Category: Business

Power supply from the National Grid fell by 25.3 percent to 3,320.70 Megawatts yesterday from 4,446.02MW recorded last Sunday. According to data supplied by the National System Operator it showed that has at 5pm, 19 power generation companies were on the grid. The largest electricity supplier was Egbin Power with 544MW, followed by Azura-Edo IPP with 426MW and Delta Power with 367MW. The least suppliers were Omoku (Gas) with 46.20MW and Paras Energy with 46.80MW.…

The net value of the nations’s pension fund assets has risen to N13.8trillion.According to the National Pension Commission, the assets rose to N13.88 trillion in March, this year from N13.76 trillion recorded the previous month. This is a  growth of N113.75 billion in one month. Findings show that the growth has remained uninterrupted despite the recapitalisation ordered by the Commission on Pension  Funds Administrators The exercise was completed on March 27 with PFAs capital increasing…

The 15 per cent National Automotive Council levy slammed on used imported vehicles by the Nigeria Customs Service may have started splitting clearing agents as a faction plans a strike action while another sues for dialogue. The NCS had recently introduced a 15 per cent NAC levy on used imported vehicles, a decision which didn’t go down well with clearing agents in the country’s maritime sector. The agents have argued that the NAC levy is…

According to a new report by the National Bureau of Statistics, THE average retail price for cooking gas increased by 83.62 per cent from N2057.71 in March 2021,  The report  indicated that the average price for refilling a 5kg cylinder of Liquefied Petroleum Gas (cooking gas) stood at N3778.30 in March 2022, from N3708.58 recorded in February 2022, showing an increase of 1.88 percent month-on-month. According to the state profile analysis, the highest average price…

World Bank has come forward to state that the  increasing fuel subsidy puts the Nigerian economy at a high risk as subsidy payments could significantly impact public finance and pose debt sustainability concerns. According to the bank, Nigeria is projected to have a 3.8 per cent growth in 2022, adding that as an oil-dependent country, weak oil production hampers economic recovery. It added that the increasing fuel subsidy poses a high risk to the country’s…

The Nigerian National Petroleum Company Limited and its contractor handling the bulk of the $2.6bn Ajaokuta-Kaduna-Kano gas pipeline project, yesterday stated that natural gas would be transported through the AKK pipeline in the first quarter of 2023. Both firms stated this during an inspection tour of the construction work on the gas pipeline project in the Abaji end of the facility in Abuja.While Speaking during the inspection of the project, the Group Managing Director, NNPC,…

THE Federal Government will in May introduce a system online for the tracking and monitoring of passport applications. The Minister of Interior, Rauf Aregbesola, said this at the opening of a two-day workshop for Passport Control Officers of the Nigeria Immigration Service in Abuja on Tuesday. Aregbesola revealed that the Federal Government had concluded plans to launch a system that would lead to minimal interaction between passport applicants and immigration officers. The minister said apart…

The House of  Representatives yesterday called on the Nigerian National Petroleum Company, NNPC, Limited to make available the report of the implementation, funds utilization and status of the $12 billion 4,128 kilometres Natural Gas Pipeline Project. It also urged the corporation to review the National Gas Master Plan of the project in the light of present day realities.The call was sequel to the consideration of a motion on the urgent need to address prolonged construction…

The Federal Government, FG, has come forward to state that the various funding arrangements amounting to about $4 billion it has put in place to boost power transmission capacity and other power infrastructure in the country would lead to improved power supply to Nigerians. It will be recalled that Nigeria’s electricity supply in the past two weeks went through turbulent time, following the inability of power generation companies (GENCOs) to put load on the national…