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Electricity Tariff Hike Looms As FG Raises Gas Price
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The Federal Government, on Monday, announced that the new price of natural gas for power generation companies is now $2.42 per metric million British thermal unit, higher than the previous rate of $2.18mmbtu.
Nigeria generates over 70 per cent of its electricity from thermal power plants that are fired by gas. Therefore, the rise in the cost of the commodity may lead to a hike in the tariff payable by power consumers once the Nigerian Electricity Regulatory Commission carries out another tariff review.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority, an agency of the Federal Government, unveiled the new domestic base price and wholesale prices of natural gas for 2024 in an announcement on Monday.
The NMDPRA also pegged the cost of commercial gas at $2.92mmbtu, up from the previous cost of $2.5mmbtu. The announcement was signed by the Chief Executive, NMDPRA Farouk Ahmed.
Recall that the Multi-Year Tariff Order released by NERC in January 2024 for the electricity distribution companies was calculated based on the previous price of natural gas.
Therefore, going by the latest cost of the commodity, there is a high tendency for an upward review of power tariffs, as gas is a major component used in power production.
Gas producers including international and domestic oil and gas companies, have repeatedly called for the upward review in the price of the product, stressing that this would be an incentive to ramp up production.
In the announcement on Monday, Ahmed said the Petroleum Industry Act 2021 assented to by the President on August 16, 2021, and gazetted in August 2021, provided a clear regulatory framework for the determination of a market-based pricing regime for the domestic gas market.
The NMDPRA boss further stated that the latest action was taken in line with section 167, the third and fourth schedule of the PIA 2021, which mandated the regulator to determine the Domestic Base Price and the marketable wholesale price of natural gas supplied to the strategic sectors.
He said, “The DBP at the marketable gas delivery point under Sector 167(1) and other provisions of the PIA shall be determined based on regulations which incorporate among such other matters, the following principles.
“(b) The price shall not be higher than the average of similar natural gas prices in major emerging countries that are significant producers of natural gas.
“(c) Lowest cost of gas supply based on three-tier cost of supply framework. (d) Market-related prices tied to international benchmarks.”
The NMDPRA, therefore, emphasised that it had set the “2024 Domestic Base Price at $2.42/MMBTU and wholesale prices for natural gas in strategic sectors, following consultations with stakeholders and in compliance with the PIA and Gas Pricing Regulations.”
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Osun election: People’s will defeated political machinery – Sen. Natasha
Senator Natasha Akpoti-Uduaghan (PDP, Kogi Central) has said the outcome of the August 15 Osun governorship election was evidence that the will of the people can defeat political machinery and intimidation.
She said this while reacting to the outcome of the Osun governorship election on Sunday.
The federal lawmaker congratulated Governor Ademola Adeleke on his re-election, describing the poll as a victory for democracy.
INEC had declared Adeleke winner of the hotly contested election which was almost marred by some high-profile assassinations before Election Day.
Adeleke polled 511,067 votes to defeat 14 other candidates. His closest rival Bola Oyebamiji of the All Progressives Congress (APC) polled 444,815 votes, while African Democratic Congress (ADC) candidate Najeem Salam scored 17,180 votes.
Senator Natasha said, “The people of Osun State have spoken loudly and unmistakably. They stood firm, defended their votes and demonstrated that democracy belongs to the people. No amount of political machinery, intimidation or pressure can permanently silence the voice of the electorate,” she said.
She further said the election was a test of Nigeria’s democratic resilience, coming amid concerns over vote-buying and security.
“What we witnessed in Osun is a powerful reminder that the ballot remains the strongest weapon of the ordinary citizen in a democracy. When the people are determined to protect their mandate, political calculations and structures cannot substitute for genuine popular support,” she added.
She also commended INEC for conducting the election and ensuring votes were properly collated, and also acknowledged the Returning Officer, Prof. Joshua Ogunwole.
The Kogi Senator equally said, “I commend the leadership of INEC for conducting the Osun election and for allowing the votes of the people to count. Elections are not merely about voting; they are about ensuring that the votes are properly accounted for and that the legitimate choice of the electorate is respected.
“President Bola Ahmed Tinubu deserves commendation for allowing democracy to take its course in Osun State. Despite the enormous political interests and pressures surrounding the election, the people were given the opportunity to exercise their constitutional right to choose their leader.”
She acknowledged the role played by music star, David Adeleke, popularly known as Davido, in campaigning for his uncle.
According to her, “Davido stood firmly with his uncle. He did not hide his position or abandon his conviction when the political atmosphere became difficult. Whatever one’s political persuasion may be, his determination to participate and support the democratic choice he believed in is noteworthy.”
She also noted that the Osun election has once again demonstrated that the people remember those who served them, those who stood with them and those who delivered when it mattered most.
Noting that political power is temporary, but the impact of good governance remains in the hearts of the people.
She appealed to Governor Adeleke to see his renewed mandate as a responsibility to serve all citizens of Osun.
“To every politician, there is a simple lesson from Osun: if you are a politician, let your works speak for you,” she stated.
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Rainbow Coalition Moves to End Rivers Political Rift, Assures Members of No Victimisation
The Reconciliation Committee of the Rainbow Coalition has assured members of the political group that no one will be victimised or discriminated against as part of ongoing efforts to restore peace and unity in Rivers State.
The committee gave the assurance on Sunday after meeting with Rivers State Governor, Sir Siminalayi Fubara, at the Government House in Port Harcourt. The meeting was the second between the governor and members of the committee in about two weeks.
The committee said the reconciliation process was aimed at rebuilding the political family and creating a new atmosphere in which all members would be treated equally and with respect, regardless of their past political disagreements.
Speaking to journalists after the meeting, Chairman of the committee, Senator Magnus Abe, said the gathering was held to further deliberate on modalities for achieving lasting peace among the previously estranged political leaders.
The committee was constituted by the leader of the group, Nyesom Wike, Minister of the Federal Capital Territory and former governor of Rivers State.
Abe said the committee had held a series of meetings to develop a framework for bringing all members together, adding that significant progress had been made in the reconciliation process.
He said the development should reassure Rivers residents who have been concerned about the political divisions in the state.
“We are all in agreement and we have made very good progress,” Abe said.
He added that the renewed engagement marked “a significant shift in the political atmosphere of the state,” expressing optimism that the reconciliation would pave the way for greater unity, progress and prosperity in Rivers State.
Also speaking, the South-South Zonal Publicity Secretary of the All Progressives Congress, APC, Dr Samuel Nwanosike, commended Governor Fubara for receiving the delegation and providing an avenue for the stakeholders to engage in a spirit of brotherhood.
Nwanosike described the outcome of the meeting as a major step towards restoring unity within the political family.
“The family is back; sincerely back, and soon, they will see the working of the Rainbow Coalition,” he said.
He added that the coalition was committed to ensuring that Rivers residents enjoyed the dividends of democracy.
Another stakeholder, Chief Ambrose Nwuzi, said members who support Governor Fubara had embraced the reconciliation process, stressing that peace remained the best option for the state.
Nwuzi described the previous disagreements among the political actors as part of the challenges that could arise in any human society.
He said the leaders had agreed on the need to reconcile and that the process was already yielding results.
“I can tell you that we have reconciled. All that we are waiting for is for the Honourable Minister of the Federal Capital Territory to put the seal on the reconciliation process which has been going on for the past few weeks,” he said.
Other members of the delegation included the APC governorship candidate in Rivers State, Hon. Kingsley Ogundu Chinda, and Mr Tamosisi Gogo-Jaja, among others.
The latest development is expected to further strengthen the ongoing efforts to end the prolonged political differences among the stakeholders and restore unity within Rivers State’s political family.
News
FCT: Tinubu’s Govt Signs 26,272 Certificates of Occupancy To Aid Businesses, 17,575 More Than Those Signed in 13 Years
To aid the ease of doing business in the Federal Capital Territory (FCT), and in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda, a total of 26,272 Certificates of Occupancy (C-of-O) have been signed by the FCT Minister, Nyesom Wike, since the President assumed office.
This is against a total of 8,697 produced and signed between 2010 and 2023.
During the five and half years administration of President Goodluck Jonathan, a total 5,500 Certificates of Occupancy were produced and signed while 3,197 were produced and signed during the eight years administration of President Muhammadu Buhari.
Many of the allottees who are beneciaries of the 26,272 Certificates of Occupancy produced and signed by the FCT Administration under Wike, got their allocations more than 10 years ago.
Certificate of Occupancy functions as trusted collateral for commercial loans, mortgages, or business expansion capital.
Inability of property owners to get Certificates of Occupancy when needed is one of the challenges facing small and medium businesses, as it restricts access to funding.
Senior Special Assistant to the FCT Minister on Public Communications and Social Media, Lere Olayinka, said in a statement on Sunday, that the FCT Administration under the present Government of President Tinubu, has streamlined the process to enable land allottees receive their documents within two weeks of completing payments.
“The moment necessary payments are made, land allottees can now get their C-of-O within two weeks.
“Also, an automated notifications has been introduced to ensure that land allottees are informed when their documents are ready for collection,” Olayinka said.
He attributed the delays under previous administrations to inefficiencies that discouraged landowners from completing payments.
Apart from producing and signing 26,272 Certificates of Occupancy, a total of 2,521 Consents to assign was granted while 177 Consents to Mortgage were granted in the last three years of President Tinubu’s administration, by the FCT Administration under Nyesom Wike.
This is against 753 Consents to assign and 180 Consents to Mortgage granted by the administration of President Jonathan as well as 684 Consents to assign and 164 Consents to Mortgage granted during the eight years government of President Buhari.
A consent to assign is a legal document required when selling a property, or shifting loan agreements while consent to mortgage is an official approval required before a property can be used as collateral for a loan.
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