News
Electricity Tariff Hike Looms As FG Raises Gas Price
![](https://naijablitznews.com/wp-content/uploads/2024/02/Tinubu-appoints.jpg)
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.”
News
President Tinubu Speaks On Ajuri Ngelale’s Indefinite Leave Request
![](https://naijablitznews.com/wp-content/uploads/2024/09/Screenshot_20240907-235754.png)
By Kayode Sanni-Arewa
President Bola Ahmed Tinubu’s administration has endorsed Ajuri Ngelale, the President’s Special Adviser on Media and Publicity, indefinite leave request.
Recall Ngelale, in a statement on Saturday, announced an indefinite leave of absence.
He proceeded on the leave to attend to pressing medical matters affecting his immediate family.
In a statement he posted on his general communication WhatsApp platform on Saturday, Ngelale revealed that he submitted a memo to the Chief of Staff on Friday.
He noted that the memo was a means of notifying him of the decision to pause his functions, including his roles as Special Presidential Envoy on Climate Action and Chairman of the Presidential Steering Committee on Project Evergreen.
Ngelale explained that the decision was after consultations with his family due to a worsening medical situation at home.
He expressed hope to return to full-time national service when circumstances permit.
In a statement posted on X by Tinubu’s Special Assistant on New Media, Olusegun Dada and signed by the Presidency, Tinubu approved Ngelale’s request.
Tinubu stated that he fully understands his Chief spokesperson’s reason and sympathizes with the circumstances that have led to this seemingly difficult decision.
The statement read: “The President has received the memo from Chief Ajuri Ngelale, Special Adviser to the President on Media & Publicity and Official Spokesperson of the President as well as Special Presidential Envoy on Climate Action, informing of his decision to proceed on an indefinite leave of absence for personal and health reasons.
“The President accepts his reasons for the leave, fully understands them and sympathizes with the circumstances that have led to this seemingly difficult decision.
“While extending his heartfelt prayers and best wishes to Chief Ngelale and his family during this challenging moment, the President hopes for a speedy recovery and full restoration to health.
“The President notes his tireless efforts and dedication in serving the nation, and thanks him for the remarkable contributions he made in his various capacities, especially in advancing national discourse and leading efforts on climate action and other key initiatives.
“The President wishes him well in all his future endeavors.
“During this period, we kindly ask that the wish for privacy of Chief Ngelale and his family be respected.”
News
Confusion As FG Denies Ownership Of Yacht Spotted In France With Nigerian Flag
![](https://naijablitznews.com/wp-content/uploads/2024/09/Screenshot_20240907-235621.png)
…says it belongs to an undisvcosed private individual
By Kayode Sanni-Arewa
The presidency, on Saturday, denied ownership of a yacht spotted hoisting Nigerian flag in St-Tropez, a coastal town in France.
There had been reports of a “presidential yacht belonging to the Nigerian government being used for vacation at St Tropez” on social media.
Senior Assistant to President Bola Tinubu on digital and new media, Otega Ogra, in a post on X, said the yacht belongs to a private individual.
The presidential aide said flags used by the president or armed forces do not contain the coat of arms like the one on the yacht.
Ogra said on Saturday, “There have been false claims circulating that a private individual’s yacht was spotted in St. Tropez is a Nigerian government yacht. Here are some points to consider in order to discern the truth.
“The 42m Bennetti yacht currently being shared online has been privately owned for around 5 years since it was constructed.
It is important to note that this specific yacht has no connection or ownership ties to the Nigerian government, president or armed forces. Any claims or assertions suggesting otherwise are simply not true and inaccurate.
“It is not uncommon for luxury yachts to fly the flag of the owner’s country as well as the flag of the country in which they are registered.
“The official Nigerian flag is Green-White-Green without a coat of arms in the middle. Flags representing the Nigerian President or the Armed Forces do not contain a coat of arms in the center. Placing anything in the center of the flag is a clear deviation
News
Constituency Devt: Senator Manu fulfils promise, installs solar energy as alternative source of power for constituents(Photos)
![](https://naijablitznews.com/wp-content/uploads/2024/09/Screenshot_20240907-234433.png)
By Kayode Sanni-Arewa
In a bid to enhance better life for his constituents, Senator Manu Haruna has facilatated installation of solar energy in Takalafiya community in Bali Local Government Area of Taraba State.
Senator Manu who represents Taraba Central Senatorial District in the National Assembly fulfilled his promise of ensuring the energy needs of his constituents are adequately taken care of.
This initiative reflects his unwavering commitment to addressing the energy needs of his constituents by providing a reliable and sustainable power source.
The solar energy project is expected to improve the quality of life in the community, enabling access to electricity for homes, schools, and local businesses, while also promoting environmental sustainability.
This project is part of Senator Haruna’s broader efforts to enhance infrastructure and development in Taraba Central.
Manu is also working tirelessly to make sure areas not connected to the national grid are connected within the shortest period possible.
-
News18 hours ago
Nigerians Demand Probe Of NDDC Over Donation To Okpebholo’s Campaign
-
Politics19 hours ago
Edo 2024: My unforgivable sin that made Oshiomole my permanent enemy-Obaseki
-
Sports19 hours ago
SAD! Rebecca Cheptegi becomes 3rd victim k!lled by partner in Kenya
-
News13 hours ago
Tinubu’s Spokesperson, Ngelale, Resigns Due to Medical Reasons
-
Foreign18 hours ago
Hush Money: Judge delays Trump sentencing until after US election
-
News14 hours ago
Kidnapping Crisis On The Rise Under Tinubu’s Watch: Over 7,500 Abducted From July 2023 To June 2024 (See State By State Breakdown)
-
News18 hours ago
How I was lured into sex, multiple rape of minors —Teenager
-
News8 hours ago
Rivers political logjam: I was gravely ill when Fubara fired me – Traditional ruler