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Economy & Politics

Report shows Nigerians are spending less on cooking gas

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The National Bureau of Statistics on Monday revealed that Nigerians spent ₦2,155.97 and ₦4,333.27 on the average each time they refilled 5kg and 12.5kg cylinders of liquefied cooking gas in February.

According to the report published on the agency’s website, the ₦2,155.97 average cost for a 5kg cylinder of gas is a 1.59% decrease compared to what obtained in January 2018, and 20.40% decrease compared to the cost of refilling the same size of the cylinder in the February of 2017.

There were, however, some exceptions, with Borno, Yobe and Anambra among states with the highest cost of refilling the same 5kg cylinder of liquefied gas; ₦2,500.00, ₦2,500.00 and ₦2,364.29 respectively.

In the same vein, residents of Abuja (FCT), Ebonyi and Ekiti states spent the lowest average price for the refilling of their 5kg cylinders in February at ₦1,820.00, ₦1,860.00 and ₦1,950.00 respectively.

Meanwhile, the average cost of refilling a 12.5kg cylinder of liquefied gas which stood at ₦4,333.27 in February marked a 0.12% month-on-month increase compared to the ₦4, 327.89 spent by consumers for the same quantity of gas in January. There was, however, an 18.94% decrease in price compared to what obtained in February 2017.

In states like Akwa Ibom, Benue and Kogi, the prices of refilling a 12.5kg of liquefied cooking gas were highest at ₦5,000.00, ₦5,000.00 and ₦4,816.67 respectively.
Other states with the lowest average cost for refilling a 12.5kg cylinder of cooking gas are Oyo, Lagos and Ogun; ₦3,871.05, ₦3,727.78 and ₦3,788.89 respectively.

According to the National Bureau of Statistics, the prices of cooking gas fluctuated in February, with some state residents paying more than others.

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Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs.He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor.Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan.If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

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Business News

Financial Autonomy: Governors, State Speakers reach agreement

The Governor also said that the final document of the agreement should be ready for implementation by May 2021.

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The Governors’ Forum, Conference of Speakers of State Legislature and other governance stakeholders announced that they reached a resolution over the implementation of financial autonomy for State Legislature and Judiciary.

This was disclosed by the Ekiti State Governor and Chairman Nigeria Governors’ Forum, Kayode Fayemi, after the meeting, which was held in Abuja on Monday, and presided by the Chief of Staff to the President, Prof. Ibrahim Gambari.

What the Governor said

“We are here for legislative and judicial autonomy and Governors; Speakers of State Assemblies and the Judges of the States are on the same page as far as this issue is concerned,” he said.

We just emerged from a meeting with the Solicitor General of the Federation, the representatives of the judiciary and those of the Conference of Speakers and we are all in force; an agreement has been reached.

READ: Finance Minister tasks FG and state governments to control spending

The issue is about implementation. There has been no objection from governors on judicial and legislative autonomy.

As a matter of fact, it would not have passed if governors were not in support in the first instance. So, that issue has been fully and holistically addressed,” Fayemi said.

The Governor also said that the final document of the agreement should be ready for implementation by May 2021 and urged striking workers  to return  to offices “because as far as this has gone, we have met with all the parties concerned and the President, through his Chief of Staff, has been monitoring what has been happening.”

What you should know

Nairametrics reported earlier this month that members of the Judiciary Staff Union of Nigeria (JUSUN) went on strike with the closure of Federal High Courts in different states across the nation. The union said the purpose of the strike was to draw attention to the financial autonomy of Nigeria’s Judiciary.

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Business

Finance Minister tasks FG and state governments to control spending

The Minister also denied claims that the FG printed N60 billion as top-up for March FAAC numbers.

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land borders to be reopened soon, Finance, Ministaer, vow to recover AMCON debt through issuance of promissory notes, FG reiterates stance on IPPIS as ASUU threatens strike, Finance Minister, Zainab Ahmed identifies capital market as key driver for economic growth , Nigeria has paid $1.09 billion to service its debts in 2019  , Dividends on oil proceeds will be taxed - FG , State governments own most bad roads - Finance Minister says, Budget deficit increases by N351.98 billion, as FG misses revenue target, Economy: Funding MSMEs in Nigeria , Finance Bill: New tax regime to take effect from Jan 2 - FG , Again, Finance Minister argues that Nigeria is not in debt distress , ECOWAS: Single currency regime not kicking off in 2020  , FG: CBN holds N43 billion stamp duty charges collected by banks , FG may shift deadline to deactivate bank accounts without tax verification, Confusion as ministry and presidency disagree over Finance Act start date, 7.5% VAT: Implementation to begin Feb 1 – FG , Finance Minister: Nigeria to go into recession if ..., Foreign tech companies that will now pay tax to FGN: see the criteria

The Minister of Finance, Zainab Ahmed, has called on Governments on all levels in Nigeria to control spending amid decreasing revenues and urged for prudent government spending. The Minister also denied claims that the Federal Government printed N60 billion as top-up for March FAAC numbers.

The Minister disclosed this in an interview on Monday and warned that the FG was not generating enough revenue to align with its spending habit.

READ: UK to return £4.2million seized from Ibori to Nigeria

Zainab Ahmed added that the FG would maintain its stance from January 2021 to end total fuel subsidies in Nigeria, and confirmed talks with organised labour on subsidy removal.

“As a nation, the Federal, State and Local governments must review expenditure patterns. We are spending too much and we are not generating enough,” she said.

READ: Resolving the global debt and liquidity crises, issues and possible solutions

What you should know 

Nairametrics reported last month that the Debt Management Office had announced that Nigeria’s public debt at end of 2020 was N32.915 trillion. The DMO said the sum of the debt included the Debt Stock of the Federal and State Governments, as well as the Federal Capital Territory.

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