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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
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Nigeria's oil sales dropped to N945bn amid price hitting $120 bpd By Akinola Ajibade




 Nigeria's oil revenues dropped to N945billion in January, representing 7.8 per cent less than the N1.024 trillion budgeted for the period.

This happens, as Saudi Arabia earns $1billion daily from oil, a development, which made the country the top earners.

The Central Bank of Nigeria (CBN) gave this indications recently, saying  that the  federal government earnings from oil sales dropped to a four-month low.

In its latest monthly economy for January 2022, the apex banking regulatory body, said that the development is worrisome, despite the higher oil prices in the international market 

Crude oil recorded the highest price margin of $120 per barrel, bringing excitements to Nigeria, an oil dependent nation.

According to the CBN data, Nigeria made N945 billion in January, this is 7.8 per cent less than the N1.024 trillion budgeted for the period.

A breakdown of the components of oil revenue showed that no revenue accrued from crude oil and gas exports in January, the second straight month the government has earned nothing from such a major income source. Data shows Nigerian economy is more likely to suffer than gain as oil prices soar.

No money was recorded for oil and gas exports because the Nigerian National Petroleum Company NNPC) has not remitted funds to the joint pool of the federation account in recent months, due to rising petrol subsidy claims, on the back of elevated crude oil prices as well as lower oil production.

Revenue from petroleum profit tax and royalties, which formed the bulk of oil revenue, declined by 31 per cent to N247 billion compared with N360 billion the previous month and was also below the monthly target of N277 billion.

Nigerian oil blends on Monday, 6 June sells at a record high. At $124.18, Bonny light, produced in Oloibiri in the Niger Delta, is currently the most expensive OPEC blend.

A sweet medium-light Nigerian crude, is selling for $126.60, the same price as Qua Iboe crude oil, which is also a Nigerian mix.

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