The National Bureau of Statistics (NBS) says the average retail price of Automotive Gas Oil (Diesel) paid by consumers in October was N801.09 per litre.
The NBS stated in its “Diesel Price Watch’’ for October 2022 that the average price was a 215.30 per cent increase over the N254.07 per litre paid in September 2021.
“ Comparing the average price value with the previous month of September, the average retail price increased by 1.42 per cent from N789.90 per litre.”
On state profile analysis, the report said the highest average price of diesel in October, was recorded in Ebonyi at N858.33, followed by Bauchi at N857.50, and Plateau at N856.25.
Conversely, it said the lowest price was recorded in Akwa Ibom at N748.18, followed by Benue at N750.00 and Edo at N765.91.
The NBS said analysis by zones showed that the North-Central recorded the highest price at N818.41, while the South-South recorded the lowest price at N774.96.
FG budgets N40bn to settle MDAS’ electricity bill debts in 2024
The Federal Government has budgeted N40 billion to settle the electricity bill debts of ministries, departments, and agencies (MDAs) in 2024.
The item listed as ‘Settlement of MDAs’ electricity debts,’ was in the sectoral allocation details released by the Chairman, Senate Committee on Appropriations, Solomon Adeola and seen by newsmen.
The amount is the same as what was budgeted for 2023 but higher than what was budgeted in 2022 (N27 billion).
There are about 11 power distribution companies in Nigeria. The companies were formed when the Power Holding Company of Nigeria (PHCN) was broken up into successor generation, transmission, and distribution companies in November 2013.
The Transmission Company of Nigeria (TCN) transfers electricity created by power generation companies to the 11 Discos, who then sell the electricity to end users to generate income for the power value chain.
However, over time, the DisCos have been complaining that some end users, especially MDAs of the Federal Government, have not paid their energy bills.
Earlier in January 2022, the Executive Director of the Association of Nigerian Electricity Distributors, Sunday Oduntan, disclosed that all the Federal Government MDAs and the military owed the electricity distribution companies over N90 billion.
He noted that despite ongoing discussions on settlement, the debt had continued to pile up over the years since the power sector was privatised in November 2013.
He said, “All MDAs’ debt is more than N90 billion and the military is part of that. We came on board in 2013 and since then, how much has been paid by the MDAs?
“There was a time when a former Minister of Power said they (the government) had concluded arrangements on how to settle the debt, but as I speak with you, the bills are still unpaid. Since privatisation, there have been issues around the MDAs’ debt.”
Also, in January 2023, the Managing Director of Eko Electricity Distribution Company (EKEDC), Miss Tinuade Sanda, disclosed that MDAs owed the DisCo N40 billion as of December 2022.
In October 2023, the Nigerian Electricity Regulatory Commission (NERC) warned the Federal Government that failure to settle its electricity bills totalling N25 billion may result in the disconnection of its facility, Ajaokuta Steel Co. Ltd, from the national grid.
The debt occurred despite the provision of electricity subsidy by the Federal Government.
The Federal Government in Q2 2023, paid about N135.23 billion for electricity subsidy, a 275 percent Q/Q increase from N36.02 billion paid in Q1 2023, according to information obtained from NERC.
Also, the World Bank, in its Nigeria Public Finance Review/ report, noted that the failure of many federal, state, and local government MDAs to pay their electricity bills is one of the reasons the government pays electricity subsidies.
It added that the Federal Government has been financing electricity costs through public subsidy since the privatisation of the sector, and the subsidy is one of the reasons for the underperformance of the power sector.
Nigeria’s crude oil export hits N8.5trn in Q3’23 — NBS
Nigeria’s crude oil exports rose to N8.5trillion in the third quarter of 2023 according to a recent report by the National Bureau of Statistics (NBS).
According to the report, the increase in export of crude oil contributed to an increase in Nigeria’s trade surplus. The trade surplus rose by 47 percent, quarter on quarter, QoQ, to N1.88 trillion from N1.28 trillion in Q2’23.
The NBS in its Foreign Trade Goods report for Q3’23 noted that the improvement in trade surplus followed a 54.62 percent QoQ increase in total trade to N18.8 trillion in Q3’23 from N12.74 trillion in Q2’23.
According to the NBS, “Nigeria’s total merchandise trade stood at N18.8 trillion in Q3, 2023. The value indicates an increase of 54.62 percent over the amount recorded in Q2, 2023 as well as by 53.16 percent when compared to the value recorded in Q3 2022.”
“Total exports accounted for 55.02 percent of total trade in the reviewed quarter with a value of N10.345 trillion showing an increase of 60.78 percent and 74.36 percent over the value recorded in the preceding and corresponding quarters respectively.
“Exports trade in the third quarter of 2023 was dominated by crude oil exports valued at N8.535 trillion representing 82.50 percent of total exports while the value of non-crude oil exports stood at N1.810 trillion;accounting for 17.50 percent of total exports; of which non-oil products contributed N677.57 billion or 6.55 percent of total exports.”
The Bureau however motes that, “the share of total imports accounted for 44.98 percent of total trade in the third quarter of 2023 with the value of imports amounting to N8.457 trillion in Q3, 2023.”
“This value indicates an increase of 47.70 percent and 33.33 percent respectively over the value (N5.726 trillion) and (N6.343 trillion) recorded in the preceding and the corresponding quarters of 2022.
“The significant rise in exports and imports in the third quarter of 2023 compared to the preceding and corresponding quarters was largely driven by a considerable increase in trade activities within the period.
“The value of re-export stood at N35.95 billion representing 0.35 percent of total exports in Q3, 2023. The top ranked re-exported commodity was ‘Parts suitable for use solely or princip Other with N10.19 billion, followed by ‘Vessels and other floating structures for breaking up’ valued at N10.04 billion, ‘Lightvessels, fire floats, floating cranes, and other vessels not specified in 8905’ amounting to N5.77 billion, Aluminium waste and scrap valued at N1.50 billion, and ‘Parts of other gas turbines not specified’ valued at N1.12 billion. Ivory Coast, Gabon, Ghana, Cameroon, and South Korea were the top five re-export destinations respectively.
“Analysis by trading partners in Q3, 2023, shows that Spain recorded the highest exports from Nigeria with a value of N1,274.07 billion or 12.31 percent of the country’s total exports, this was followed by India with N1,015.13 billion or 9.81 percent, the Netherlands with N988.66 billion or 9.56 percent, Indonesia with N758.59 billion or 7.33 percent, France with N720.45 billion or 6.96 percent of total exports. Altogether, exports to the top five countries amounted to 45.98 percent of the total value of exports.
“However, analysis by traded products shows that the largest export value in the third quarter of 2023 remained ‘Petroleum oils and oils obtained from bituminous minerals, crude’ with N8,535.61 billion representing 82.50 percent this was followed by ‘Natural gas, liquefied’ with N1,016.45 billion accounting for 9.82 percent, and ‘Urea, whether or not in aqueous solution’ with N109.68 billion or 1.06 percent of total exports.
“Data on Imports in the third quarter of 2023 reveals that the top five partner countries of origin for imports to Nigeria was China (N1,973.34 billion or 23.33 percent), this was followed by imports from Belgium with N996.65 billion or 11.78 percent, India with N802.07 billion or 9.48 percent, Malta with N561.37 billion or 6.64 percent and the United States of America with N502.92 billion or 5.95 percent of total imports.
“The values of imports from the top five countries amounted to N4,836.36 billion representing a share of 57.18 percent of total imports. The commodities with the largest values of imported products were ‘Motor Spirit Ordinary’ valued at N1,921.03 billion or 22.71%, ‘Gas oil’ with N736.66 billion or 8.71 percent and ‘Durum wheat (not in seeds)’ with value amounting to N331.76 billion or 3.92 percent of total imports,” the report stated.
COP28: NUPRC unveils regulatory framework for energy transition, decarbonisation, others
Senate probes Customs over N62bn under-remittance
Teenage apprentice arrested for allegedly stealing N958,000 from master
21-year-old man faces charges for stealing N13,200 worth of palm oil in Kano
Police on trail of man over homosexual practice
Teenage apprentice arraigned for allegedly stealing N958,000 from master
Police arrest 18 suspects for various crimes in Nasarawa
Cardi B, Offset unfollow each other
Transforming Nigeria’s oil and gas industry: Overcoming challenges by employing advanced technologies for improved production efficiency, security as a driver for economic growth
Nigeria to resume production of 275,000 bpd, as NNPC resolves PENGASSAN-TotalEnergies rift
Premium on display: LG showcases world first wheel TV, other products at Korea national day
Oil theft: FG lauds Navy for rising crude oil production
Construction of Ibadan internal roads to begin in weeks – Makinde
Digitising agriculture will boost farmers productivity, GDP – DG NITDA
News6 years ago
NLC, NUT shock El-Rufai with massive protest
Politics4 years ago
Implementation of N30,000 minimum wage depends on each State’s capacity -Governor’s Forum
Energy6 years ago
Cost reflective tariff, our challenge – Ikeja Electric
News8 years ago
Wema Bank awarded two ISO Certifications
News6 years ago
2019: OBJ lobbies Tinubu, Kwankwaso, Duke in new party
News8 years ago
10 dead, 4 rescued as shipping mall collapse in Ogun
News7 years ago
Relocation to Ghana: Nigeria to lose $12bn foreign airlines investments
News7 years ago
Ekweremadu visits Fani Kayode, Abati, others in EFCC cell