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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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Petrol May Hit N750 Per Litre, Says World Bank


Queque in fuel filling station in Lagos 



The World Bank says Nigerians will pay N750 per litre of Premium Motoring Spirit (PMS) otherwise known as fuel, if prices are truly not reflecting cost and the current exchange rate. 

Recall that the rate is rose to  N796 today Thursday from its lowest price of  N447  in January 2th January this year. The local currency ( Naira) has for sometime been fluctuating against United States dollar. 

Speaking during his presentation of Nigeria's Development Update, December 13th edition in Abuja, the bank’s Lead Economist for Nigeria, Alex Sienaert said in paper titled: Turning The Corner (From Reforms&  Renewed Hope, To  Eesults)’ and delivered in Abuja, that the Federal Government may still be paying for fuel subsidy, considering that fuel prices are currently not cost-reflective in the country.

He said, “It does seem like petrol prices are not fully adjusting to market conditions so that hints at the partial return of the subsidy, if we estimate what is the cost reflective of retail PMS price of the would-be and assuming that importation is done at the official FX rate.

“Of course, the liberalisation is happening with the parallel rates, which is the main supplier, the price would be even higher. These are just estimates to give you a sense of what cost-reflective pricing most likely looks like.

“We think the price of petrol should be around N750 per litre more than the N650 per litre currently paid by Nigerians.”

Sienaert noted that the bank is recommending to the government to take additional measures with its bold reforms to secure the benefits from having taken those decisions.

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