Tag: Power - Page 2 - African News Today

Power Tariff Hike: FG Discontinues Electricity Subsidy

17Mar

By adminNo Comments

News, Nigeria, Power

Power Tariff Hike: FG Discontinues Electricity Subsidy

The Nigerian Electricity Regulatory Commission (NERC) announced on Wednesday that the Federal Government has removed electricity subsidy. FG had spent about N600 billion during some periods, subsidizing power. According to the Chairman of NERC, Sanusi Garba, the decision to stop the subsidy was a policy issue of the Federal Government aimed at balancing the interests of consumers and investors. Garba explained that running the electricity market on life support was unsustainable, and reducing subsidy was necessary for investors to get their returns on investment. Power He said “the role of the commission is to make a determination of the rates that consumers should pay. So we strike a balance between consumers and investors. Now subsidy is a policy issue determined by the governm...

FG Halts N600 Billion Electricity Subsidy, Confirms Power Tariff Hike

17Mar

By Chinedu IbeakanmaNo Comments

News, Nigeria, Power

FG Halts N600 Billion Electricity Subsidy, Confirms Power Tariff Hike

The Nigerian Electricity Regulatory Commission on Wednesday declared that subsidy on power amounting to about N600bn during some period had now been stopped by the Federal Government. Power Minister Abubakar Aliyu It also revealed that electricity tariffs were raised in February this year, and was quick to, however, state that the tariff payable by some customers in the franchise area of one of the distribution companies was reduced. This came as power generation companies condemned the Nigerian Bulk Electricity Trading company, stating that the NBET was failing in its obligations in terms of payment for power generated by the Gencos. Speaking at a press briefing in Abuja on the challenges in the power sector and other issues, the Chairman, NERC, Sanusi Garba, stated that subs...

Power Generation Drops By 1,119.6MW, Sector’s Growth Falls By 45%

10Dec

By Obiajulu Joel NwoluNo Comments

News, Nigeria, Power

Power Generation Drops By 1,119.6MW, Sector’s Growth Falls By 45%

Nigeria’s power sector decreased in growth by 45 per cent in real term in the third quarter of this year when compared to the preceding quarter, data from the National Bureau of Statistics showed. Also, industry figures obtained in Abuja on Thursday showed that after posting a peak generation of 5,008.9 megawatts on December 7, 2021, the figure dropped by 1,119.6MW to an off peak of 3,889.3MW on December 8, 2021. A document on Power Sector Data Review, which was presented by the NBS at the 1st Abuja Electric Power Conference and Exhibition organised by the Abuja Chamber of Commerce and Industry, also stated that the contribution of the sector to real Gross Domestic Product decreased in third quarter 2021. This came as experts and operators at the conference called on the Nigerian ...

Confusion as Buhari Sacks AEDC Management Over Workers’ Strike

8Dec

By Obiajulu Joel NwoluNo Comments

News, Nigeria, Power, Uncategorized

Confusion as Buhari Sacks AEDC Management Over Workers’ Strike

There was confusion among power sector operators on Tuesday after President Muhammadu Buhari, fired the management of the Abuja Electricity Distribution Company as a result of the strike embarked upon by the AEDC workers the preceding day. Officials of the Federal Ministry of Power said the management of AEDC had been replaced with an interim governing council, stressing that the directive came from the Presidency. “Indeed, the management of the AEDC has been dissolved through the initiative of the BPE (Bureau of Public Enterprises),” the Deputy Director, Press, FMP, Austin Asoluka, told Punch in Abuja. He added, “A new interim management team formed by NERC (Nigerian Electricity Regulatory Commission) has been put in place.” But many operators in the sector viewed the move by ...

Libya Overtakes Nigeria As Africa’s Biggest Oil Producer

12Nov

By Obiajulu Joel NwoluNo Comments

News, Nigeria, Power

Libya Overtakes Nigeria As Africa’s Biggest Oil Producer

Nigeria has lost its Africa’s top oil producer status to Libya as its crude oil production fell further last month amid lingering supply disruptions, according to a new report by the Organization of the Petroleum Exporting Countries. Nigeria told OPEC that its oil output fell to about 1.23 million barrels per day in October from about 1.25 million bpd in the previous month, the cartel’s latest report released on Wednesday revealed. Libya, which overtook Angola as the second-biggest producer on the continent in December last year, saw its oil production rise to 1.24 million bpd in October from 1.16 million bpd in September, based on direct communication, according to OPEC. OPEC uses secondary sources to monitor its oil output, but also publishes a table of figures submitted by its ...

FG Scraps DPR, PPPRA, PEF, Sacks CEOs, Inaugurates New Agencies

19Oct

By Obiajulu Joel NwoluNo Comments

News, Nigeria, Power

FG Scraps DPR, PPPRA, PEF, Sacks CEOs, Inaugurates New Agencies

The Department of Petroleum Resources, the Petroleum Products Pricing Regulatory Agency and the Petroleum Equalisation Fund are all officially scrapped and do not exist anymore, the Federal Government said on Monday. It also said while workers of the three agencies would be protected, their chief executives had been relieved of their various appointments. The Minister of State for Petroleum Resources, Chief Timipre Sylva, stated this while speaking on the side-lines of the inauguration of the boards of the Nigerian Midstream and Downstream Petroleum Regulatory Authority and the Nigerian Upstream Regulatory Commission in Abuja. He explained that with the passage of the Petroleum Industry Act, the NPRA and NURC had taken over the functions of the DPR, PPPRA and PEF. Responding to...

PMB: Call Him Master Finisher By Femi Adesina

20Aug

By Obiajulu Joel NwoluNo Comments

Agriculture, News, Nigeria, Power

PMB: Call Him Master Finisher By Femi Adesina

The country has been agog this week with fallout from the signing of the long-awaited Petroleum Industry Bill (PIB) into law. That legislation has now become Petroleum Industry Act (PIA). President Muhammadu Buhari has done what Napoleon couldn’t do. Again and again. The Bill had defied Olusegun Obasanjo who introduced it, got the better of Umaru Musa Yar’Adua (God rest his soul), worsted Goodluck Jonathan, but has finally been subdued by Buhari. The man has proven to be adept at concluding things that had long trounced and vanquished many leaders before him. The PIB overwhelmed the first to eighth National Assembly, which couldn’t pass it into law. But through synergy and cooperation between the Executive and the Ninth Assembly, Nigeria now has a law for her cash cow, the oil and ga...

NCL Issues December Deadline For Implementation Of Electricity Tariff Reduction Agreement

6Aug

By Obiajulu Joel NwoluNo Comments

Labour, News, Nigeria, Power

NCL Issues December Deadline For Implementation Of Electricity Tariff Reduction Agreement

The Nigeria Labour Congress, NCL, has demanded that the Federal Government should implement the electricity tariffs reduction agreement by December. The congress in its notice to the government to reduce electricity tariffs by N15 per kilowatt-hour cautioned that it would not accept the serial violations of agreements. The NLC President, Ayuba Wabba, disclosed this in a statement on Thursday titled ‘Gas sale to Gencos should be below $1.50/scf’. He said, “It is significant that the incessant increase of electricity tariff was one of the several issues discussed between the representatives of the Federal Government of Nigeria and organised labour, hereinafter referred to as the principals, on 28th September 2020. “Specifically, an agreement was reached at the meeting to set up a...

Power Generation Dips Below 4,000MW Amid Gas, Transmission Issues

21Jul

By Obiajulu Joel NwoluNo Comments

News, Nigeria, Power

Power Generation Dips Below 4,000MW Amid Gas, Transmission Issues

As Muslims celebrate Eid-el-Kabir, power generation in Nigeria dipped below the 4,000 megawatts mark on Tuesday. The total generation in the country stood at 3,958.7MW as of 6am on Tuesday, down from 4,270.7MW on Monday, according to data obtained from the Nigerian Electricity System Operator. On Monday, the peak generation stood at 4,611MW, while the lowest generation was 3,732.1MW, the NESO data showed. The total energy generated on Monday was 100,974.45MW, out of which 99,272.98MW was sent out. Although the NESO data did not state the cause of the decline in generation on Tuesday, gas and transmission constraints are the major challenges facing power stations in the country. Eko Electricity Distribution Company, in a goodwill message to its customers celebrating this year...

Atiku Supports Privatisation of Refineries, Other Govt Assets

21Feb

By Obiajulu Joel NwoluNo Comments

Finance, Infrastructure, News, Nigeria, Petroleum, Power

Atiku Supports Privatisation of Refineries, Other Govt Assets

Atiku Abubakar, former Vice President of Nigeria has lent his voice to the Federal Government’s plan to privatise some of its assets. Among the assets to be privatised are the country’s refineries, the International Conference Centre in Abuja, Yola Electricity Distribution Company, Zungeru Hydro Power, Tafawa Belewa Square, among others. It is expected that around N493.4bn will be generated from the sale of the assets which were classified under energy assets, industries and communication department, as well as development institutions and natural resources. The presidential candidate of the Peoples Democratic Party (PDP) in the 2015 presidential election disclosed this in a statement ‘Privatisation of Refineries and Other Assets: Better Late Than Never.’ He urged the Federal G...