A destroyed refinery By Favour Ifeoluwa & Akinola Ajibade The Nigerian National Petroleum Company Limited( NNPCL) says it has destroyed 134 illegal refineries in the last few weeks. Also, the company said 63 illegal pipeline connections were uncovered during the the weeks . The corporation, In a visual report, stated that at about 2 am on Sunday, a joint team of security agents discovered a large wooden boat illicitly loading stolen crude oil from Barge AGS01 within the OML 18 operating area, noted intelligence report a large wooden wooden boat was caught receiving crude oil from the barge. According to the state-owned oil firm, while the barge was towed away with a tugboat in custody, five speedboats used in towing the large wooden boat to the illegal loading site were also detained and the particulars of the tugboats and barge used for the operation were reportedly seized for further investigation. It further said that two large boats, which involve
By Favour Ifeoluwa & Akinola Ajibade
No fewer than N1.6 trillion will be spend on subsidizing electricity for end users by the Federal Government in 2024, the Executive Secretary, Nigeria Electricity Regulatory Commission ( BERC) , Garba Sanusi has said.
He said this yesterday( Wednesday) during an interactive session with journalists in Abuja
According to him, the amount was not sustainable, going by the bad economy in Nigeria.
Recall that NERC last night( Wednesday) posted the review tarriff for the operating electricity distribution companies with provision of subsidy.
The NERC boss, who spoke passionately about the new tarrif review said: “I want to correct the impression that for one year we haven’t had any review. The reality is that the reviews have been done but what happened is what you pay as a customer is a blend of regulation and and policy.
“If we have determined that you should be paying N150 and the Federal Government says you should pay N60 and it will pay the difference. Then that is what it is, and the government would now provide the money.
“And that is why the current tariff order that is posted on our website, you will see this is what you should pay, and this is what the government says you should pay, and the government will provide the difference except there is the change of the government policy.
“For the first time we mandated all the electricity distribution companies ( DisCos) to provide five-year capital investment plans, and we reviewed it for prudence and efficiency, and we made sure that all these investments are targeted towards the improving service.
“We have our projection on what will be required if the government does nothing tariff, and it will be N1.6trn to fund electricity, and that is 30bn a month. One of the new things in tarrif order is, and to avoid rate shock, we will now be doing the minor tariff review very frequently, like every month’’.
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