigerians in general. As we celebrate, we implore our workers to stand fast and continue to support and collaborate with the APC-led administration as it builds a more virile and prosperous country for present and future generations of Nigerians.”

Nigeria is one of the 160 countries that celebrate International Workers’ Day, otherwise known as Labour Day.

It is a day set aside to honour the accomplishments and contributions of workers to society annually.

In 1981, the Federal Government under Shehu Shagari, officially declared May 1 as a national public holiday to celebrate its workers.

Source: https://punchng.com/APC-salutes-Nigerian-workers-says-Tinubu-committed-to-welfare

As fuel scarcity continues to bite harder in different locations, the Federal Government says it has begun a 15-day emergency fuel supply to ensure the commodity circulates across the length and breadth of the country.

The government also disclosed that vessels importing Premium Motor Spirit would continue to berth at the shore to discharge petrol to different depots, from where the product would be distributed to different filling stations.


The Major Energies Marketers Association of Nigeria had in a statement on Tuesday said its members in Apapa and other locations in Lagos had been receiving 300 million litres of fuel from eight vessels this week.

This was after the South-West Regional Coordinator of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Ayo Cardoso, confirmed to one of our correspondents that aside from the 240 million litres offloaded at various depots on Monday, close to 85 million litres of petrol were offloaded as of Tuesday evening.

However, The PUNCH observed on Wednesday that the queues in filling stations were yet to subside, even as Nigerians celebrated May Day.

As of Wednesday afternoon, it was observed that roads in Ogun, Lagos and others were deserted as vehicles lined up in filling stations to buy fuel. Some individuals said they had parked their vehicles pending the availability of petrol.

Also, the few filling stations where the fuel was available sold at prices considered to be too exorbitant.

But in an interview with one of our correspondents, the NMPDRA’s Cardoso insisted that the product would soon be available across the nooks and crannies of the country, saying the government was doing its best to ensure massive distribution of PMS.

Cardoso disclosed that more vessels would keep arriving in Nigeria for two weeks, starting from last Monday. This, he said, would include continuous distribution of petrol to filling stations.

According to him, each state of the federation has its allocations, saying the same will be delivered to reduce the queues at filling stations.

“As I said earlier, there would be enough fuel across Nigeria soon. We have received over 300 million litres as of Tuesday. More have arrived as we speak, but I can’t give you the figure. Vessels will keep arriving in Nigeria for 15 days, which started counting on Monday, and we will keep distributing the product across the nation.

“The masses should not panic; all these will soon vanish. We are not prioritising anywhere, each state has its allocation to be delivered accordingly,” Cardoso stated.

Meanwhile, many residents of Ogun State on Wednesday resorted to trekking from one place to the other as fuel scarcity continued to take its toll on Nigerians.

This was because transport fares skyrocketed following the lingering fuel crisis.

One of our correspondents reports that as more filling stations closed shops and commercial drivers were unable to access petrol, some residents resorted to trekking while many stayed at home.

PUNCH reports how students of both tertiary institutions and preliminary schools have shunned their classrooms over the hike in the price of buses due to the non-availability of fuel.

One of our correspondents who went around Abeokuta on Wednesday observed more or less deserted roads with scanty vehicles.

Residents going to distant locations were sighted standing at different bus stops with no vehicles available to convey them.

One of the travellers, Mrs Adeyemi Oni, who spoke with one of our correspondents expressed frustration over the situation, appealing to the government at all levels to respond to the matter swiftly.

“Many things are happening as a result of this fuel scarcity. The poor are now poorer and hungrier because they can’t even get to where they work due to high transport fares and lack of vehicles on the road. I can only appeal to the government to do something urgently,” he said.

A motorist, Kazeem Aderemi, told one of our correspondents that he had been queuing at the NNPC filling station on the MKO Abiola Way for hours.

The PUNCH observed out of the numerous stations along Ikotun-Igando Road, only one dispensed PMS as of the time of filing this report on Wednesday.

An outlet belonging to God’s Decision located on Governor’s Road in Ikotun Area of Lagos State sold the product at N999/litre.

Other outlets like the NNPCL, Mobil, and NIPCO among others did not dispense fuel, but motorists refused to leave the queues.

The PUNCH observed a long queue at the Total filling station located beside Isolo General Hospital, where fuel was sold for N580/litre, while Jezco filling station along Chemist Bus Stop sold for N660/litre.

The TechnOil located at Ire-Akari junction was dispensing fuel at N560/litre on Wednesday where our correspondent visited, but there was a long queue of motorists.

Also, the black marketers roaming at the NNPC junction were selling PMS between N1,000 and N1,200/litre.

The Mobil filling station located along Palm Avenue towards Mushin sold at N565/litre, while the black marketers towards the NAHCO Bus Stop were selling between N1,000 and N1,500/litre on the highway.

[i]The PUNCH gathered that the fuel scarcity that started last week has yet to improve across the country as residents beg the government to address same as early as possible.[/i]

Source: https://punchng.com/Fuel-scarcity-FG-begins-15-day-emergency-fuel-supply

Strong reactions have trailed comments by the Minister of Power, Adebayo Adelabu, that there would be total blackout in the country in the next three months if the proposed electricity tariff hike is not implemented.

Adelabu said this when he appeared before the Senate Committee on Power, which is investigating electricity tariff hike by the Nigerian Electricity Regulatory Commission (NERC).

This followed the rejection of the new tariff regime by the Senate committee, led by Senator Enyinnaya Abaribe.

“The entire sector will be grounded if we don’t increase the tariff. With what we have now in the next three months, the entire country will be in darkness if we don’t increase tariffs.

“The increment will catapult us to the next level. We are also Nigerians, we are also feeling the impact,” Adelabu said.

Meanwhile, Nigerians on social media have expressed anger with the minister’s comments.

Writing via Facebook, one Owuru Odun-Itan Emmanuel said: “A govt that derives pleasure in inflicting pains, hardship and suffering upon her citizens.”

Abdulrahman Zubairu: “Tinubu and his ministers are just a disappointment. We have really made a costly mistake in his election. I sincerely hope God give us the wisdom to make amends in the near future.”


Oyeyemi Olugbami: “And this one want to govern my State! Why must the price of everything increase under this Government. No mercy for the masses at all!!”

Ahmad Shehu: “We’re tired of hearing of investors since the return of democracy in 1999. Electricity Tariff is always on increased and nothing attracted investors rather than suffering by Nigerians. The whole system is collapse. Nigerians are always in blackout. Ihave never seen the worse power minister like this man.”

Muhammad Nasir Jabaka: “It’s this kind of minister that will make me pray for coup de tat in this country, this government underrated it’s people and their capabilities.”

Tweeting via @mazinwonwu, one Chiagozie Fred Nwonwu: “As I type this, there is no power in my house. A rechargeable standing fan is battling back the stifling heat. Energy bulbs powered by a battery provide luminance. I am so used to the unwieldiness of public power supply that I get worried when it stays on for 24 hours.”

@DengeTyro: “These people don’t care about advancing as a society… or providing people with better living conditions. All they care about is putting more money in their pockets. And as long as society rewards greed, those are the kind of leaders we’ll keep having.”

@mayorz16_: “All I know is that if this man contest in next governorship election in oyo state and any one vote for him, that person no go make am in life again.”


@ometere29: “But we have started paying for light with the new tariff, what is this threat for again. You guys think you won’t lose money too. Clowns.”

@Tee_Classiquem1: “I hope people of Oyo state are taking note of this Adelabu guy, do everything in your power to make sure he doesn’t smell that governorship sit.”

On Instagram, @sd_sammy.kings, wrote: “They haven’t removed this man already?”

@alegrotravels: “Pls Tinubu should sack this fellow. He has no control of his utterances. A public office should manage what he says to the public!”

@joegel 109: “de pity your governorship ambitions oga if u enter na ur room for this Oyo state we de wait u Omo Osan.”

@smab_bint_bakare: This statement is insensitive! Fuel subsidy, gone! Prices of good and services, skyrocketed! And yet still the power supply…. not so good! We are not here to suffer, anyway.”

@olawealth360: “I thought they remove him @officialasiwajubat kindly replace the minister of power he his incompetent enough sir”

Source: https://dailytrust.com/Anger-As-FG-Asks-Nigerians-To-Accept-Tariff-Hike-Or-Face-Blackout

A former Director of Information Technology with the Central Bank of Nigeria, John Ayoh, on Monday, alleged that he collected on behalf of the former governor of the apex bank, Godwin Emefiele, a sum of $600,000 in two installments from contractors.

Ayoh, the second witness of the Economic and Financial Crimes Commission, disclosed this while recounting instances where he facilitated the delivery of money to Emefiele, claiming it was for contract awards.

Under cross-examination at the Ikeja Special Offences Court in Lagos by the defence counsel, Olalekan Ojo (SAN), Ayoh admitted to facilitating the alleged bribery under pressure.

The embattled former governor of the apex bank is having many running legal battles both in Abuja and Lagos and is being tried by the EFCC at the Special Offences Court over alleged abuse of office and accepting gratification to the tune of $4.5 billion and N2.8bn.

He was arraigned on April 8, 2024, alongside his co-defendant, Henry Isioma-Omoile, on 26 counts bordering on abuse of office, accepting gratifications, corrupt demand, receiving property, and fraudulently obtaining and conferring corrupt advantage.

Emefiele’s defence, however, challenged the court’s jurisdiction over constitutional matters, urging the quashing of counts one to four and counts eight to 24 against him.

Ayoh, who was led in evidence by the EFCC prosecution counsel, Rotimi Oyedepo (SAN), said the first money he collected on Emefiele’s behalf was $400,000 which his assistant, John Adetola, came to collect at his house in Lekki, Lagos State.


He further told the court that the second bribe of $200,000 was collected at the headquarters of CBN, at the Island office.

He said the money was brought in an envelope, adding that when the delivery person, Victor, was on the bank’s premises, he contacted Emefiele, who insisted on receiving the package directly from Ayoh without involving third parties.

He said when he went to deliver the package, he saw many bank CEOs waiting to see the former apex bank governor.

When questioned if he had ever been involved in any criminal activity, he responded in the negative but admitted that he had facilitated the commission of crime unknowingly.

“I believe I did admit in my statement that I was forced to commit the crime. I don’t know the exact word I used in my statement, but I said we were all forced with tremendous pressure to bend the rules,”[/b]he said.

[b]When asked if he opened the envelopes he collected on the two occasions and counted the money to confirm the amount, he was negative in his reply, adding that he did also write in his statement that the money was given to influence the award of contracts.

On whether the EFCC arrested him, the witness said he was invited on February 20, 2024, and returned home after he was granted bail.


Earlier, Emefiele asked the court to quash counts one to four and counts eight to 24 against him, as the court lacks the jurisdiction to try him.

Speaking through his counsel, Ojo, he said counts one to four were constitutional matters, which the court lacked the jurisdiction to determine.

In his argument, citing Sections 374 of the Administration of Criminal Justice Act and 386(2), the defence counsel told Justice Rahman Oshodi that Emefiele ought not to be arraigned before the court on constitutional grounds.

He, therefore, urged the court to resolve the objection on whether the court had the jurisdiction to try the case or not.

The second defendant’s counsel, Kazeem Gbadamosi (SAN), also relied on the submissions of Ojo.

The EFCC counsel, Oyedepo, however, objected, as he asked the court to disregard the decision of the Court of Appeal relied upon by Ojo, saying that the Court of Appeal could not set aside the decision of the Supreme Court on any matter.

Ruling on the submissions of the counsel, Justice Oshodi said he would give his decision on jurisdiction when he delivered judgment as he adjourned till May 3.

He also directed the EFCC to serve the defence proof of evidence on witness number six and his extrajudicial statement.

Source: https://punchng.com/Ex-CBN-director-admits-collecting-$600,000-bribe-for-Emefiele

The National Chairman of the ruling All Progressives Congress, Dr Abdullahi Ganduje, on Monday, mocked the presidential candidate of New Nigeria People’s Party, Senator Musa Kwankwaso, and his Kwankwasiyya group, saying there won’t be a vacancy in the Presidency in 2027.

Ganduje reiterated his claim that the NNPP in Kano was behind his purported suspension as a member of the APC.

The APC National Chairman made the claim while receiving hundreds of his supporters and some support groups from Kano at the APC national secretariat in Abuja.

Both Ganduje and Kwankwaso, two former Kano governors, were allies before they fell out a few years ago over political differences in the state.

Despite recent entreaties by a former National Vice Chairman (North-West) of the APC, Salihu Lukman, for President Tinubu to settle their rift, the war of words between the camp of the two politicians has continued.

Addressing his supporters, Ganduje alleged that the NNPP and its chieftains were still sulking from losing the last presidential election.

The Kano politician, who spoke in both Hausa and English language, further claimed that Kwankwaso and his NNPP supporters had resorted to sponsoring propaganda against the leadership of the APC after foreseeing another imminent defeat ahead.

He said, “They are so afraid because we are consolidating. They are so afraid all over the country because we are receiving new entrants into our party. That creates fear in their minds. They are already eyeing 2027. But by that time, there is no vacancy. Only our President, Asiwaju Bola Ahmed Tinubu, will, Insha Allah, continue as President of the Federal Republic of Nigeria.

“We have heard your commitment and speeches and we understand your mission. The whole drama, political rascality, started in Kano with the government. Instead of responding to the yearnings, needs and demands of the people of Kano state, they decided to divert attention.

“Our eyes are on those who are diverting our attention to political propaganda against the APC. Can we allow them to continue like that? We understand what they are doing. It is a political drama. They are also sponsoring pockets of diffident protest from all over the country. They are spending a huge chunk of money for people to demonstrate against the leadership of our party.”

Earlier in his address, the convener of the solidarity walk, Prof. Salihu Alizaga, said loyal party men and women in their ‘thousands’ converged to show solidarity with President Bola Tinubu and the national chairman of the party.

“We are here to tell the whole world that the APC is one united family, devoid of rancour as being erroneously portrayed and speculated by few individuals under the obvious sponsorship of the New Nigeria People’s Party-led Kano State Government.

“We advise those who wish to be national chairman after Dr Abdullahi Ganduje to wait till the next elective convention where everyone will be allowed to test their popularity in the convention field. The NEC of our great party has elected Dr Abdullah Ganduje as the national chairman and he has his tenure of office to complete. There is no ambiguity at all.

“We are confident that those who want the National Chairman removed are those who are interested in unseating President Bola Ahmed Tinubu in 2027. We cannot sacrifice competence on the altar of mediocrity,” he stated.

But reacting, the National Publicity Secretary of the NNPP, Ladipo Johnson, described Ganduje as a drowning and delusional politician who is frantically trying to drag the President into his travail.

He said, “Usually we don’t give a reply to everything Ganduje says. This is a man who is having a running battle with the party executives of his ward. It shows he lacks credibility and he is not bold enough to go to court to face the charges against him. This is why we think he does not have the moral standing to be postulating politics and the future.

“However, his behaviour is becoming delusional. The Kwankwaso he mentioned, Governor Abba Yusuf and other leaders have nothing to do with the travail he is facing, which he has caused with his own hands.

“It is unfortunate that he is trying to link his travail to the presidential election in 2027. He is merely trying to curry the sympathy and favour of the leaders of his party and Mr President by trying to link NNPP to his problems. That explains his obsession with the ‘no vacancy’ statement.”

Source: https://punchng.com/No-vacancy-in-Aso-Rock-2027-Ganduje-tells-opposition

The Nigerian National Petroleum Company Limited on Monday began offloading 240 million litres of Premium Motor Spirit, otherwise called petrol, as it stepped up efforts to tackle the worsening nationwide petrol scarcity.

As the NNPCL began offloading petrol, filling stations sold the product at an average price of N800 per litre in various locations.

One of our correspondents gathered that the 240 million litres of petrol imported into the country came in through five vessels, which were offloaded into five depots on Monday.[color=#990000][/color]

The South-West Regional Coordinator of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Ayo Cardoso, confirmed this in an interview with The PUNCH on Monday.

The PUNCH reported on Monday that despite claims by the NNPC that the logistic issues causing fuel scarcity had been addressed, Nigerians in Lagos and other parts of the country still struggled to get fuel as many filling stations remained shut.

The PUNCH independently gathered that the situation might worsen in Lagos and other parts of the South-West because there was a directive by the NNPC that fuel trucks must first service the Federal Capital Territory before any other places.

According to oil sector sources, hundreds of trucks loaded were sent to Abuja on Sunday based on the NNPC directive.

Our correspondents who visited filling stations across the country on Monday observed that many outlets hiked their pump prices, selling a litre of petrol between N650 and over N1,000.

As the stations increased the pump prices of fuel, it was learnt that black marketers also used the opportunity to make brisk business, selling a litre of petrol at prices of over N1,200/litre, depending on the location and the bargaining strength of the buyer.

It was also observed that the hardship being encountered as a result of fuel scarcity worsened on Monday. The queues in filling stations became longer as work resumed across the nation for the new week.

The fuel scarcity also coincided with the resumption of public schools in some states, adding to the burden on parents, teachers and school owners.

Speaking with The PUNCH, the NMDPRA regional coordinator said the agency was doing its best to ensure Nigerians were not exploited by filling stations.

“We are doing something about the fuel crisis; very soon it will be over. Vessels are discharging as I am talking to you. What we are concentrating on is to push the NNPC, which is the supplier of last resort, to make sure they wet the entire populace.

“So, we have about five vessels already discharging the product, about 240 million litres are being discharged as I am talking to you right now. We are working round the clock.

“But then, once you have a problem, it takes like one or two weeks to (normalise), but people will keep on panicking, which is not supposed to be. All these kinds of things disrupt the normal way of operations. But with 240 million litres coming in from five vessels discharging to five depots already today, things will get back to normal,” Cardoso assured Nigerians.


Scarcity spreads

Our correspondents noted that the few filling stations dispensing fuel on Monday were crowded by private and commercial drivers, motorcyclists as well as individuals with jerry cans.

The queues were seen in Abuja as well as Lagos, Ogun, Niger, Nasarawa, Gombe and other states.

The Heyden filling station in Iperu Remo, Ogun State sold petrol at N650 per litre on Monday amid fights among buyers who thronged the station from places like Isara, Ode, Ilishan and others.

A motorist, who spoke to one of our correspondents, said he had been in the queue since 5am, yet he was unable to buy petrol as at noon.

“Look at me, I have been here since 5am, yet I couldn’t get fuel up till noon. I came here from Isara. There is no fuel in other places. This station belongs to the governor, maybe that’s why it is selling at the rate of N650 per litre. A few others around us sell petrol for N800 or more,” the motorist, who identified himself as Ismail, told The PUNCH.

A young man dressed in TotalEnergies uniform was sighted at the Heyden filling stations with two jerry cans filled with PMS.

The man, who did not reveal his name, stated, “I came here to buy fuel because we don’t have fuel in our station. I spent hours in the queue despite being an attendant myself. We don’t know why there is no fuel, but we heard that everybody is waiting for May 1 to know if the president would say something about fuel price reduction or not”.

At WB One Oil & Gas in Ogere, the crowd was not much as a result of the price differential between it and Heyden. The filling station sold a litre of petrol at N900 as of Monday morning.

“I can’t buy at WB One. N900 is too much for a litre. That is why the people there are not many. I would rather join the queue instead of paying N900 for a litre,” Adamu, an okada rider said.

The NNPC retail outlet along the Sagamu-Interchange axis was occupied by buyers who wanted to get the product at N580/litre.

Selling at N670, the As-Sallam filling station near the NNPC also had a long queue. The NIPCO and AP stations near the RCCG Bus Stop did not open for business.

Commuters heading to work, schools, and various destinations in Abeokuta, the Ogun State capital on Monday found themselves stranded due to the effect of the lingering fuel scarcity.

Many bus stops were filled with passengers trying to board vehicles to schools and places of work.

Our correspondents learned that some filling stations around Rounda and Lafenwa were selling the product for N1,000/litre.

A cab driver, Mr Banji Alaba, said “The fuel problem has continued to worsen, some filling stations in Rounda and Lafenwa area are selling a litre for N1,000. Though we have a few selling for between N750 to N800 the queue is killing. The NNPC filling stations are selling for N580 but my friend who has been at one of the stations since 9 am is yet to buy fuel as of 4 pm when I called him.

“The queue is so much and overwhelming. The cabs outside are few because many drivers are at the filling stations and some who don’t have the strength to spend hours at filling stations have parked their cars. How do we feed our families?

“The schools have just resumed and a lot of us want to pay our children’s school fees, how do we do that if we don’t work? It is really frustrating and sad.”

Some students were also sighted trekking home because they could not get cabs on time while those who offered to carry them increased the fare by 70 per cent.

The Total filling station at Toll Gate, along the Lagos-Ibadan Expressway, in Ogere sold petrol for N1,200/litre on Monday.

Also, Danco filling station and NNPC at Magboro, Ogun State, sold for N610 and N580 respectively. While others like TAS, Mobil, Osadol, Heyden, Amuf oil, Rainoil, and NIPCO among others were under lock and key.

Black marketers took advantage of the situation to sell the product at exorbitant prices ranging from N1,300 to N1,800/litre.

Our correspondents, who went around major cities, saw miscreants threatening to burn down some filling stations perceived to be hoarding the product.

Motorists described the situation as pathetic, calling on the government for an urgent intervention to avoid possible implosion.

The PUNCH reports that a motorist at a Mobil fuel station in Ikotun, Lagos, who gave his name as Mr Valentine, said, “Though none of the fuel stations have started selling, I heard they sold for N1,050 per litre earlier”.

A resident at Egbeda, Lagos, who simply gave her name as Peace Adeola, said commercial vehicle operators started raising their fares on Sunday.

According to the resident, moving from Ikotun to Egbeda on Sunday went for N600 as against N300 before now.

“The bus drivers and conductors were complaining, saying they bought the fuel at an expensive rate of N900. We trekked home from Egbeda,” Adeola recounted.

Also speaking, another resident of Egbeda, Ignatius Uzonna, told one of our correspondents on Monday that the government-owned BRT buses now recorded a high number of passengers due to the scarcity of private commercial buses.

Our correspondents observed that a litre of fuel at the black market was sold for N900/litre in Apapa, while an outlet belonging to Saddeh at Egbe Bus Stop along Ikotun-Ejigbo road, sold for N1,000/litre.

The God’s Decision outlet along Governor’s Road in Ikotun Lagos also sold petrol for N900/litre on Monday.

In Gombe State, residents frowned at the incessant increment in petroleum prices as fuel sold across the state at N900/litre in a few operating filling stations, and N1,400 at the black market.

An okada rider, Mohammed, said, “We are suffering and it’s unfortunate we buy fuel at N1,400 because we can’t stay in long queues at the filling station.”

In Makurdi, the Benue State capital, one of our correspondents reports that the few filling stations that opened for business sold petrol between N750 and N850/litre on Monday. Though, there were no long queues at the filling stations.

It was a similar development in Otukpo and Gboko, the two major urban centres in the state, where the cost of transportation had gone up.


The petrol scarcity in Ondo State affected business activities across the state with commercial drivers slightly increasing their fares by 50 per cent. Commuters who could not afford the fares were observed to be trekking a long distance to their various destinations.

While some stations sold petrol for N750/litre, others sold at N650.

It was gathered that the fuel stations in Akwa Ibom State dispensed fuel between N700 and N740/litre across the state as of Monday.

One of our correspondents who monitored the NNPC and Fonnex filling stations in Uyo reports that, though there was no scarcity of the product, stations hiked prices.

A petrol attendant in one of the filling stations, who spoke on the condition of anonymity because he was not authorised to speak on the issue said, “There is no fuel scarcity anywhere in the state as you can see, but we are still selling at N700.”

In Ilorin, the Kwara State capital, few petrol stations with long queues of vehicles dispensed fuel for as high as N1,000/litre on Monday, while the black marketers sold a litre for as high as N1,500. The stations included Shafa, NNPC, NIPCO, and Rainoil.

However, commuters decided to trek to their destinations as okada riders charged between N500 and N2,000, depending on the distance.

Similarly, in Ekiti State, the fuel crisis bit harder on Monday as many car owners resorted to parking their vehicles at home and patronised either commercial cars or bikes.

The queue was long at the NNPC filling station along Iworoko Road which dispensed petrol at N580/litre.

A driver, simply identified as Wale, said, “It took me over two hours before I could get to the pump at NNPC along Iworoko Road. But I was disappointed the attendants were rationing the fuel and did not dispense above N10,000 worth of fuel for any vehicle.”

A car wash operator along Ado Federal Polytechnic Road said he bought five litres for N8,000.

Tunde Olomu, an okada rider, lamented, “The black-market operators are cruel. They sell at N1,000 per litre at Nova Junction and N1,200 per litre at Atikankan”.

Olomu, who said the present situation had occasioned an increase in transport fares, said, “We now charge about N400 for distances that used to be N200, and N300 for those that used to be N100 and N150. I can tell you that taxi fares have been raised as well”.

The Ekiti State Council of Nigeria Union of Journalists, at their monthly congress, called on the state government to urgently intervene.

The NUJ, in a communiqué issued at the end of the congress, called for an investigation of the cause of the scarcity, queues and high prices “with a view to punishing those engaging in sharp practices to the detriment of the citizens.”

In the same vein, fuel stations in Niger State hiked the pump price of the product following the scarcity of fuel.

The price of fuel, PUNCH learnt, was stable and there were no queues at the filling stations until Sunday when retailers got information that the price of the product in neighbouring FCT was high and motorists could not get fuel.

The stations were said to have created an artificial scarcity and also hiked the price of petrol.

PUNCH investigation on Monday showed that most of the stations in the state were selling a litre of fuel for N900 and above.

The black marketers were also sighted hawking the product for N1,100 and above.


NMDPRA reacts

Meanwhile, the NMDPRA regional coordinator, Cardoso told one of our correspondents that the agency could no longer regulate prices, saying PMS was deregulated following the removal of subsidy by President Bola Tinubu on May 29, 2023.

“For now, the price is based on supply and demand, but we are still going out to make sure that people are not exploiting consumers.

“My people are on the field; they are going round. So, if you see any specific one you think we should handle, you can let us know. But since morning, we’ve been on the field, including myself, making sure nobody is hoarding. You know once there is enough supply, all those things will be a thing of the past.

“We don’t handle price anymore; it is deregulated since the subsidy has been removed. What we do is that there is a price bound that we are monitoring. The person who can determine the price is the person who is supplying marketers, and that is the NNPCL. Once the NNPCL says this is what they are selling, we just expect that there will be some margin around the NNPCL figure and it should not be too excessive,” Cardoso said.

He further said, “If the NNPCL is selling at N580, we don’t expect anybody to sell more than N630 or N650 at worst. If you let us know those selling at N700 or N800, we will take action. But you have to know that this is happening because there is scarcity. Outside scarcity, those things will come down. We can’t use the current prices to judge what the normal price should be.

“Any station we get to, and we see hoarding, we will ask them to start selling and they have to sell at the official NNPC price.”


‘Don’t store fuel’

Meanwhile, Nigerians have been warned to stop hoarding fuel in their houses to avoid a fire outbreak.

“We want to tell everybody that they should be patient, things will get cleared very soon. We have quite enough fuel being discharged. We want to enjoin people not to store fuel at home because of the safety issues around it.

“This is a flammable product, and you cannot guarantee how to handle it if you store it in your house. People should not store petroleum products at home. There will be enough fuel very soon,” Cardoso stated.

Also, the Commissioner for Environment in Ogun State, Ola Oresanya, warned against storing fuel at home.

Oresanya advised, “It is all about safety matters. We should not be tempted to store fuel. PMS is a very volatile material and there is no second chance when it comes to the safety of lives and properties.

“So, it is better for us to endure the pains of the discomfort at the moment. Discomfort is better than loss of lives. We just want to implore our people to make sure that they don’t store fuel in the house. We should please avoid hoarding fuel to avoid any form of domestic or industrial accident”.



Kwara task force

The Kwara State Government Task Force on Monday raided some filling stations within the Ilorin metropolis, cautioning them against hoarding of fuel.

The government said the raid was part of the government’s measures to address fuel scarcity in the state.

In a statement, the Deputy Chief Press Secretary, Government House Ilorin, Mashood Agboola, noted that the committee was set up by Governor AbdulRahman AbdulRazaq to see to the problem of fuel shortage.

“As a responsible and responsive government, we cannot be folding our hands watching. We have to see that the majority of our people enjoy the dividends of democracy,” the leader of the task force and Chief of Staff at Government House, Mahe Abdulkadir, told reporters during the exercise.

Abdulkadir called on the people of the state to be patient and avoid panic-buying.

“We want to call on the people of the state to be patient and avoid panic buying. The Federal Government is not trying to increase the prices of fuel. We will make sure our people are not shortchanged,” he added.

This came as the National Association of Nigerian Students threatened to embark on mass action if the Federal Government failed to take immediate steps to address the current fuel crisis in the country.

The students’ body also asked the Group Managing Director of the Nigerian National Petroleum Company Limited, Mr Mele Kyari, to resign if he could not take decisive actions to resolve the fuel crisis.

The association’s Senate President, Babatunde Akinteye, in a statement on Monday, lamented that the fuel scarcity has left many citizens, including students, frustrated and helpless.

The NANS senate president lamented that students are now facing unprecedented challenges as a result of the increase in petrol pump prices and the scarcity of the product.

While demanding immediate action from the NNPCL to resolve the fuel crisis and restore stability, Babatunde said the students would hit the streets in protest if the situation persisted.

Source: https://punchng.com/Petrol-hits-N800-as-240-million-litre-vessels-arrive

joefelin2345:
Yes of course by first of eliminating you and your family both Nuclear & extended.

In fact, you're on point......

President Bola Tinubu has said that his administration’s removal of the fuel subsidy was in the best interest of Nigeria, saying it was necessary not to plunge the country into bankruptcy.

He stressed the country’s belief in economic collaboration and inclusiveness among other nations to drive stability on the global stage.

Tinubu stated these during a panel session at the ongoing World Economic Forum in Riyadh, Saudi Arabia, on Sunday, which focuses on Global Collaboration, Growth, and Energy for Development.

He said, “For Nigeria, we are immensely consistent with belief that the economic collaboration and inclusiveness are necessary to engender stability in the rest of the world.


“Concerning the question of the subsidy removal, there is no doubt that it was a necessary action for my country not to go bankrupt, to reset the economy and pathway to growth.”

Tinubu, on his inauguration on May 29, 2023, declared to the citizens his resolve to stop the payment of the fuel subsidy, saying “subsidy is gone.”

The subsidy, which the Federal Government used to help the citizens ameliorate the payment for fuel purchases at higher prices, later became a sort of nightmare for the populace as it had partly contributed to the exorbitant prices of commodities in the market, especially food items, transportation costs, among others.

This sparked tense reactions and calls from Nigerians and concerned stakeholders like the Organised Labour Union as well as opposition figures and the international community on the dire consequences that had affected the [/i]standard of living of the populace.


However, the President had admitted in his New Year message on January 1, 2024, that even though it was a tough decision to pronounce the removal of the fuel subsidy, its payments by the FG were an “unsustainable financial burden” on the country.

[i]“It is going to be difficult, but the hallmark of leadership is taking difficult decisions at the time it ought to be taken decisively. That was necessary for the country. Yes, there will be blowback, there is an expectation that the difficulty in it will be felt by a greater number of the people, but once I believe it is their interest that is the focus of the government, it is easier to manage and explain the difficulties.

“Along the line, there is a parallel arrangement to really cushion the effects of the subsidy removal on the vulnerable population of the country. We share the pain across the board, and we cannot but include those who are vulnerable.

“Luckily, we have a very vibrant youthful population interested in discoveries by themselves, and they are highly ready for technology, good education committed to growth. We are able to manage that and partition the economic drawback and the fallout of subsidy removal,” he said.

Tinubu equally noted that the fuel subsidy removal brought about accountability, transparency, and physical discipline for the country.

Speaking on the exchange rate unification and the swinging rate of the Naira against other global currencies like the United States dollar, Tinubu said, “The currency management was necessary equally to remove the artificial elements of value in our currency. Let our local currency find its level and compete with the rest of the world currency and remove arbitrage, corruption, and opaqueness.


“That we did at the same time. That is a two-engine problem in a very template situation for the government, but we are able to manage that turbulence because we are prepared for inclusivity in governance and rapid communication with the public to really see what is necessary and what you must do.”

Source: https://punchng.com/Fuel-subsidy-removal-necessary-to-avert-financial-crisis-Tinubu

Governors of the 36 states of the federation have agreed to work together to tackle epileptic power supply in the country, Sunday PUNCH has learnt.

As part of measures to achieve this objective, the governors have agreed to take steps to break the monopoly of Discos in power distribution across the states.

In March 2023, then-President Muhammadu Buhari signed into law the constitutional amendment allowing states in the country to licence, generate, transmit, and distribute electricity.

This was made known in a tweet by the presidential media spokesperson, Tolu Ogunlesi.

“President #MBuhari has signed 16 constitution amendment bills into law. By this signing, State Houses of Assembly and judiciaries now have constitutionally guaranteed financial independence, while railways have moved from the exclusive legislative list to the concurrent list.

“Another landmark change. By virtue of the presidential assent, Nigerian states can now generate, transmit, and distribute electricity in areas covered by the national grid. (This) wasn’t allowed pre-amendment. This is genuine, realistic restructuring — through the constitution,” he wrote.

With the Fifth Alteration Bill No. 33, Devolution of Powers (National Grid System), Nigeria’s 36 states can now generate their own electricity.

President Bola Tinubu recently signed the Electricity Act of 2023 into law, marking an important development in the country’s electricity sector.

This Act aims to break the monopoly in electricity generation, transmission, and distribution at the national level.

The Act grants the power to generate, transmit, and distribute electricity to states, companies, and individuals.

In March 2023, Buhari had signed a constitutional amendment allowing states to license the generation, transmission and distribution of electricity.

Based on the amendment, Nigerians can now participate in the electricity supply business, which was previously the exclusive preserve of the FG, as administered by the stage regulator, the Nigerian Electricity Regulatory Commission.

States are required to create their laws and the state governors must sign those laws.

With the constitution amended, and the National Assembly having passed a law for the electricity sector in line with the amendment, the states will now proceed to establish their laws based on the constitutional amendment.

The 2023 Electricity Act, by virtue, allows anyone to construct, own, or operate an undertaking for generating electricity exceeding one megawatt in aggregate at a site.

Also, organised labour, comprising the Nigerian Labour Congress and Trade Union Congress, has asked the 36 states and the Federal Capital Territory to work out modalities to break the monopoly of the power distribution companies (also known as Discos) in the country.

According to the labour unions, the discos, as currently constituted, are enjoying a monopoly in power distribution, making them ‘behave in ways that are untoward’ towards their customers.

The Deputy President of the TUC, Dr Tommy Etim, speaking with Sunday PUNCH, said the issue of estimated billing was killing the populace, stressing the need for all homes in the country to have metres.

He also noted that the new Electricity Act had made things easier for the country, as states could now own and run their own discos.

He said, “Labour also takes the position that every household should be metered. So that whatever anyone is paying will be known rather than estimated billing. Organised Labour frowns at the increase in tariff.

“Again, the continuous refusal to meter homes, even for those who have already paid for it for more than a year or more is unfair. We are not happy about it.

“We call on the Federal Government to ensure that those things are put in place, and states should begin to invest in power infrastructure in line with the new law signed by the former president, Muhammadu Buhari.”

NGF’s defence

Speaking with Sunday PUNCH on what the governors are doing, the Director General of the Nigeria Governors’ Forum, Asishana Okauru, said governors were determined to tackle the problem of poor power supply in Nigeria by taking advantage of the power they now had with the Electricity Act (2023).

He said, “States are taking advantage of the new law on power.”

He noted that the NGF had taken a ‘leading and coordinating role’ in seeing to the implementation of the Electricity Act at the sub-national level.

“We have assisted the states as they grapple with the reality of establishing their electricity markets.

“To achieve this, we have set up a dedicated power desk at the NGF Secretariat, engaged consultants, facilitated the constitution of a Forum of Commissioners of Power in the 36 states, and engaged with stakeholders, local and international.

“Additionally, we have enlisted the support of donors who have shown a remarkable interest in working with the states through the NGF secretariat. There is still a lot of work to be done. However, we are on the right track.”

Last Monday, the Federal Government said it had commenced the restructuring of the 11 discos in the country.

The Minister of Power, Adebayo Adelabu, disclosed this while speaking during a visit of the Senate Committee on Power to the Ministry of Power and the Transmission Company of Nigeria in Abuja on Monday.

The government also ordered the sale of DisCos that had been taken over by banks and the Assets Management Corporation.

Five distribution companies are currently under the management of banks and AMCON due to their inability to repay their loans to financial institutions.

Five distribution companies are currently under the management of banks and AMCON due to their inability to repay their loans to financial institutions.

The Abuja DisCo is under the management of the United Bank of Africa, while Fidelity Bank manages the Benin DisCo, Kaduna DisCo and Kano DisCo.

The Ibadan DisCo is under the AMCON management.

Addressing the Senate Committee on Power on Monday, Adelabu said, “We are unbundling the DisCos along state lines.

“Some of the DisCos are too big for efficiency. They are too big for effectiveness. Ibadan DisCo covers seven states. It is practically impossible for them to be efficient.

“So, we are rearranging and restructuring the DisCos along state lines, so that each state government will know the responsible DisCo for their states. Also, the federal and state governments should start exercising their rights in the operation and management of the DisCos, because we still own 40 per cent of the firms.

“But, we have left it for the private sector operators for too long, and they have messed it up. The government must return to take over its rights in the DisCos. We are also planning to franchise the un-served communities under the DisCos,” Adelabu said.

He said the decisions on the DisCos had become necessary because the Nigerian Electricity Supply industry fails when they refuse to perform.

He added that the ministry would prevail on the Nigerian Nigerian Electricity Regulatory Commission to revoke underperforming licences, and change the management board of the DisCos for non-performance.

“We will start seeing regulations about franchising. The fact that you are an Eko DisCo, for example, doesn’t mean that you cannot have smaller DisCos that are ready to invest in your un-served communities. So, we are looking at franchising.

“We are transforming the DisCos, and very soon, you’ll see that many tough decisions will be taken against these DisCos, because they are the last mile in the sector. If they don’t perform, then the entire industry is not performing,” he said.

Adelabu had said in December 2023 that the country got about 40,000 megawatts of electricity from generators powered by Premium Motor Spirit, popularly called petrol, and those run by Automotive Gas Oil, also known as diesel.

He disclosed this at the ministerial summit on the Integrated National Electricity Policy and Strategic Implementation Plan, while examining the key challenges to Nigeria’s electricity reliability through the prism of governance, adherence to rules/contracts, and finance.

Nigeria’s power generation and supply from its national grid revolves between 3,500MW and 4,500MW for an estimated population of 200 million people.

In his address at the summit, the minister pointed out that one of the main objectives of the Nigerian electricity sector reform programme initiated over 23 years ago was to make electricity available to consumers across the country with efficiency and consistency.

This, however, had yet to be achieved. Rather, according to the minister, Nigeria had continued to expend hundreds of billions of naira to generate electricity through diesel- and petrol-powered generators.

He stated that electricity consumption per capita in Nigeria was 140 kilowatt-hour in 2021, relatively low in comparison to neighbouring countries, and almost three times lower than the average for Sub-Saharan Africa.

Adelabu said, “Nigeria is a case study in deep electricity paradox. The country has grown to become the host of probably the world’s largest fleet of diesel- and petrol-powered generation capacity that is utilised for baseload supply.

“Various figures have been mentioned but it is safe to say that this fleet measures no less that 40,000MW of total capacity.

“At an average operating cost of no less than N250/kWh as opposed to an average economic tariff today of approximately N120/kWh (weighted between petrol and diesel generation), the daily cost of this extreme inefficiency in electricity supply in Nigeria is measurable in tens of billions of naira daily.”

Electricity palaver

Experts have noted that Nigeria has the potential to generate 12,522 MW of electricity from the existing infrastructure, but it can only manage about 4,000 MW.

Approximately 55 per cent of the population of over 200 million does not have access to electricity, according to Statista.

For Nigeria’s population, this is grossly insufficient, according to statistics by PowerAfrica, a United States government-led partnership.

NLC’s view

An official of the Nigeria Labour Congress who did want his name in print said there was nothing wrong in allowing state governments to be involved in the large-scale generation, transmission, and distribution of electricity.

He added that decentralisation of the sector would enable the supply of electricity to be efficiently handled and distributed by the federating units.

According to him, the monopoly of electricity distribution companies on the distribution of electricity would be adequately managed if the state governments invested in the sector, saying the benefit of such would accrued to the citizenry.

“We are asking that the power of the Federal Government be decentralized, and that is why we talk about restructuring. It is also part of it, so that most of these responsibilities and powers of the federal government can be handled efficiently by the federating units.

“That particular law is meant to decentralise the electricity sector just like state governments can be involved in railway. I don’t see anything wrong in letting the state get involved in large-scale electricity generation, transmission, and distribution.

“If we are saying that they should take over electricity, I think there is nothing wrong with that. When the state governments are involved in the generation and distribution of electricity, it will be more efficient, and will be cheaply available to the citizens.

He further noted that state governments should invest more in the sector to make electricity cheap for Nigerians.

“Anything that can be done to make it accessible and cheaper for average Nigerians is a welcome development. Anybody canvassing for that is actually on the right path. What the Trade Union Congress said is right, because they are saying the right thing. But, the NLC has not taken any universal position on that,” he said.

We’ll protect consumers – Reps

The House of Representatives Committee on Power has pledged to intervene in the recent hike in electricity tariffs to protect the interest of Nigerians.

The NERC recently gave power distribution companies the liberty to increase tariffs, arguing that without sufficient investment in the sector, the nation could not be guaranteed a steady power supply.

Already suffocating from economic hardship made worse by the removal of subsidy from petrol by the Federal Government, Nigerians from all walks of life have described the recent hike as totally unacceptable.

At a recent power sector dialogue, which was held in Abuja, the Speaker of the House of Representatives, Abbas Tajudeen, pledged to sponsor a bill for mandatory consultation on power-related matters between the legislature and relevant stakeholders.

“I will sponsor a bill to provide administrative procedures that entrench proper consultation and legislative review of the process for tariff setting in Nigeria’s electricity sector and other public services,” Abbas said.

In a telephone interview with Sunday PUNCH, the Chairman, House Committee on Power, Victor Nwokolo, said the parliament was on the side of Nigerians, noting that if at all there should be an increment in electricity tariff, there must be proportional improvement in power supply.

He said, “On May 2 or 3, the committee will meet with the Gencos and Discos, but we must make it clear that as lawmakers, we are on the side of Nigerians.

“There are a lot of issues to be discussed surrounding the delay in the categorisation of consumers into the various bands.

“Nigerians are willing to pay but the question is, how much should the increment be? Is there a guarantee that there would be an improvement in power supply, because even some consumers in Band A are complaining of poor supply?”

Speaking separately with our correspondent in Abuja, a member of the power committee, Sunday Umeha, said that as the people’s representatives, the lawmakers would not fold their hands and allow arbitrary increments in electricity tariff to go unchallenged.

Umeha, who represents Ezeagu/Udi Federal Constituency, Enugu State, noted that though the President Bola Tinubu-led administration might have its share of the blame, the parliament was in a hurry to intervene in the interest of Nigerians.

He said, “We are trying to have legislative intervention in the challenges affecting Nigeria’s migration to a multi-tier electricity market. We are coming out with resolutions on how to have a middle ground between the power stakeholders and Nigerians, who are not happy with the timing of the recent tariff increment.

“Today, we are battling with the economy. Nigerians are hungry and going through a lot of challenges. The increment of tariff in Band A will have a ripple effect on the rest of us.”

Umeha, who doubles as the Deputy Chairman, House Committee on Justice, also noted that though not all electricity consumers were affected by the hike in tariff; the burden, he said, would be passed on to them in no distant time.

“If you look at it carefully, you will see Band A consumers as a group making use of power for industrial purposes. If they pay higher, they will add this cost to their outputs, and push the same to the masses.

“So, we are looking at a framework on how best the interest of the masses can be protected,” he added.

Speaking on the interface between the committee and the regulator, Umeha said, “What NERC told us was that if this tariff increase is not allowed, the power sector will collapse. The government has its problem, because they are not subsidising as required.

“In March, they gave a bill of N2.6bn, and the government ought to pay N2.4bn, but they didn’t. The Discos paid their N20bn as expected. Yet, NERC is saying that over N2trn is being owned to the power sector.”

According to him, there was a revolution ongoing in the sector already, particularly with the Electricity Act 2023, which empowers states to generate and distribute their own electricity.

“We have passed the stage of just talking and doing conferences. Enugu and Ekiti states have got the go-ahead, and we can see the work that Geometric Power is doing in Abia State. This is an indication that we are in the right direction,” Umeha further said.

Power experts support move

Commenting on the matter, a professor of Economics, Cletus Agu, lamented that the monopoly of distribution companies was adding to the already existing hardships experienced by electricity consumers.

He added that the problem in the electricity sector was that the discos were not carrying out their responsibilities efficiently, noting that it would be difficult for the government ‘to go back and appoint another group to compete with Discos. It’s going to be difficult’.

A public policy enthusiast at Meristem Securities Limited, Femi Oladele, said the development landscape across Nigerian state capitals had come under scrutiny.

“By improving connectivity, more towns can flourish, and existing ones can upgrade their amenities. The goal is to disperse development across the entire state, reaching even the most remote corners,” he said.

However, an economist at Lotus Beta Analytics, Shadrach Israel, said, “The capital-intensive nature of power generation poses a formidable obstacle for state governments.

“While we don’t expect states to become major power generators overnight, proactive efforts from state governors are crucial.

“Rather than relying solely on government funds, states should actively court private investors.

“A notable example is Aba, where a private company partnered with the Abia State government, resulting in reliable power supply and economic growth,” he said.

Source: https://punchng.com/Poor-power-supply-Govs-hire-consultants-to-break-Discos-monopoly

The Indigenous People of Biafra has demanded the stepping down of Justice Binta Nyako from the case of its leader, Mazi Nnamdi Kanu.

The pro-Biafran group in a statement on Saturday by its spokesman, Emma Powerful, said Nyako has been “compromised” by the Federal Government.

Powerful said that as a result, the judge would not deliver any justice in the matter.

He insisted that Biafrans, both home and the diaspora, demand that Justice Nyako step down from Kanu’s case.

He alleged that Nyako will not deliver a fair judgment as she is under uncontrollable pressure from the Federal Government of Nigeria to jail an innocent man to save her husband and son from EFCC.

The statement said, “The global family of IPOB demands that Justice Binta Nyako step down from Mazi Nnamdi Kanu’s case. Nyako is already compromised because the Federal Government of Nigeria is pointing a gun at her head to jail Kanu to free her husband and son from their EFCC case.


“IPOB will never allow the Federal Government to use our leader as bait to entice Nyako to carry out their ugly agenda. Kanu cannot be sacrificed to save the corrupt and treasury looters. Kanu has not committed any offence known to the law. His only offence is that he is championing Biafra’s self-determination movement.


“Justice Nyako must understand that Kanu belongs to every South Easterner and they don’t want to see anything ugly happen to him. The calamity that will befall the country will be better imagined. President Bola Tinubu and Nyako must save the country by releasing Mazi Nnamdi Kanu.”

He, however, called on human rights advocates to interfere and ensure fairness in Nigeria’s judicial system.

“We urge all Western countries and human rights organisations like Amnesty International, Human Rights Watch, Inter-Society organisations and other reputable human rights organisations to prevail on the Federal Government of Nigeria to save their judicial system in Nigeria.

“IPOB understands the precarious situation Justice Binta Nyako has found herself in. That is why we demand that she steps down from Mazi Nnamdi Kanu’s case,” he stated

This demand came 10 days after Nyakob threatened to adjourn sine die the trial of the Indigenous people of Biafra, Nnamdi Kanu when his lawyer, Alloy Ejimakor, that his client’s rights to a fair trial were being disrespected.

Source: https://punchng.com/Step-down-from-Kanus-case-IPOB-tells-Justice-Nyako

Domaining101:
Lolzz, Like the lives of the babies beheaded by hamas? Lolzz,oga rest. Since you said one action leads to another then ask yourself what actions lead to October 7th before you start to support the actions that followed October 7th. I don't have time to argue with people like you because i know that most of you Nigerians that support Israel is either one of two things, (1) it's either you're blinded by religion or (2) It's either you watch too much BBC and CNN and have been subject to Western media psychological operation, just like the way they (CNN and BBC) falsely reported about Hamas Beheading babies.


I'll just drop this picture below, it's a picture of the ancestors of the ones that now call themselves "Israel" being shipped from Europe into Palestinian Lands in 1947, a land that they now call "Israel".

Please, can two wrongs make a right?
Consider the consequences of your action before launching out.

Telecommunications operators in the country including MTN Nigeria and Globacom have asked for Federal Government approval through the Nigerian Communications Commission to raise their tariff.

The development came after foreign exchange losses and rising energy costs forced some of the operators to post losses last year.

The telcos’ proposal to raise their tariff came barely 24 hours after MultiChoice, a South African pay television company raised its tariff. Several companies including Discos and brewing companies have also raised their prices in recent times.


On Thursday, the telcos, under the aegis of the Association of Licensed Telecom Companies of Nigeria and the Association of Telecom Companies of Nigeria, issued a joint statement asking the government to expedite the approval.

The two bodies in their statement explained, “Despite the adverse economic headwinds, the telecommunications industry remains the only industry yet to review its general service pricing framework upward in the last 11 years, primarily due to regulatory constraints.

“For a fully liberalised and deregulated sector, the current price control mechanism, which is not aligned with economic realities, threatens the industry’s sustainability and can erode investors’ confidence.”

The associations called on the federal government to facilitate a constructive dialogue with industry stakeholders to address pricing challenges and establish a framework that balances consumers’ affordability with operators’ financial viability.


The telecom industry appears to be among a few sectors that have yet to review their prices despite the rising inflation in the country amid other economic challenges. They blamed this on the regulatory restraints that have been preventing them from pricing appropriately.

Efforts to reach the commission’s Director of Public Affairs, Reuben Mouka, on whether the request will be considered proved abortive as of press time on Thursday. There were no responses to calls, WhatsApp messages, and text messages sent to his line.

The NCC regulates prices in the telecom industry, and telecom operators are not allowed to implement any price changes without the regulator’s approval. The regulator has said a cost-based study is being conducted to determine if it would approve price increments for the operators.

The Chairman, Association of Licensed Telecoms Operators of Nigeria, Gbenga Adebayo, said in a publication on Thursday that cost reflective tariff was non-negotiable.

“We have seen the impact of price control in other segments of the economy, like power. If providers cannot operate sustainable business models, then they’ll stop investing. When that happens, the existing infrastructure starts to crumble.

“For power, a consumer can choose to take ownership of the solution by buying a generator, or a solar panel. For fuel, the government can step in as a provider of the last resort and manage a subsidy regime that mitigates the impact on the population. Those options are not available in the telecoms sector. There is no self-help solution,” he explained.

The industry has faced significant increases in operational costs occasioned by the scarcity of foreign exchange, network expansion, and upgrades, which have also negatively affected the bottom lines of the operators.


Investment in the sector has also dwindled to $134m in 2023 from $456.8m in the previous year, a decline of $322m, according to the National Bureau of Statistics.

The decline represented a decrease of approximately 70.5 per cent.

MTN Nigeria Plc has disclosed a substantial loss of N740.4bn for the fiscal year 2023, a notable surge from the N81.8bn loss reported in 2022, marking an alarming 804 per cent increase, equivalent to N658.6bn.

This drastic financial setback is primarily attributed to the effects of the foreign exchange market liberalisation that commenced in June of the previous year.

MTN clarified that it applied an official exchange rate of N907.11 per dollar, based on NAFEM (Nigerian Autonomous Foreign Exchange Market), as of December 31, 2023.

This implies that the reported loss might escalate further if the prevailing exchange rate between the naira and dollar remains unchanged by the end of March, coinciding with the publication of its Q1 results.

Meanwhile, Airtel Africa reported a 99.6 per cent decline in its post-tax profit to $2m at the end of the nine months ended December 2023 from $523m at the end of the same period in 2022.


The key driver behind these losses was the liberalization of the forex market in June 2023, which led to a 96.7 per cent devaluation of the naira from N461 per dollar in December 2022 to N907.1 per dollar by the end of 2023, MTN disclosed in its audited financial results for 2023.

Telcos threaten
Speaking with The PUNCH, the President of Telecommunications Companies of Nigeria, Tony Izuagbe, explained that telcos are running at a loss and may not survive this year should tariffs remain the same.

Izuagbe warned that if urgent action is not taken, many telecom operators may be forced to shut down operations, leaving millions of Nigerians without access to vital communication services.

He emphasised that the current tariff regime is insufficient to cover the costs of providing services, and urged regulatory bodies to address the industry’s challenges and support operators in maintaining the quality of service.

The current price of diesel, ranging from N1300 to N1500 per litre, has placed a substantial financial burden on operators, who consume an average of 2000 to 3000 litres per month per base station, Izuagbe analysed.

In 2023, telecommunication companies spent about N429.43bn on diesel for base stations, an increase of 34.57 per cent from the N319.11bn they spent in 2022. This is because diesel prices soared in 2022 and remained at an elevated level in 2023.


In 2022, the telecoms industry noted, “The telecommunications industry has been heavily financially impacted following Nigeria’s economic recession in 2020 and the effect of the ongoing Ukraine/Russia crisis. This has increased energy costs, (which constitutes an appreciable 35 per cent of ALTON’s members’ operating expenses).”


Telcos use an average of 40 million litres of diesel per month to power telecom sites.

ATCON President expounded, “We all know the challenges of inflation, which is affecting operators. Let’s take a typical diesel price, for example, which is sold at N1500 per litre or even N1300. On average, a typical base station would use about 2000–3000 litres in a month.”

Analysing further, he stated, “The cost per gigabyte of data in Nigeria is about N250. By the time you look at the expenses incurred in maintaining a base station, you will discover that revenue will not be enough to cover them.

“This excludes colocation and infrastructure services. By the time they mark up their charges, the operators will also be suffering.”

He revealed that many operators were already cutting back on infrastructure investments to mitigate losses and warned that if drastic measures are not taken, many may not survive the year.

Izuagbe acknowledged that the NCC has been working to address some of the challenges facing the industry, but emphasized that more needs to be done to ensure the survival of telecom operators.

He described the situation as a “chicken and egg scenario,” where it is difficult to improve the quality of service when operators are struggling to survive.


He urged the NCC to take further action to address the challenges facing the industry, including the issue of compensation for damaged infrastructure, to ensure that telecom operators can provide the quality of service that Nigerians deserve.

A commission official, speaking anonymously due to the sensitive nature of the issue, conveyed that the operators were left with no choice but to seek a tariff review approval from the commission. However, such approval might not be granted due to the prevailing high cost of living.

The official said, “Telecommunications cannot do anything without the commission’s permission. There can’t be any increment in cost without regulatory approval. That is what the law says. They can only keep agitating. The telecommunications sector is unlike other sectors that can increase their prices at any time without notice or recourse.”

Subscribers, economists back telcos

Subscribers and economists who spoke with The PUNCH backed the move by telecom operators to increase tariffs to stay afloat.

As of March 2024, industry statistics obtained from the NCC website showed that there are at least 219 million subscribers.
The President of the National Association of Telecommunications Subscribers, Adeolu Ogunbanjo, called for a marginal increase in tariff prices.

According to Ogunbanjo, the increase is necessary to help operators offset the rising cost of operations, including the purchase of equipment in dollars, which has been affected by the fluctuating exchange rate, and the removal of fuel subsidies, which has led to an increase in the price of diesel used to power base stations.


The NATCOM president acknowledged that telecom companies were facing significant challenges, including the need to improve services, deploy infrastructure, and power their base stations.

He noted that a slight increase in tariff prices would not be detrimental to subscribers but would rather help operators continue providing services and investing in infrastructure.

A slight increase in tariff prices would not be detrimental to subscribers but would rather help operators continue providing services and investing in infrastructure, Ogunbanjo pinpointed.

“A slight increase will not be bad so as not to suffocate the operators. They need to improve services, they need to deploy infrastructure, and it will be difficult if the situation doesn’t improve. They have to continue to power their base stations. Recently, they had issues with the undersea cable. All these issues have compounded their woes,” he buttressed.

Professor of Economics at Olabisi Onabanjo University, Sheriffdeen Tella, told The PUNCH that the move was long overdue.
The cost of operation for telecom operators has increased significantly, making it difficult for them to sustain their businesses, the academic stated.

“When I see the cost of sending text messages, I discover that they haven’t increased their charges. Generally, the cost of operation has increased, and it’s the government that is supposed to reduce the cost of energy, the interest rate, and all those indicators.

“So, since the government is not doing that, they cannot stop them. So there is a need for the government to review its policies. The need to intervene generally in the economy,” he elaborated.


Tella also highlighted the need for subscribers to adjust to the new reality and understand that operators cannot continue to operate at a loss.

He warned that if the situation is not addressed, more companies may be forced to leave the market, which would have negative consequences for the economy.

An economist, Aliyu Ilias, stated, “The move is justifiable, and the telcos and the NCC have been doing well. The way they have even approached the situation is commendable.

“The environment they operate in is not different from the environment others are operating in. It is a tight move, but the government needs to work with them to know the percentage they intend to increase the tariff,” Ilias argued.

Source: https://punchng.com/Forex:-MTN-Glo-others-seek-NCC-nod-for-tariff-hike

TooMuchStuff:
Give us State Police...

He can't singlehandedly do that, it's within the jurisdiction of Federal government back by constitutional provision.

viyon02:
Dey play, what about some of us who have it stored in flashdrive?

Correct guy.......

The naira depreciated further against the United States dollar at the official market on Tuesday, closing at 1,300/$.

This came as the Central Bank of Nigeria stepped up efforts to stem the tide, selling more dollars to Bureau De Change operators.

The apex bank disclosed the dollar sale in a new circular referenced TEM/FEM/PUB/001/013 and uploaded to its website on Tuesday.

It was signed by the CBN Director, Trade and Exchange Department Dr Hassan Mahmud.

The apex bank said it was set to sell $10,000 to BDCs at N1,021 per dollar and directed the operators to sell at a spread not more than 1.5 per cent above the CBN rate.

Amid the development, the naira maintained a depreciation trend against the United States dollar on Tuesday, falling to N1,300 per dollar at the Nigerian Autonomous Foreign Exchange Market.

The new rate is N66 per cent weaker than N1,234 per dollar recorded on Monday.


A summary of the forex transaction showed that the intra-day high depreciated by N22, closing at N1,317 per dollar from N1,295 per dollar. The intra-day low however gained to N1,000 from N1,051/$.

While the total daily turnover increased slightly to $133.65m from $110.17m on Monday.

At the parallel market, currency traders sold the dollar between the rate of N1,300 and N1,320 on Tuesday from N1,260 recorded on Monday.

Earlier this month, the apex bank sold $10,000 to BDCs at a rate of N1101/$ and directed the BDCs to sell to eligible customers at a rate not exceeding 1.5 per cent above the purchase price.

This initiative represents the second such occurrence this month and the fourth instance this year, underlining the CBN’s proactive strategy in managing currency volatility and ensuring the availability of essential foreign exchange.

The PUNCH reported on Monday that the Naira depreciated against the United States dollar reaching an exchange rate of N1,234 at the official foreign exchange market. This represents a decline of N65 or approximately 5.26 per cent from the previous rate of N1,169.99/$1 recorded on Friday. The fluctuation in exchange rates can have significant implications for trade and economic stability.

The statement read, “We write to inform you of the sale of $10,000 by the CBN to BDCs at the rate of 1,021/$. The BDCs are in turn to sell to eligible end users at a spread not more than 1.5 per cent of the purchase price.”


This recent move follows the CBN’s resolve to continue to defend the naira as stated by the bank earlier.

The CBN directed all eligible BDCs to commence payment of naira deposit into the designated CBN accounts from April 22, 2024.

It also asked the operators to submit proof of payment and other documents at the appropriate CBN branches for disbursement.

Source: https://punchng.com/CBN-releases-more-dollars-as-naira-weakens-to-1300/$

Oil marketers have continued to dispense Automotive Gas Oil, popularly called diesel, at a price between N1,350/litre and N1,450/litre in various locations across the country despite repeated cuts in the price of the commodity by the Dangote Petroleum Refinery.

Although they attributed the high pump price of AGO to transportation costs, taxes and old stock in most of the tanks in their filling stations, they commended Dangote for yielding to their calls for further reduction in the price of AGO from the plant.

This also followed about N470/litre slash in the price of aviation fuel, popularly called JetA, by Dangote refinery.

Dangote crashes prices

The Dangote Petroleum Refinery, on Tuesday, announced a further reduction in the prices of diesel and aviation fuel to N940/litre and N980/litre respectively.

On April 17, The PUNCH reported that Dangote refinery listened to the calls of oil marketers regarding a reduction in the price of diesel, as the refinery reduced the cost of the commodity from N1,200/litre to N1,000/litre.

On Tuesday, the multi-billion dollar facility announced a further reduction in the price of AGO but noted that this change was only applicable to dealers purchasing up to five million litres of diesel and above.

“The price change of N940 applies to customers buying five million litres and above from the refinery, while the price of N970 is for customers buying one million litres and above,” the firm stated in a statement issued by its spokesperson, Anthony Chiejina.

He explained that the new price aligned with the company’s commitment to cushion the effect of the economic hardship in Nigeria.

“I can confirm to you that Dangote Petroleum Refinery has entered a strategic partnership with MRS oil and gas stations to ensure that consumers get to buy fuel at affordable prices in all their stations, be it Lagos or Maiduguri.

“You can buy as low as one litre of diesel at N1,050 and aviation fuel at N980 at all major airports where MRS operates,” Chiejina stated.

He further noted that the partnership would be extended to other major oil marketers.

“The essence of this is to ensure that retail buyers do not buy at exorbitant prices. The Dangote Group is committed to ensuring that Nigerians have better welfare and as such, we are happy to announce these new prices.

“We hope that it would go a long way to cushion the effect of economic challenges in the country,” the spokesperson of the refinery stated.

The management of Dangote Petroleum Refinery announced a reduction in the price of diesel from N1200 to N1,000/litre less than two weeks ago.

Tuesday’s price slash marked the third major reduction in diesel prices in less than three weeks. The product sold for N1,700/litre about a month ago, but was reduced to N1,200/litre by Dangote refinery.

The facility also carried out a further reduction in the cost of AGO to N1,000/litre, before the latest slash to N940/litre. It puts aviation fuel from the plant at N980/litre.

President Bola Tinubu had also commended the refinery for the initial price reduction, describing it as an enterprising feat.

Reacting to the latest development, the Director-General of the Manufacturers Association of Nigeria, Ajayi Kadiri, was quoted in the statement from Dangote refinery as saying, “The decision of Dangote refinery to first crash the price from about N1,750/litre to N1,200/litre, N1,000/litre and now N940/litre is an eloquent demonstration of the capacity of local industries to positively impact the fortunes of the national economy.

“The trickle-down effect of this singular intervention promises to change the dynamics in the energy cost equation of the country, in the midst of inadequate and rising cost of electricity.

“The reduction will have far-reaching effects in critical sectors like industrial operations, transportation, logistics, and agriculture, contributing to easing the high inflation rate in the country. A lot of companies will be back in operation.”

Oil marketers also commended the management of the refinery for reducing the price of diesel, but they continued dispensing the product at high prices and blamed this on various factors.

Marketers blame old stock

The National President, Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, commended the Dangote refinery for the latest reduction in the price of diesel.

He, however, stated that this would not translate to an immediate reduction in the pump price of the product due to the presence of old stock at filling stations.

“Marketers are happy about the reduction in the price of diesel from the Dangote refinery but still we are appealing to him to further reduce the price. Let them try as much as possible to see how we can get it at N800/litre.

“However, we must state that he has tried and marketers are happy because of the reductions being carried out by Dangote refinery since they started releasing diesel into the domestic market.”

When asked to explain why marketers were still selling the commodity at between N1,350/litre and N1,450/litre depending on the area of purchase, the IPMAN president said it was because many dealers were still having the old stock which they bought at N1,225/litre.

Maigandi said, “The price reduction by Dangote refinery will not reflect at the pumps immediately because he started selling at the rate of N1,225/litre. Many marketers bought at that price and are still selling that stock.

“So there is no way they can be able to reduce the price to below their cost price. But with time, the price of the product at the filling stations will reduce and normalise.

“Before now some stations were selling it at N1,600/litre, but now you can get it at N1,300/litre and N1,350/litre depending on the location and the distance from Lagos.”

On whether Dangote refinery had briefed marketers about when it would start pumping out Premium Motor Spirit, popularly called petrol into the market, Maigandi said, “We don’t know the time. But since he said he would start it, I know that he will do that. So we are still waiting.”

On his part, the Executive Secretary of the Major Energies Marketers Association of Nigeria, Clement Isong, said no marketer would buy diesel at N940 and sell at N950, considering the incurred costs in the business, describing diesel as a slow-moving product.

“Dangote sells its product at the loading rack at that price. The marketer has to borrow money to buy that product and hire a transporter to move that product to his filling station. To recover the cost of building, running his filling station, paying his staff and adding a margin to it to sell to the public, and diesel is a very slow-moving product. It is in your tank for several weeks without people buying and you are paying financial costs on it, all those costs are added.

“If he is delivering to you in your location, it is cheaper because you are not going to pay the storage cost or the maintenance cost. You just take it from Dangote, you need to finance it, pay the transport to deliver to your location. He drops it with you, and you pay.”

Isong added that an average marketer has several costs to recover, noting that “he has to make a margin on top to stay in business. So, he is not going to buy it at N940 and sell it at N950, it doesn’t work for him.

“As to what he sells it, this depends on how efficient he is. If it is a one-man business, its costs are lower than if it is a business that owns 200 stations or 300 stations or 500 stations.”

High diesel prices

Filling stations across different parts of Nigeria are selling diesel at an average rate of between N1,350/litre and N1,450/litre despite the price cut by Dangote refinery.


Checks by our correspondents on Tuesday showed that many filling stations were still dispensing diesel at N1,299, N1,350, N1,400 and N1,450/litre.

At Jismah filling station in Iperu area of Ogun State, an attendant, who did not want his name in print due to lack of authorisation to speak on the matter, told one of our correspondents that the pump price of diesel was N1,299/litre.

The commodity was sold at N1,400/litre at Heyden, a filling station owned by a prominent politician in Ogun State

In some fuel stations along the Igando-Isheri-Egbeda axis of Lagos State, it was observed that the product sold for N1,350/litre.

An outlet belonging to Mobil along Igando-Isheri Road in Alimosho Area of Lagos State sold the product for N1,350/litre.

A filling station of the Nigerian National Petroleum Company Limited along Egbeda-Idimu road also dispensed diesel at N1,350/litre on Tuesday.

However, most of the fuel stations along the axis were not selling the product as at the time of filling this report.

N1,600/litre in Enugu

In Enugu, the cost of diesel on Tuesday was between N1,350 and N1,500 in the state metropolis.

Checks by one of our correspondents revealed that those who had earlier reduced the price from N1,600 to N1,350 had tampered with their pumps.

However, it was observed that some stations were still dispensing the commodity at N1,600/litre in Enugu State on Tuesday.

At Romchi Oil and Gas, the station dispensed diesel at N1,450/litre. At North West, the station, diesel was N1,350/litre, while at Equity Filling Station it sold for N1,400/litre.

A tanker driver who identified himself as Ogbonna Orji, said “I have heard of the slash in diesel price but that is only in the newspapers. If you go to stations you will know that the said price slash is a mare political talk.

“Today I bought diesel in three filing stations and the prices remained the same. For any station selling below N1,600/litre, their meter has been tampered with. Because of lack of regulations, petroleum dealers now do anything and get away with it.”

In Ilorin, the Kwara State capital, diesel went for between N1,380 and N1,550/litre.

Total Energy, a major dealer, dispensed the product as N1,380/litre, while the NNPC station at Geri Alimi sold it at N1,450litre.

At Bovas filling stations at Odota, Sawmill and Taiwo road, diesel was sold at N1,550/litre, while Neemam and MKJ Oil on Murtala Mohammed road sold diesel at N1,500/litre on Tuesday.

A petrol attendant at the NNPC filling station who simply identified himself as Fatai, said the station was still selling its old stock that was delivered to the outlet about two weeks ago.

“We are selling the old stock of diesel which was delivered at the station two weeks ago. We still sell petrol at N580/litre but the new price of diesel has not been sent to us,” he said.

Filling stations in Kano dispensed diesel at between N1,350 and N1,450/litre.

It was, however, observed that many of the filling stations were not selling the product on Tuesday when one of our correspondents moved around the ancient city.

At the Aliko Oil and Gas filling station along Hotoro/Maiduguri road, they sold diesel at N1,350/litre

A customer who simply gave his name as Abdulkadir, said he had been buying the commodity at between N1,500 and N1,550/litre since the last two weeks.

According to him, it was three days ago that he started purchasing the product at N1,350/litre.

In Gombe, the cost of diesel was mostly N1,450/litre across most filling stations visited by one of our correspondents.

lbrahim Ruwa, who operates a water tank in the state capital, said the high diesel cost had increased his operating cost.

It was also observed that the N1,450/litre price was dependent on the station, as some marketers dispensed the product at N1,500 to N1,700/litre.

The price of diesel in most filling stations in Sokoto was between N1,350 and N1,400/litre on Tuesday.

N2,350/litre in Zamfara

A litre of diesel is about N2,350 in many filling stations visited by one of our correspondents in Gusau town, Zamfara.

Further checks showed that no filling station was selling diesel below N1,350/litre, while many others had closed down as they could not bring the commodity due to the fear that the price might come down.

Some of the stations visited include Raheem, A.A. Rano, Danmarna, Dinawa, and Asad.

Some filing stations in Benue State had no diesel to sell on Tuesday, while those dispensed the commodity sold it at between N1,500 and N1,350/litre on Tuesday.

Our correspondent who visited a few filing stations in Makurdi, observed that the product was sold above the old N1,200/litre rate.

At Normal Resources filing station at High Level, Makurdi, diesel was sold for N1,350/litre, while at Ikyabis filling station it was N1,500/litre.

Diesel was sold at between N1,280 and N1,450/litre in Asaba and its environs on Tuesday.

It was observed that some filling stations, especially those of major marketers such as Rain Oil, sold diesel at N1,280/litre. Other filling stations visited sold it at N1,450/litre.

Source: https://punchng.com/Dangote-drops-diesel-to-N940-stations-sell-N1,400

sylve11:
Nor be only Disco, na Turntable.

Confirmed!......

The naira depreciated in its value against the United States dollar to N1,234 at the official foreign exchange market on Monday, according to data obtained from the FMDQ securities exchange.

The exchange rate means the naira fell by N65 or 5.26 per cent from N1,169.99/$1 recorded on Friday.

The local currency had strengthened to around N1,072.74 on Wednesday as traders projected the naira could trade below N1,000/$1 for the first time.

However, the latest drop appears to coincide with the remarks of the apex bank Governor, Yemi Cardoso, who stated that the intent of the bank was not to defend the Naira, when asked about the sudden drop in external reserves.

Nigeria’s foreign exchange reserves have maintained a one-month dip streak. The latest figures from the Central Bank of Nigeria show the external reserves reached a new low of $32.1bn on April 18, 2024. The reserves dropped by $2.35bn in 31 days, from $34.45bn on March 18, 2024.

But the CBN governor at the International Monetary Fund/World Bank Spring Meetings stated that the bank would refrain from intervening in the exchange unless unusual circumstances arose, stressing that the recent slight shift in reserves was unrelated to defending the naira.

He said, “I want to make this as clear as possible, it is not in our intention to defend the naira. and as much I have read in the recent few days, some opinions with respect to what is happening with our reserves and if the central bank is defending the naira.”


The national currency had slumped badly in the forex market in the weeks preceding the clampdown on Binance, exchanging for as much as N1,950 in mid-February.


Naira nears 1,000/$ at parallel market
Observers blamed its earlier misfortune on alleged manipulation of the market by Binance. However, some stakeholders have accused the new crypto exchange platforms BYBIT and BITGET for the latest slip.

Analysts suggested that the naira experienced a depreciation over the span of six months from July 2023 to January 2024, particularly evident in the black market following the disbursement of funds by the FAAC to federal, state, and local government authorities.

The summary of the forex transaction showed that the intra-day high depreciated, closing at N1,295 per dollar. The intra-day low also reduced to N1,051/$. While the total daily turnover dropped slightly to $110.17m on Monday.

At the parallel market, currency traders sold the dollar between the rate of N1,250 and N1,270 from N1,154 recorded last Friday.

Bureau de Change operators who spoke to our correspondent said the reason for the new increase in dollar rate was due to market forces, adding they were unsure if there would be more increase or reduction before the end of the week.

The naira’s surge since late March, which had made it the best-performing currency in the world, came to a stop on Sunday when it had its first weekly decline in several weeks on the parallel market.


A BDC operator, Abubakar Taura said, “We sold the dollar today between the rate of N1,50 and N1,270 and it is a bit surprising because we don’t even know the real reason but that is the market, one day there will be profit and another day we make losses.”

Source: https://punchng.com/Naira-tumbles-to-N1,234/$-at-official-market,-speculators-resume-hoarding

Controversial cross-dresser, Idris Olanrewaju Okuneye, alias Bobrisky, has appealed against the six months imprisonment imposed on him by the Federal High Court in Lagos which convicted him of charges of abuse of naira.

In the appeal lodged on his behalf by his lawyer, Bimbo Kusanu, Bobrisky wants the Court of Appeal to convert the six-month imprisonment to N50,000 fine on each of the four counts he was convicted of.

Justice Abimbola Awogboro had on April 12, 2024, sentenced Bobrisky, to six months imprisonment without an option fine for abusing the naira by spraying the currency at a party, leading to mutilation.

Bobrisky had on April 5, 2024, pleaded guilty to four counts of abuse of the naira preferred against him by the Economic and Financial Crimes Commission.

The judge while sentencing the cross-dresser, said the judgment would serve as a deterrent to others who are fond of abusing and mutilating the naira.

However, in his Notice of Appeal filed before the Appeal Court, the cross-dresser urged the appellate court to consider the fact that he has no previous record of criminal conviction.

He averred that the sentence imposed by the trial court against him was punitive contrary to the mandatory provisions of the Administration of Criminal Justice Law on sentencing.

He stated that the trial court did not consider the positive antecedent of the appellant, who did not waste the precious judicial resources of the trial court, when he pleaded guilty to the charge.

He also noted that he honoured the invitation of the EFCC on the first invitation during the investigation leading to the charge.


“The sentence of the lower court that imposed the maximum penalty of six months imprisonment without option of fine on the appellant, who is a first-time convict without a previous record of criminal conviction, is harsh.

“The learned trial judge erred in law and facts by his imposition of the maximum sentence of six months imprisonment terms against the appellant without the option of fine contrary to the provisions of Section 416(2) (d) of the Administration of Criminal Justice Act of 2015 that prescribed the mandatory guidelines on the trial court on imposition of sentencing after criminal conviction of a first time offender as the appellant.

“The trial court imposed the maximum sentence on the appellant, who has no previous record criminal of conviction, when there are options to impose a lesser sentence by the provisions of the ADCJA.

“The sentence imposed by the trial court against the appellant is punitive contrary to the mandatory provisions of the law on sentencing.

“The appellant has suffered a miscarriage of justice by the maximum sentence imposed by the learned trial court.

“The reasons adduced by the learned trial court for the imposition of maximum punishment on the appellant, which is essentially on what foreigners think of abuse of naira, is perverse and is out of tune with the reality of what the trial court should have been considered to impose maximum punishment on the appellant.

“The intendment of the provisions of the Central Bank Act 2007 that the appellant was charged with is for Nigerians not to tamper with naira and not what nationals of foreign countries view about tampering with naira.

“The trial court did not consider the positive antecedent of the appellant, who did not waste the precious judicial resources of the trial court when he pleaded guilty to the charge. The appellant honoured the invitation of the respondent, the Economic and Financial Crimes Commission, on the first invitation during the investigation leading to the charge.

“The trial court failed to exercise his discretion judiciously and judicially in sentencing the appellant which has occasioned a miscarriage of justice against the appellant.”

Source: https://punchng.com/Bobrisky-begs-court-to-convert-imprisonment-to-N200000-fine

Power distribution companies in Nigeria are currently being unbundled along state lines due to their large sizes that often result in inefficiency and ineffectiveness, the Federal Government declared on Monday.

It stated that the privatisation of the firms would not be reversed, but stressed that the Discos would be broken into more efficient structures along state lines so as to be able to deliver on their mandates.

This came as the Federal Government also ordered the sale of Discos that have been taken over by banks and the Assets Management Corporation from its original investors/owners.[/color]

Currently, four Discos are under the management of banks and AMCON.

[i]The Abuja Electricity Distribution Company is under the management of the United Bank of Africa (UBA), while Fidelity Bank manages Benin Electricity Distribution Company, Kaduna Electricity Distribution Company, and Kano Electricity Distribution Company.[/i]

The Ibadan Electricity Distribution Company is under the AMCON management.

The four Discos are under these new managements due to their inability to repay their loans to the financial institutions.


The government stated that those who acquired the Discos when the firms were officially privatised in November 2013, lacked the required expertise and financial capacity to run the companies.

This came as the Senate Committee on Power lambasted the Discos for being so inefficient since they took over the privatised assets over 10 years ago, and called for the overhaul of the power firms.

In his address, while playing host to the Senate Committee on Power, led by their Chairman, Senator Eyinnaya Abaribe, the Minister of Power, Adebayo Adelabu, stated that the Federal Government had commenced the restructuring of Nigeria’s 11 power distribution companies.

He also revealed that over 100 projects of the Transmission Company of Nigeria have not been completed since 2001, a period of about 23 years.

Adelabu said, “We are unbundling the Discos along state lines. Some of the Discos are too big for efficiency. They are too big for effectiveness. Ibadan Disco covers seven states. It is practically impossible for them to be efficient.

“So we are rearranging and restructuring the Discos along state lines so that each state government will know the responsible Disco for their states. Also, the federal and state governments should start exercising their rights in the operation and management of the Discos because we still own 40 per cent in the firms.[color=#000099]

“But we have left it for the private sector operators for too long and they have messed it up. So the government must come back to take over its own right in the Discos. We are also planning to franchise the unserved communities under the Discos.”[/color]


The minister went ahead to state that “we will start seeing regulations about franchising. The fact you are Eko Disco doesn’t mean that you cannot have smaller Discos that are ready to invest in your unserved communities. So we are looking at franchising.”

Adelabu further revealed that the Oyo State Government had written to the Federal Government stating that it wants to exercise its rights in Ibadan Disco.

He said the Nigerian Electricity Regulatory Commission has been made to realise that it must sanction Discos that fail to perform, as the licences of some of the power firms might be withdrawn for non-performance.

“We are transforming the Discos and very soon you’ll see that a lot of tough decisions will be taken against these Discos because they are the last mile in the sector. If they don’t perform then the entire sector is not performing.

“So we have put pressure on NERC to make sure that it raises the bar on the activities of the Discos. If it has to withdraw licences for non-performance, why not? If it has to change the boards and managements, why not?

“And all the Discos that are still under AMCON (Asset Management Corporation of Nigeria) and some lenders (banks), within the next three months they must be sold to a technical power operator with a good reputation in utility management.

“We can no longer afford AMCON to run our Discos. We can no longer afford the banks to run our Discos. This is a technical industry and it must be run by technical experts,” the power minister stated.

Also commenting on the non-performance of Discos, a member of the committee, Senator Danjuma Goje said, “The Discos have not added anything significant to the power sector, but are just going about collecting money.

“The Discos are complete failures and should be overhauled. They have failed to live up to expectations and we have so many complaints about their poor performances.”[color=#990000]

The Senate committee also authorised an investigative hearing on the electricity tariff hike and stated that this would be held on April 29, 2024, at the Senate.

Privatisation problems

The power minister told his guests that those who acquired the Discos when they were privatised, lacked the required expertise and financial capacity.

Adelabu said, “Our problem started from the privatisation era. Not that the privatisation has a problem in itself, but its implementation and execution have robbed the process of its laudable objectives.

“We believe that people who bought the power companies do not have the required expertise to run the utility firms. Secondly, they were not buoyant enough in terms of financial buoyancy to pay for the power plants.

“All of them used bank loans to pay for the assets. And we all know that the power business is a long-term business. It is not something you recoup your capital and make profit in a short time. So they were all under pressure to repay the bank loans that they used to acquire the power companies.

“This is why today a number of them have been taken over by their lenders, either AMCON or the banks, both local and international banks. They also promised to invest and enhance the distribution network, but they did not do this.”

The minister stated that the investors had promised to reduce the losses in the Discos, but stressed that up till now the losses had remained at about 40 per cent across the power value chain.

“So the Discos are not investing as expected,” Adelabu stated.

100 uncompleted projects

The minister told the lawmakers that over 100 power transmission projects have not been completed since 2001.

“Since 2001 till date we have over 100 uncompleted projects of the Transmission Company of Nigeria. So when we say the government has spent so much in the sector, it is true. But all the spendings have not translated to good impact on power users.

“This is because majority of these projects have not been completed, though some of them are 80 or 90 per cent completed. We have over 65 projects on power substations that are still ongoing since 2001, which is 23 years ago.

“We have about 62 lines projects across the country that were started and have not been completed. And these are being affected by exchange rate calculations, inflation, variations, etc. One thing about power projects is that if they are not completed 100 per cent, you cannot energize them,” Adelabu stated.

He said all the investments are just there lying in waste, “but we are saying that this year we must ensure that a significant number of these projects are completed so that Nigerians can enjoy the investments in the transmission company.”

On the metering gap in the power sector, the minister stated that a company received $200m in 2003 to provide three million meters but failed to do so.

“In 2003, the metering gap was less than four million meters and the Federal Government gave out $200m to a particular company to acquire three million smart meters for the industry. It was a revolving loan.

“But it is sad to let you know that this is 21 years after, no single meter was acquired by this company and the $200m which was N32bn at the time, nothing was got from the money until Mr President just gave us the approval to terminate this loan.

“He also asked us to implement the metering of the Nigerian Army formations to the tune of N12bn. You can imagine if we had acquire three million meters 21 years ago. Today the metering gap that we have is over eight million out of over 12 million customers of the power sector,” the minister stated.


Adelabu, however, noted that the Federal Government was working hard to close the metering gap.

“Mr President has come to our aid on this by forming a Presidential Metering Council, which I’m the Chairman, and he has given us a mandate that a minimum of two million meters should acquired and distributed to Nigerians every year.

“This is going to continue till the next four to five years, so that the current eight million metering gap that we have will be closed over the next four to five years.

“The funding for this project is being sourced. We have been given a seed capital of N75bn and the Nigeria Sovereign Investment Authority is coming to our aid in terms of capital for this,” Aselabu stated.

The minister also stated that the target of the Federal Government is to achieve 6,000MW of power before the end of this year, adding that this has been submitted to the President.

He called for the payment of the outstanding debts to gas companies and power generation firms.

He said the government is currently talking with two investors that should invest in the construction of 3,000MW of solar-power projects in various states to support the national grid.


The minister pointed out that Nigeria currently has an installed power generation capacity of about 14,000 megawatts.

He said, “Today we have a total of 13,250MW installed capacity in all the generating units, including hydro plants and thermal plants. If we add the 700MW coming from the recently Zungeru plant we will have close to 14,000MW installed capacity.

“But it is sad to let you know that the highest we have ever generated in this sector is 5,800MW out of an installed capacity of over 13,000MW, which is less than 50 per cent. The infrastructures are there lying fallow without adequate maintenance and the turbines are getting rusty.

“Two things are responsible, which include the inadequate transmission capacity to evacuate this power even when it is generated. The second thing is the inadequate demand coming from the Discos because they are not getting full payments from the consumers when they distribute power to them.”

Adelabu said the 5,800MW was generated in March 2021, which was over three years ago.

“But we believe that with good investments and demand for power, we can increase power generation to over 8,000MW once there is adequate infrastructure,” he stated.

Source: https://punchng.com/FG-to-unbundle-11-Discos-orders-sale-of-four