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Nigerians Pay Less Than 40% Of Electricity Bills –Discos

Electricity meter

Nigerians pay less than 40 per cent of the monthly bills given to them by their various electricity distribution companies, the power firms have said. According to the Discos, a survey of customers’ compliance with settling their electricity bills, which was conducted by the Association of Nigerian Electricity Distributors, shows that power consumers across the country exhibit the same attitudinal ...

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Nigeria’s Refineries Set To Produce 10m Litres PMS Daily – Kachikwu

Port Harcourt Refinery

  The Minister of State for Petroleum, Dr Ibe Kachikwu, said the nation’s refineries had been repositioned to produce not less than 10 million litres of Premium Motor Spirit (PMS), popularly known as petrol, per day. Kachikwu who stated this on Sunday when he paid an official visit to Kaduna Refining and Petrochemical Company (KRPC), said the mission of the ...

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RMAFC Urges FG To Remove Fuel Subsidy Totally

RMAFC

The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has urged the Federal Government to remove fuel subsidy because it had become a burden on the nation’s economy. This is contained in a statement by its Head, Public Relations, Mr Ibrahim Mohammed on Wednesday in Abuja. He said the subsidy had not served the masses as it was supposed to and ...

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Oil Falls To $39, Threatens FG’s Savings Plan

Oil

Global benchmark Brent crude on Thursday extended its losses, dropping to $39 per barrel thereby threatening the Federal Government’s ability to save earnings from crude oil sales next year. The Federal Executive Council had earlier this week proposed $38 per barrel as the oil benchmark price for the 2016 budget, down from $53 this year. The Excess Crude Account, into ...

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Consumers Oppose Electricity Tariff Increase

Fashola

Electricity consumers on Wednesday kicked against the government’s plans to increase tariffs and demanded that the Minister of Power, Works and Housing, Mr. Babtunde Fashola, should listen to their own side of the story before approving any increase in the rates. Speaking under the aegis of the Consumer Advocacy Forum inaugurated by the Nigerian Electricity Regulatory Commission, the consumers argued ...

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Electricity Workers Commission Hotel, Office Complex,

Electricity intallation

National Union of Electricity Employees, NUEE, has, in Abuja, commissioned three projects as part of the union’ N1.5 billion investments on the platform of NUEE Ventures. The projects commissioned include a 36-room NUEE Motel in Utako area of Abuja, NUEE Apartments, also at Utako and NUEE Office Complex at Area 8, Garki, that will house the union’s companies, especially Accutrack ...

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IMF: Oil Prices To Stay Low ‘For Long’

barrels-of-oil

Oil prices are not likely to rebound anytime soon, the International Monetary Fund (IMF) predicted at the weekend, casting a shadow over the prospects of countries like Nigeria which depend on oil exports for the bulk of their forex earnings. In a report published on its website, the Fund stated that fossil fuel prices are likely to stay “low for ...

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Fuel Crisis: Blame FG For Your Woes, Oil Marketers Tell Nigerians

Fuel

The fuel crisis took a dramatic turn for the worse, yesterday, as massive queues were seen in almost all the petrol stations selling the products in Abuja. Also, some oil marketers, who spoke to Vanguard, blamed the prolonged scarcity  on the insincerity of the Federal Government and called on Nigerians to expect a further worsening of the situation in the ...

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Fg Splits Pib, To Break Nnpc Into Two Companies

NNPC

*Senate to get first PIB this week *To replace DPR, PPPRA with NPRC The Federal Government has broken up the controversial Petroleum Industry Bill into different versions and is proposing splitting the Nigerian National Petroleum Corporation, NNPC, into two companies – the Nigeria Petroleum Assets Management Company (NPAM) and a National Oil Company (NOC) that would be run on commercial ...

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Fashola, NERC Meet With Discos On Tariff

Fashola

Minister of Power, Works and Housing, Mr. Babatunde Fashola, is meeting with the management of distribution companies, DISCOs, today with a view to acquainting himself with them and also intimate them about his expectations from them on the way forward. The meeting, which will hold in the minister’s office this afternoon comes ahead of a scheduled meeting between the power ...

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IPMAN Wants Petroleum Products Loading Decentralised From Lagos

Oil and gas installation

The Independent Petroleum Marketers Association of Nigeria (IPMAN), on Sunday, urged the Federal Government to decentralise loading of petroleum products to make for effective loading at depots across the country. Chief Lawson Obasi, National President, IPMAN, told newsmen in Port Harcourt that spreading of petroleum products to other coastal depots across the country would end current scarcity. He said that ...

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NNPC Blames Fuel Scarcity On Vandals, Unscrupulous Oil Marketers

NNPC

The Nigerian National Petroleum Corporation, NNPC, yesterday blamed the persistent fuel crisis on the continuous vandalisation of the System 2B pipeline at Arepo, sharp practices by oil marketers and the delay in the payment of outstanding subsidy claims to the marketers. The NNPC in a statement in Abuja, after honouring the invitation of the Senate Committee on Petroleum Downstream, also ...

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EKEDC To Double Grid Supply With 474MW Embedded Project

EKEDC

Eko Electricity Distribution Company (EKEDC), at the weekend, declared that works are on-going on its embedded power generation programme, through which it planned to generate 474 Mega watt (MW). Chief Executive Officer of the company, Engineer Oladele Amoda, who said this during a post-privatisation visit of the Bureau of Public Enterprises (BPE) to the company in Lagos stated that the ...

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Electricity: Local Manufacturers Lose Out On One Million Meters

Electricity meter

The Federal Government’s intention of injecting one million new electricity meters into the country through local manufacturers may be reversed due to recent developments. The immediate administration of President Goodluck Jonathan had initiated the scheme with the funds for the meters deposited upfront in one of the banks. On January 15 this year, the then Minister of Power, Prof. Chinedu ...

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Presidency Orders Reassessment Of Gencos, Discos

DISCO

BPE’s Fact-Finding Team Arrives Lagos President Muhammadu Buhari has ordered the reassessment of privatised power assets in Nigeria. A source at the Presidency, who disclosed this to our corressepondent, stated that the reassessment order was given based on some “mind-boggling” terms reached with new owners on behalf of government. These terms, the source said, allegedly put the government at the ...

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N’Assembly Halts 40% Electricity Tariff Hike

NERC

Over 60 million Nigerians who are connected to the national grid have been freed from the proposed 40 per cent hike in electricity tariff following the failure of the electricity distribution companies (discos) across the country to implement the tariff review last Sunday. Investigations by New Telegraph revealed that the failure to implement the plan was buoyed by an order, ...

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DPR Seals 2 Petrol Stations Selling Above Official Pump Price In Kwara

DPR

The Department of Petroleum Resources (DPR), Kwara Branch, on Saturday sealed two petrol stations in Offa Local Government Area of Kwara for selling above the official pump price. The State Controller of the DPR, Mr Philip Salvation, disclosed this in an interview in Ilorin. He listed the affected stations as AB Lawal Petroleum and De- Oduwoye brothers limited petrol both ...

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Why FG Has Not Paid N413bn Oil Subsidy – Kachikwu

FG

The Minister of State for Petroleum, Dr. Ibe Kachikwu, yesterday justified the delay in the payment of N413 billion oil subsidy promised marketers two weeks ago. The minister, who addressed the heads of parastatals and directors of the ministry in Abuja after assuming office, stated that the payment has not been effected because the approval of the National Assembly is ...

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Nigeria’s Loss To Pipeline Vandalism Hits N2.8trn

Crude-Oil-Theft pipeline

The Federal Government and oil companies in Nigeria have lost a cumulative amount of N2.8 trillion ($14 billion) to oil pipeline vandalism in a year. The vandalism also resulted in the devastation of about 52,000 hectares of land in 2014, according to a report yesterday by The Guardian of London. Quoting data prepared by the Stakeholder Democracy Network (SDN) released ...

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Investment In Nigeria’s Oil,Gas Industry Is Down By 20 Per Cent – Chevron Boss

Cheveron-Boss

Mr Ali Moshiri,, the President of Chevron Africa and Latin America Exploration and Production, has said that the total investment in Nigeria’s oil and gas industry, which stood at 20 billion dollars in 2014, has dropped by 20 per cent in 2015. Moshiri disclosed this in Lagos at the 33rd annual conference of the Nigerian Association of Petroleum Explorationists (NAPE). ...

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Refineries Grounded, Hit Zero Output

Kachikwu

The nation’s refineries combined output has been completely grounded at zero, as the PortHarcourt refinery, which holds forth for the four refining assets also shut down. The Group Managing Director, Nigerian National Petroleum Corporation (NNPC) Dr. Ibe Kachikwu, who disclosed this at the Luncheon of the Petroleum Club in Lagos yesterday, said the the Port Harcourt refinery has been shut ...

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Nigeria’s Loss To Gas Flaring Exceeds $2.5bn Per Annum

Oil and gas installation

Highest body of stakeholders in the Liquefied Petroleum Gas (LPG) industry in Nigeria, the Nigerian Liquefied Petroleum Gas Association (NLPGA), released a new data on gas flaring in Nigeria at the weekend, declaring that the country’s loss to the air pollution is now over $2.5 billion per annum. President of the association, Mr. Dayo Adesina, who gave this data during ...

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Egbin Power Generation To Peak 2,670 MW By 2019

Egbin

Egbin Power Plc at the weekend declared plans to double its generation to 2, 670 mega watt by 2019. Chairman of the company, Mr. Kola Adesina, who said this at a media briefing to assess activities of the firm, two years after it took over the assets of the unbundled Power Holding Company of Nigeria (PHCN) in Lagos, maintained that ...

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75% Nigerians Lack Access To Regular Power

Electricity POWER PLANT

Despite the huge investments made in the energy sector since the privatisation of the Power Holding Company of Nigeria, PHCN, about 75 percent of the Nigerian population still live without access to regular electricity supply. According to The Nigerian Association of Energy Economists, NAEE, despite statistics indicating that 45 percent of the country’s population is currently connected to the national ...

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FUEL SCARCITY: No Solution In Sight After N413 Billion Subsidy Approval

Fuel

The scarcity of Premium Motor Spirit (PMS), commonly known as petrol, which hit the country few days ago, is beginning to subside following the approval of N413billion by the Federal Government for immediate payment of outstanding subsidy claims to oil marketers in the country . The payment according to government was to facilitate importation of petroleum products to ease scarcity, ...

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