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Fed Govt Slightly Reverse The Price of PMS

Queue at the filing station  The President,  Petroleum Products Retailers Owners of Nigeria( PETROAN), Dr Billy Gills Harry, says the reduction of the product, by the Nigerian National Petroleum Company Limited( NNPCL) is good for the nation'struggling economy, as it would help in soften the difficult situations posed by the sharp rise in the price of petroleum products. While reacting to the issue through a statement issued and signed to the NEWSMIRROR yesterday, Harry said that the slight reversal of the price by NNPCL shows that the government is committed to the alleviation of the problems of the masses. According to him, the reduction in the price per litre of Petrol Motoring Spirit( PMS) from N1,020 per litre to N899 per litre is good, adding that the country will soon get over its problem, if the readjustment of the economy continues. Also, PETROAN's Public Relation Officer, Dr  Joseph Obele said that Dangote Petroleum Refinery had earlier started the r...
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Generation companies are owed N1.75 tr, says APGC

Power generation plant 

By Akinola Ajibade


Electricity generating companies are currently  owed about N1.7 trillion, the Executive Secretary, Association of Power Generation Companies,(APGC), Dr Joy Ogaji has said.

She said the companies are owing gas suppliers about N1trillion and banks N700bilion( loans servicing) totalling N1.7trillion since 2013.

Speaking, yesterday in Lagos, during the panel session at the Association of Energy Correspondents of Nigeria (NAEC) Strategic International Conference, Ogaji said that liquidity and gas are impediments to the operation in the generation value chain in Nigeria.

She stated that the power generation companies are still servicing loans used in acquiring the  defunct assets of the Power Holding Company of Nigeria(PHCN) , adding that the sub-sector is facing a myriad of operational problems.

Ogaji

She urged the Nigerian Bulk Electricity Trading Company (NBET) to intensify efforts to ensure remittances by the 11 electricity Distribution Companies for energy consumed by their customers.

According to her, GenCos are are ready to generate the power needed in Nigeria, adding that utilisation had been stagnated in the country for a long time due to transmission and distribution constraints.”

“Just to give you a context, on Nov.1, 2013, when the privatisation took place, power was 3,427MW on the day of takeover. On Dec. 1, 2013, power had gone from 3,427MW to over 4,003MW and by 2020 it had gone up to nearly 8,000MW,” she said.

She lamented that the average uptake of power from the GenCos was about 4,000MWh from 2013 till date which was not good for business.

The development, she said, is discouraging investors from investing in the country, as well as affecting the growth of the economy.

She said that producers are not incentivised to produce, due to declining level of their products.

Insufficient foreign exchange ( forex), Ogaji explained, is a big challenge in the industry, a development, which has constrained the operations of the companies in recent times.

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