Japaul Gold slumps by 30%, after rallying to 52-week high of N1.67 on Monday
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GCR affirms Dangote Cement issuer ratings of AA+(NG) and A1+(NG)
CEO, CFO purchase additional 1.28 million units of United Capital Plc shares
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COVID-19 Update in Nigeria
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McCaleb, co-founder of Ripple sells 28.6 million XRP
Energy
FG to inject over N198 billion on capital projects in power sector in 2021
The Federal Government plans to inject N198.27 billion on various capital projects in the power sector across Nigeria in 2021.
The Federal Government plans to inject N198.27billion on various capital projects in the power sector across Nigeria in 2021.
This was disclosed in the 2021 Appropriation Bill, which President Muhammadu Buhari presented to the National Assembly recently.
READ: Buhari presents N13 trillion 2021 Budget to National Assembly
Breakdown:
* National rural electrification, managed by the Rural Electrification Agency, will invest a total of N17.86billion on power infrastructure development in rural communities.
READ: CBN to sanction exporters who default on export proceed number
* The Nigerian Electricity Regulatory Commission plans to invest N294.1million on capital projects, while capital projects to be handled by the Nigerian Electricity Management Services Agency will gulp N441.1million.
* The allocation for capital projects to be handled by the Transmission Company of Nigeria, as contained in the proposed budget, is N4.69billion.
READ: Buhari earmarks N420 billion for N-Power, GEEP and others under NSIP in 2021 budget
* The capital outlay projected for 2021 by the Nigeria Electricity Liability Management Limited is N914.87million, while the National Power Training Institute targets to invest N294.1million.
* The total overhead for the entire ministry and its agencies was N1.16billion.
* The amount budgeted for personnel in the power ministry and its agencies is N4.9billion.
READ: Update: Buhari seeks power to freeze accounts, clamp down on money launderers
Energy
First cargo of Nigeria’s newest crude grade, Ayala, to arrive Europe
The first export cargo of Nigeria’s newest crude grade, Anyala, is reported to be on its way to Northwest Europe.
The first export cargo of Nigeria’s newest crude grade, Anyala, is reported to be on its way to Northwest Europe.
According to a report from S&P Global Platts, while quoting trading and shipping sources, the cargo is likely to travel from Fos-sur-Mer to the Cressier refinery in Switzerland through the SPSE pipeline.
It reported that Data Intelligence firm, Kpler, said the Aframax Minerva Clara loaded a 700,000 barrel stem of Anyala crude from the Abigail-Joseph floating production, storage, and offloading vessel on January 10 with the tanker on its way to the Fos-sur-Mer terminal, located at France’s Mediterranean port of Marseille.
The report also said that trading house Vitol had chartered this tanker, as it has a stake in indigenous producer FIRST E&P, which is the operator of the Anyala West oil fields, located in the shallow waters of the Niger Delta.
This is as a market source said the cargo is likely to travel from Fos-sur-Mer to the 68,000 b/d Cressier refinery in Switzerland, which is operated by Varo Energy, through the SPSE pipeline.
Varo Energy is a joint venture between Vitol, private equity fund, the Carlyle Group, and private investment fund Reggeborgh.
What you should know
- The new crude is from Nigeria’s shallow-water Anyala West oil fields in the Niger Delta, which struck first oil in November. Anyala is the country’s newest oil development since the start-up of the giant Egina field in late-2018.
- Anyala has been labeled a medium sweet crude grade, similar in quality to Nigeria’s flagship crude Bonny Light and when refined, Anyala will produce a high yield of middle distillates, making it attractive to both simple and complex refineries.
- It is also reported that a second cargo will load in March, with some Asian refiners already showing buying interest.
Energy
Price Watch: Consumers paid more for diesel and less for petrol in December
The December 2020 NBS report shows that consumers paid more for diesel and less for petrol than they did in November 2020.
The Price Watch report released by Nigeria Bureau of Statistics (NBS) for the month of December 2020 revealed that consumers paid more for Diesel (Automotive Gas Oil) and less for Petrol (Premium Motor Spirit), compared to that of November 2020.
The average price paid by consumers for diesel increased by 0.28%, from N223.74 in November 2020 to N224.37 in December 2020, while the average price paid by consumers for petrol decreased by 0.94% from N167.27 in November 2020 to N165.70 in December 2020.
Key highlights of the report
Diesel
- Consumers in Taraba (N266.00), Adamawa (N262.50) and Zamfara (N257.50) paid the highest average price for Diesel.
- While consumers in Kwara (N195.00), Gombe (N197.50) and Osun (N201.09) paid the lowest average price for Diesel.
- Overall, consumers in North West (N240.57), North East (N238.88) and North Central (N226.37) paid the highest average price for Diesel, while consumers in South West (N209.27), South East (N209.35) and South South (N216.25) paid the lowest average price.
Petrol
- Consumers in Abia (N176.19), Kwara (N172.43) and Kebbi (N169.92) paid the highest average price for petrol.
- While consumers in Kaduna (N155.00), Katsina (N160.25) and Bauchi (N162.57) paid the lowest average price for petrol.
- Overall, consumers in South East (N168.04), North Central (N166.94) and South South (N166.53) paid the highest average price for petrol, while consumers in North West (N163.79), North East (N164.47) and South West (N164.92) paid the lowest average price.
Since a lot of manufacturing companies rely heavily on diesel to power their machinery and equipment, the increase would have added to their cost of operations, culminating in consumers paying more for goods and services.
Also, one would have expected that the reduced price of fuel in December 2020 would lead to lower transport fares for commuters during the festive season, but that was not the case.
Energy
LPG: Nigerians paid more to refill 12.5kg gas cylinders in December
Nigerians paid more money to refill their 12.5Kg gas cylinder in December than they did in November 2020.
The average price for refilling 12.5kg cylinder of liquefied petroleum gas (LPG) increased by 1.75% in December compared to the month of November, according to the NBS report for December 2020.
The average cost of refilling the 12.5kg gas cylinder moved from N4,082.97 in November to N4,154.28 in December 2020.
According to the NBS report, the average price for refilling a 5kg cylinder of cooking gas increased by 0.12% month-on-month to N1,949.75 in December 2020 from N1,947.47 in November 2020.
READ: Techno Oil commences mass production of locally-made gas cylinders
Key highlights
- Bauchi (N2,489.12), Borno (N2,396.69) and Adamawa (N2,392.88) recorded the highest average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas in the month of December 2020.
- Enugu (N1,563.75), Imo (N1,678.89) and Oyo (N1,691.67) recorded the lowest average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas.
- Delta (N4,838.46), Cross River/Sokoto (N4,800.00) and Akwa Ibom (N4,614.49) recorded the highest average price for the refilling of a 12.5kg cylinder for Liquefied Petroleum Gas.
- While, Kaduna (N3,191.67), Zamfara (N3,462.50) and Niger (N3,500.00) recorded the lowest average price for the refilling of a 12.5kg cylinder for Liquefied Petroleum Gas.
READ: Petrol importation drops by 512 million litres in 3 months
LPG is fast becoming an alternative to firewood and kerosene as a means of cooking for most homes especially in urban areas in Nigeria. LPG is cleaner and more efficient than kerosene in cooking.
Anonymous
October 18, 2020 at 9:21 pm
Hmmm,electricity is just a scam. Federal Government should not continue to spend money on electricity. Because,the government has been spending huge amount of money, every year, but no any positive result. After all, those people working in the power sector are unjustly selecting the street/areas/communities that they prefer to give good electricity supply
Okechukwu
October 20, 2020 at 12:14 pm
This industry should become fully privatised the same way as the telecommunications industry. The sheer number of agencies in this semi-privatised industry is staggering. They just absorb money and Nigerians don’t receive any benefit.