Skip to main content

FG- Imo: :Regulatory Oversight of The State Electricity Market Is Now Underr ISERC

By Favour Ifeoluwa & Akinola Ajibade  The Federal Government yesterday( Monday) announced the transfer of Regulatory Oversight of the Electricity Market in Imo State to the state electricity regulatory commission, otherwise known as (ISERC). In a statement issued by the Nigerian Electricity Regulatory Common( NERC), the development is in compliance with the amended Constitution of the Federal Republic of Nigeria (CFRN) and the Electricity Act 2023 (Amended), reiterating that all transfers envisaged by this order shall be completed by 31 December 2024. According to the Commission,the transfer Order’s provisions include: “Direct Enugu Electricity Distribution Company (EEDC) to incorporate a subsidiary (EEDC SubCo) to assume responsibilities for intrastate supply and distribution of electricity in Imo State from EEDC, and that EEDC shall complete the incorporation of EEDC SubCo within 60 days from 27th June 2024. The subcompany shall apply for and obtain licence for the in

Nigeria's crude oil output dropped to 1.354 bpd in March



By Akinola Ajibade

Nigeria's ability to generate more revenus from crude oil importation has reduced, following the recent drop in the production of oil  1o 1.354 million barrels per day iMarch this year. 
The   Organisation of the Petroleum Exporting Countries (OPEC) in its monthly report of activities of member states, said that Nigeria''s  crude oil production, on average has fallen to 1.354 million per day. 
According to the report, Nigeria''s crude oil production fell by  24, 000 barrels per day when compared to the 1.378mb/d produced averagely in the month of February 2022,the cartel said in its Oil Market Report for April 2022.
Quoting secondary sources, OPEC said that the crude oil production of its member' countries 
averaged 28.56 mb/d in March 2022, higher by 57 tb/d month-on-month,adding that crude oil output increased mainly in Saudi Arabia, Kuwait and the United Arab Emirates while production in Libya, Nigeria and Congo declined.
The report said that Nigeria’s crude oil production dropped  to an average of 1.354 million barrels per day in March 2022, according to OPEC. 
The figure showed a decrease of 24, 000 barrels per day when compared to the 1.378mb/d produced averagely in the month of February 2022,the cartel said in its Oil Market Report for April 2022.
The report stated that Nigeria"s economy expanded by 3.6 percent in 2021, following   a contraction of 1.8 per cent year-on-year in 2020, Nigeria’s economy expanded by 3.6 per cent in 2021,. 
According to the report, the economic recovery was most likely to continue over the course of 2022 with support from improvements in the hydrocarbons sector and energy prices.
The report added: “Recent official data suggested that the annual inflation rate edged up slightly to 15.7 per cent in February 2022 from 15.6 per cent in January 2022, although food inflation remained elevated.Indeed, higher food costs related to geopolitical tensions could further fuel inflation.
“In March 2022, the overall business improvement softened as Stanbic IBTC Bank Nigeria’s Purchasing Managers’ Index suggested, indeed it dropped to 54.1 from 57.3 in February.Yet, the overall prospects for Nigeria’s short-term economic outlook remain positive, despite concerns over inflationary pressures amid disruptions to global trade flows and supply shortages.”
The report stated that Nigeria:s economy expanded to 3.6 per cent in 2021, following a contraction of 1.8 per cent year-on-year in 2020, Nigeria’s economy expanded by 3.6 per cent in 2021.
According to the report, the economic recovery was most likely to continue over the course of 2022 with support from improvements in the hydrocarbons sector and energy prices.
The report added: “Recent official data suggested that the annual inflation rate edged up slightly to 15.7 per cent in February 2022 from 15.6 per cent in January 2022, although food inflation remained elevated.Indeed, higher food costs related to geopolitical tensions could further fuel inflation.
“In March 2022, the overall business improvement softened as Stanbic IBTC Bank Nigeria’s Purchasing Managers’ Index suggested, indeed it dropped to 54.1 from 57.3 in February.Yet, the overall prospects for Nigeria’s short-term economic outlook remain positive, despite concerns over inflationary pressures amid disruptions to global trade flows and supply shortages.”

Comments

Popular posts from this blog

HAPPY 70 TO ELDER ADE ADEDAMOLA OGIDAN

PLATINUM BIRTHDAY ANNIVERSARY OF ELDER ADE ADEDAMOLA OGIDAN, A FOREMOST JOURNALIST & EDITOR By Favour Ifeoluwa & Akinola Ajibade Like a new born child, beaming with smiles for coming out of his mother's womb in order to live a fulfiled life, the celebrator,Ade Ogidan fits perfectly well into this category. Simply known as AAO, a shorten form of Ade Adedamola Ogidan, the thorough based journalist is without doubt, a  well grounded newsman.. With Bachelor of Science ( BSC) Degree in   Sociology and Anthropology( 1976 ) from University of Nigeria, Nsukka,  Ogidan has cut his teeth well in Journalism. Prior to this, he  taught in Osogbo Grammar School and worked at the Nigerian Communication respectively  after his youth service, a development, which no doubt prepared  him well for journalism profession and other future engagements. Pragmatic, resilient and outspoken, where it matters, Ogidan ensured  that his tenure as the first Chairman of Pineapple Estate, Ikorod

NNPC Completes Mechanical Rehabilitation of Port Harcourt Refinery Plant

By Favour Ifeoluwa & Akinola Ajibade The Nigerian National Petroleum Company (NNPC) Limited, says that it has mechanically completed the rehabilitation of Area 5 Plant of the Port Harcourt Refining Company (PHRC). The nation's oil company began rehabilitation of the refinery two years ago, while at the same time, promised to complete its by 31st December 2023. The Group Chief Executive Officer, NNPC Ltd., Mr. Mele Kyari, said as of December 15th, 2023, 84.4% of Area 5 Plant, a key component of the Refinery, and 77.4% of the entire rehabilitation project have been completed. “In our quest to ensure that this refinery is re-streamed to continue to deliver value to Nigerians, we made a promise that we will reach a mechanical completion of phase one of the rehabilitation project by the end of December and get the other plants running in 2024. Today, we have kept those commitments,” Kyari stated. The GCEO commended NNPC's staff and the EPCIC contractors for doing a g

Fed Govt Commences New VAT Sept 1

By Favour & Akinola Ajibade Buoyed by the resolve to deepen the country's revenue base and further and further speed up implementation of capital projects in Nigeria, the  Federal Government will in the next six days, precisely September 1, this year, starts collecting the  new Value Added Tax( VAT).  The government is achieving  this goal through the Federal Inland Revenue Service(FIRS).  FIRS, in a statement,  said subject to the Finance Act 2023, VAT withheld or collected, VAT on items excluded from building, the new Tertiary Education Tax rate of 3 per cent and Investment Allowances and Convertible Currencies will become effective September 1, 2023. Certain amended provisions of the Finance Act 2023 were enacted on 28th May, 2023 with the effective date of 1st May 2023. However, the effective date was changed to 1st September 2023. Some of the amended Sections are 14 (3) which deals on VAT Withheld or Collected. The VAT Act was amended to the effect that persons