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"Synergy, Commitment Are Key to Global Energy Sustainability, Says Bounour

By Favour Ifeoluwa & Akinola Ajibade  The Chief Executive Officer, Egbin Power Plc, Mr Mohktar Bounour says global transition to cleaner energ and sustainable environment are achievable, as long as there is strong synergy and commitment among stakeholders in the value chain.  He spoke during the maiden edition of  Asharami Square in Lagos. This is an initiative introduced and implemented by the Sahara Group, in order to amplify discourse on energy sustainability through  media advocacy globally. He said: " Having analyzed the percentage of global greenhouse emissions attributed to sectors including electricity/heat production, agriculture/forestry and transportation, we are realised that there is need for synergy  and renewed commitment among stakeholders". According to him, Egbin Power has unwavering commitment to reduce carbon emissions and promotes sustainable energy sources, stressing that the need to depeening engagement and advocacy among stakeholders in
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Marketers-Fed Govt: Remove VAT to reduce rising cooking gas' prices




By Akinola Ajibade


Marketers have said that immediate removal of (Value Added Tax(VAT) from the gas sector, is the only antidote to the rising prices of Liquefied Petroleum Gas( LPG) also known as cooking gas in the country.

They said the imposition of VAT on cooking gas and other materials was responsible for the upward trend in the prices of the product since two years. 

Currently, a 12.5 kilogramme gas cylinder is filled  with between N11,000 and N12,500.

Speaking  during an appearance with the joint committee of the House of Representatives in Abuja recently, the President, Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM), Mr Olapado Olatubosun, blamed the ‘portfolio investors’ for the high cost of cooking gas. 

He urged the Federal Government to remove VAT from the gas sector to maintain price stability, adding that middlemen rely on it  to maximise profit by as much as 100 per cent.

The government, Olatubosun said, has through the Nigerian Liquefied and Natural Gas( NLNG) , has been injecting sufficient gas into the market but middlemen, who are aiming to maximise profits, are responsible for the steep prices.

However, contrary to Mr Olatunbosun’s claim, sources at the NLNG told News Mirror, that although the company now supplies all its petroleum gas to the Nigerian market, it meets only about half the local needs of Nigerians. The rest is imported, which is currently affected by the global oil crisis.

He said the steep increase in the price of gas is driving consumers away from using gas, thereby moving to charcoal which harms the environment.

“The only way to stimulate investment is to make the price affordable. There are infrastructural challenges, but there are still human interventions that we need we need to control.

“Supply should be directly to people that need it. How many gas plant owners are actually off-takers. There are production going on in Edo in Oredo. How many of them are they selling? People come from different angles who are portfolio investors, they buy gas and they hack on it, the price goes up,” he said.

He called for more investment in the sector to meet demand and also crash the price.

“In the long run, what Nigeria needs to do is to invite investors to invest simply in exploration. We have an abundant deposit of gas in the soil but the exploration is too low for the population,” he said.

After his presentation, the lawmakers had a closed-door session with the marketers, the Group Managing Director of NNPC Limited, Mele Kyari and others.

The average retail price of 10kg cooking gas increased by 89.28 per cent from N2,071.69 in May 2021 to N3,921.35 in May 2022, according to data by the Nigerian Bureau of Statistics.

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