By Ashemiriogwa Emmanuel
The average price per litre paid by Nigerians for National Household Kerosene increased by 0.7 per cent to N400 in August from N397.34 in July 2021, a report from the National Bureau of Statistics (NBS) has shown.
The National Household Kerosene Price Watch for August 2021 also showed that the value of the commodity rose 15.4 per cent compared with the N346.53 recorded in August 2020.
According to the NBS, the state with the highest average price of kerosene was Enugu, where the household oil was sold to consumers at N494.05 per litre. This was followed by Ebonyi and Cross River where people bought the product for as high as N489.17 and N487.50 per litre respectively.
On the flip side, residents in the core of the Niger Delta region, Bayelsa State, bought the commodity at the lowest average price per litre – N255.56. This was followed by Katsina and Osun States where kerosene was sold for as low as N322.92 and N325.00 per litre respectively.
Meanwhile, the average price of the common household oil sold per gallon also went up by 1.8 per cent month-on-month from N1,302.56 in July to N1,325.39. It also indicated an 8.8 per cent increase compared with the N1,218.48 per gallon in the same time of last year.
Analyzing the price across the states in the country, it was observed that Plateau and Sokoto recorded the highest average cost of the oil per gallon as consumers paid N1,757.14 and N1,580 respectively.
However, in the southern region of the country, precisely in Rivers and Bayelsa, the product was sold at its lowest within the period at N964.75 and N991.67 per gallon, while residents of Yobe State bought the product at N991.67
Zooming out on the analysis, the average kerosene prices per litre across geopolitical zones in the country recorded the highest in the South-East region at N439.58, while the North-West zone recorded the lowest at N354.41 per litre.
The average value of the oil sold per gallon peaked at the North-central zone at N1,377.64 but was sold at its lowest at the south southern part of the country at N1,235.53 within the period.
Business Post reports that this will be the first time since the beginning of this year that the average price of kerosene will jump to as high as N400 per litre and N1,325.39 per gallon across all states.
FG Threatens CCECC Over Drawback in Rail Contract
By Adedapo Adesanya
The federal government has threatened to sanction the China Civil Engineering Construction Corporation (CCECC) for not meeting up with the agreement of providing 85 per cent of rail project costs in a move that could signify friction.
This was disclosed by the Minister of Transportation, Mr Mu’azu Sambo, at the inspection of the Lekki Deep Seaport on Saturday in Lagos.
According to Mr Sambo, the projects are the Kano-Kaduna and the Maiduguri-Port Harcourt rail lines.
“The CCECC has not brought anything to the table. I gave them a deadline which is October 30, if I don’t get that money on the ground, I know what to advise Mr President to do,” he said.
He expressed satisfaction with the Lekki Deep Seaport project, noting that the initiatives were to ensure the smooth evacuation of cargo at the port.
He said that for part-time, the road was being expanded, adding that the government was looking into it, and for medium-term, barges would take care of it.
“I am impressed and happy to be back here. This we know is the pride of all Nigerians, the first deep seaport in West Africa that will take the largest ship in the world has 16.5 meters deep, and will give us hundreds and thousands of jobs.
“Almost automated not fully but automated enough to make life easy for port operations.
“It is initiatives like this we want to encourage, that is why I did not hesitate when I came to the ministry and I saw a proposal of the Badagry Deep Seaport sitting on my table and took it immediately for approval.
“Also, the president is concerned about cargo evacuation at the port and does not want a repeat of the Apapa and TinCan port and so we cannot rely on the road alone which is not the best option.
“There is a need to sit down with stakeholders to see how to tackle this,” he said.
He pointed out that cargo evacuation was not just within the port but outside the port, as goods must reach the final destination.
“First of all, you save a lot of time at the port because of automation and modern technology and equipment.
“After the port what happens, it only makes sense when the goods get to the shipper or owner. And to do that, you need to move either by rail, water, or road,” he said.
Mr Sambo urged the management of the port to employ as many Nigerians as possible as this was the only way citizens could put food on the table for their families.
On his part, the Managing Director, Nigerian Ports Authority (NPA), Mr Mohammed Bello-Koko, noted that the Lekki Deep Seaport was one of the first solutions to reducing traffic at Apapa and TinCan.
According to Mr Bello-Koko, the automation deployed at the port is commendable and fantastic as the processes will be free of human interference.
He said that the Apapa and TinCan port would still be viable, adding that what they had done was to create alternatives for importers and exporters as to where they would decide to do business.
“The operators of those ports should also up their game, and improve their speed in terms of cargo clearance or otherwise.
“Feasibility studies have shown that these ports will still be viable in future like 10, 15 years, the government can decide to turn some of these ports into a real estate, we have some of them in Europe,” Mr Bello-Koko said.
Mr Du Ruogang, the Managing Director, Lekki Port LFTZ Enterprise Ltd. (Lekki Port), said that the port was 95 per cent completed, adding that they would meet the targeted time.
Mr Ruogang appreciated the NPA for deploying marine services such as tug, pilot, lines, boats and harbour master before the operations of the port.
Verification of Bank of Agriculture Pensioners Begins
By Aduragbemi Omiyale
Pensioners of the Bank of Agriculture (BoA) who missed the previous verification exercises under the Defined Benefit Scheme (DBS) now have the opportunity to be verified.
This is because the Pension Transitional Arrangement Directorate (PTAD) has fixed Monday, August 22 to Wednesday, August 24, 2022, for their verification.
In a statement signed by the management of the agency, it was stated that the verification exercise is also for pensioners of other organisations who could not appear for the previous ones.
In the statement, PTAD said Bank of Agriculture pensioners and others should appear at the Afficient Event Centre located on No. 74, Sultan Road, Nassarawa G.R.A. Kano State and at the PTAD Marquee, tucked in 22 Katsina-Ala Crescent, Maitama, Abuja between 8 am and 4 pm for the three days.
PTAD emphasised that pensioners with incomplete documents should obtain a Letter of Introduction from the management of their agencies and an affidavit for the loss of documents.
The documents they are expected to present for verification include the original and photocopies of their career documents, stamped and signed BVN with a picture, one month stamped and signed bank statement, NIN or any other valid identification.
Ikeja Electric Signs Deal for Better Power Supply to Ayobo
By Adedapo Adesanya
A tripartite interconnected mini-grid agreement has been signed by Ikeja Electric Plc, Enaro Energy Limited and the Ayobo community for the provision of reliable and uninterrupted electricity supply to Ishokan Phase 1 Estate, Mercy Land Estate, and Mercy Land Phase1 residents in Ayobo, Lagos State.
The initiative is in line with the Nigerian Electricity Regulation Commission’s (NERC) goal of ensuring there is a reliable and steady power supply across communities in the country through partnerships between distribution companies (DisCos) and independent power generators.
The agreement, which was signed on Wednesday at Ikeja Electric’s corporate headquarters in Alausa, Lagos, will rely on the interconnected mini-grid initiative of the power sector to provide the customers with an uninterrupted power supply.
Speaking on this, Mrs Seqinah Adewunmi, the Chief Finance Officer of Ikeja Electric, who represented the Chief Executive Officer, Mrs Folake Soetan, during the signing of the agreements, stated that the initiative was a landmark in the history of the power sector in the state.
She added that those communities will be the first to experience uninterrupted power supply via a blend of grid and off-grid generation and distribution of power.
According to her, “it will demonstrate the possibility that our customers can enjoy 24 hours power supply which is in line with the core mission of Ikeja Electric to be the provider of choice wherever power is consumed.”
She congratulated everyone that has been part of the process, revealing that the initiative will transform the ways in which electricity is being distributed in Nigeria.
She further stated that this initiative will set the pace for bigger things to happen as the plan is to expand to other communities within the Ikeja Electric Franchise area.
On his part, Mr Oluwaseun Smith, the Managing Director of Enaro Energy, expressed his appreciation that the project was finally coming to fruition, adding that the journey began about two and half years ago and was glad that all the efforts towards ensuring the signing of the contract were worth it.
He stated that Enaro Energy was committed to providing the necessary resources to ensure the success of the project.
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