The Administrator of the Nigerian Electricity Regulatory Commission (NERC), Dr Imamudeen Talba, has said the Federal Government has approved N177 billion as subsidy for power consumption.
Talba disclosed this, yesterday, in Abuja at a stakeholders workshop on Annual Review of the Multi Year Tariff Order (MYTO).
He said the gesture, which is for a period of three years, was aimed at shielding consumers from exorbitant rate which could follow the regulation.
It would be recalled that MYTO was established in 2008 to reposition the electricity industry by providing an appropriate tariff acceptable to electricity consumers and operators.
Talba said that following the subsidy approval, the Federal Government had released a total of N43.9 billion for disbursement to beneficiaries which included distribution and transmission companies.
He said that in spite of the reviewed N11.20k per KWH , electricity consumption will still remain at N7 per KWH“ following government’s resolve to pay off the balance through the subsidy”.
“However , based on a number of concerns by the commission and stakeholders on the subsidy so far released, we have appointed a firm of auditors to review the disbursement process to ensure transparency and accountability”, he said.
Talba said the last MYTO review reflected significant changes “in the underlying parameters of inflation, exchange rate and gas price”.
He said that the process was usually carried out in line with present economic realities.
He said NERC had “negotiated an increase in gas supply to the sector with the NNPC and agreed on an increase in gas price by the end of the year if the increase in supply is sustained”.
According to him, with this development, “our gas powered stations can have improved feed stock for improvement in generation’’.
Dr Haliru Dikko, NERC’s Head of Market Competition and Rates Division, in his remarks, said the commission would soon embark on a five-year major review of MYTO.
He said the review would, among other issues, address capital expenditure for transmission and distribution companies.
Dikko said that the review would also look at the level of performance of distribution companies in relation to actual and projected sales, operating costs, taxes and other payments.
Participants at the workshop were drawn from the power ministry, and its agencies, independent power producers, electricity consumers, and the media.
We Get Petrol At N200 Per Litre From Depots, IPMAN Cries Out
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has decried the ‘unsustainable’ price that the private depot owners sell the premium motor spirit, otherwise known as petrol in the country.
Speaking, yesterday, on Channels Television’s Sunrise Daily, the Deputy National President of IPMAN, Zarama Mustapha, revealed that the private depots get petrol at the approved price of N148/litre from the sole importer of the commodity, the Nigerian National Petroleum Company (NNPC) Limited, however, sell it for as high as N195 to N210 to independent marketers, which is not sustainable.
“Though marketers get petrol at the approved price of N148/litre from NNPC depots, the company does not have enough storage facilities to cater to the needs of marketers, hence, the latter resorts to private depot owners. It is more of the issue of private depots collecting the products at the approved price and not selling to the independent marketers at a price approved by the mainstream, downstream regulatory authority.
“You cannot get a product at N195 to N200 and expect to sell it at N175,” he noted.
The IPMAN official said depot owners give excuses such as the cost of transporting the product from the mother vessel to their depots and escalation of the dollar as reasons for the price hike.
Mustapha lamented that most Lagos depots are in a chaotic situation and marketers spend three days to load refined petrol that they are not supposed to spend more than three hours to lift.
He urged the NNPC to engage depot owners to sell the product to marketers at the recommended price, saying the common man is at the receiving end.
For weeks, vehicle owners have had a tough time getting petrol from filling stations, especially in Lagos and Abuja.
Whilst many outlets are closed, the few open ones sell the indispensable commodity for as high as N250 per litre from the uniform price of N169/litre.
The supply shortage has led to long, gruelling snake-like queues at the few open filling stations as motorists and business owners jostle to buy fuel while others resort to the black market.
The situation has also worsened traffic on major roads as vehicle owners block at least one lane to join queues to filling stations.
Make Nigerian Youths Innovative, Buhari Tells Corporate Leaders
President Muhammadu Buhari has tasked leaders of corporate organisations to build the capacity of Nigerian youths to be innovative and embrace technology to make positive contributions to their organisations and the nation.
The president, represented by the Attorney General of the Federation, Mr Abubakar Malami, said this at the Institute of Directors (IoD) 2022 Annual Director’s Conference (ADC), yesterday, in Lagos.
The ADC had as its theme: “Corporate Governance and Digital Transformation: Leading Purposefully for Growth and Sustainability.”
Buhari, noting that the challenges associated with corporate governance were multifaceted, stressed the need for heads of organisations to harness technology to achieve effective governance.
He reiterated the commitment of his administration to providing the necessary legal support and framework to support the entrenchment of good corporate governance practices across various sectors of the economy.
Buhari also pledged his commitment to supporting the IoD by giving the institute’s chartered bill the necessary consideration to enable it to achieve its mandate.
Deputy Secretary General, United Nations, Ms Amina Mohammed, said the world was hit by a series of global crises which have affected the Sustainable Development Goals (SDG).
Mohammed said technology and digitalisation would set the era of digital transformation in areas of health, education, agriculture and finance.
Nigeria Does Not Belong To North, Arewa Youths Tell Northern Elders
The Arewa Youth Consultative Forum (AYCF) has said that Nigeria does not belong to the North ahead of the 2023 general election.
Apparently reacting to the recent interview granted by a member of the Northern Elders Forum, Alh Sani Zango Daura, in which he called on the North to support a Northern candidate.
The AYCF, in a statement issued by its National President, Yerima Shettima, noted that supporting a southerner was clearly a demonstration of justice.
He noted that this was because Nigeria does not belong to the North alone, or Muslims and Christians of the North, insisting that “even on moral grounds, the most responsible political action by the North was the decision on powershift in 2023, because the Presidency cannot be hereditary and Nigeria is not a Banana Republic”.
Shettima further said, however, that the elder was expressing his personal opinion and not the stand of the North in general, saying that a “ little balancing was needed in position of our father Zangon Daura, more so when he admitted that the elders are mere escorts for the younger generation today”.
The AYCF noted that when 13 Northern governors led by Kaduna State Governor, Mal Nasirel-Rufai endorsed a Southern candidate for the 2023 presidency, they repeatedly cited political justice.
“Though we are not card-carrying members of the APC, we shared the view that the decision was in line with being fair to the South in 2023.
“We are aware, as well as our father ZangonDaura, that the North is respected for honouring its promises to the South and this one absolutely undeniable character of all Northerners.
“We are not known to break promises and that explains why our son, President MuhammaduBuhari never objected to the idea of a Southern presidential candidate in the ruling party. In the North, like our father ZangonDaura knows, promises are sacred and in fact a culture”.
It would be recalled that in a viral audio of AlhajiZangonDaura while addressing a group of youths, suggested that they should throw their weight behind a fellow Northerner for the presidency in 2023, citing historic and religious instances, something the AYCF said it believed was “overtaken by events, current realities, and the spirit of justice and fairness in the Nigerian project”.
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