Just few days into the month of March, the average price for refilling cooking gas per kilogram stands at N1,300, marking a significant consideration for budgeting within Nigerian families.

However, the price remains relatively uniform across states, with minor variances sometimes as little as N50

The versatility of cooking gas, now widely used not only for cooking purposes but also for powering generators, has led to a surge in demand.

This increased use, particularly for those using gas carburetors in generators, underscores the growing reliance on cooking gas as a multi-use energy source.

However, it’s crucial to note that a kilogram of cooking gas offers about 7½ hours of usage for cooking but dwindles to merely 3 to 4 hours when powering generators.

The dynamics of cooking gas prices are subject to change, reflecting the fluidity of the gas sector in Nigeria. This variability necessitates continual updates to provide consumers with the most current information on gas costs.

See some prices of refilling cooking gas for different sizes of cylinders below:

1kg – 1,300

2kg – 2,600

3kg – N3,900

5kg – N6,500

6kg – N7,800

8kg – N10,000

9kg – N11,300

10kg – N13,000

12kg – N15,600

12.5kg – N16,250

25kg – N32,500

50kg – N65,000

Duration For Cooking Purposes Only:

1kg – 7.5 hours

3kg – 22.5 hours

5kg – 37.5 hours

6kg – 45 hours

12kg – 90 hours

12.5kg – 93.75 hours

25kg – 187.5 hours

50kg – 375 hours

Minister of Power, Adebayo Adelabu, has called upon Nigerians to abstain from purchasing electricity infrastructure, including transformers and poles.

The plea was made during the minister’s courtesy visit to Oyo State Governor, Seyi Makinde, at the Agodi Secretariat in Ibadan.

According to Adelabu, it is the duty of Distribution Companies (DisCos) to provide essential infrastructure for optimal service delivery. He further stressed that DisCos should be responsible for supplying cables, poles, and transformers.

He said: “It is the responsibility of the distribution companies to provide transformers, cables and poles to communities so that power supply can improve. A situation where communities buy transformers, cables and poles must stop.”

The minister, who was on a working visit to the state, conducted an inspection of power infrastructures and presided over the commissioning of a sub-station.

He pointed out President Bola Tinubu’s disapproval of situations where communities are compelled to purchase these infrastructures, only for DisCos to take control and continue charging customers for services.

Adelabu implored citizens to report any unusual activities or movements observed around such facilities to the appropriate security agencies.

Furthermore, Minister Adelabu urged Nigerians not to accept inadequate power supply, adding that achieving a consistent and stable power grid is a top priority for the present administration.

He said: “There must be improvement in power supply. That is what the government planned to do. People should not pay for darkness. When people have a 24-hour power supply, they can pay double for electricity because you have saved them the money to power generators.”

The Transmission Company of Nigeria (TCN) has alerted electricity users in three states of an impending power outage this week.

The states are Gombe, Yola and Bauchi.

The TCN announced that its “maintenance crew will carry out scheduled preventive maintenance on the bay of its T1A 150MVA, 330/132/33kV transformer bay” on Thursday and Friday, January 18 and 19, 2024.

According to a statement by the TCN General Manager, Public Affairs, Ndidi Mbah, the maintenance will last eight hours, running from 9 am to 5 pm on each day.

Mbah disclosed that to commence the maintenance exercise, “TCN would transfer the load from T1A 150MVA transformer to its T2A 150MVA transformer in the same substation”.

She added that consequently, there would be “an interruption of bulk power supply to Jos and Yola DisCos through the T1A transformer”.

She clarified that the interruption would only affect bulk supply during the transfer period only, and not for the entire eight-hour period it would take to complete the maintenance exercise on both days.

“The short outage during the transfer period would affect supply to Gombe and some parts of Yola and Bauchi states only, during transfer time on both days.

“TCN will, however, restore bulk power supply through the transformer immediately after the maintenance exercise,” Mbah explained.

The transmission company regretted “any inconvenience this may cause electricity consumers within the affected areas”.

The report further noted a 3.53% increase from November 2023, when the average price stood at N648.93. State-wise, Ogun had the highest average retail price at N776.54, followed by Taraba and Adamawa at N760.00 and N745.71, respectively.

Conversely, Kano, Lagos, and Borno reported the lowest average retail prices for petrol, with figures of N602.78, N612.72, and N622.71, respectively. Looking at the zonal profile, the North East Zone recorded the highest average retail price at N699.82, while the North Central Zone had the lowest at N657.69.

In a parallel report, diesel prices also witnessed a significant year-on-year increase of 37.76%, rising from N817.86 per litre in December 2022 to N1,126.69 per litre in December 2023. On a month-on-month basis, there was a 6.74% increase from N1,055.57 in November 2023 to the December average of N1,126.69.

Analyzing state variations, Sokoto, Kebbi/Yobe, and Jigawa reported the highest average prices for diesel in December 2023 at N1,300, N1,250, and N1,229.09, respectively. Conversely, Rivers, Bayelsa, and Bauchi recorded the lowest prices at N897.89, N935, and N985, respectively.

The NBS report highlights the substantial surge in fuel prices, impacting consumers and raising concerns about the economic implications of these increases.

The Northern Elders Forum (NEF) has reacted to a fresh plan to move key departments of the Central Bank of Nigeria (CBN) from Abuja to Lagos State.

Recall that the CBN, in an internal memo seen on Sunday, said it was moving some of its departments to Lagos.

The move, according to a CBN source, is to decongest the apex bank’s head office.

But I n a statement on Thursday, the director of publicity and advocacy of NEF, Abdul-Azeez Suleiman, noted that the relocation of the bank would result in increased cost, reduced coordination, regional economic disparities, impaired economic development in northern Nigeria, among others.

If allowed to happen, NEF believes that the development may lead to brain drain and also cause a strain and disruption on the bank’s performance and efficiency.

The statement partly reads: “It would require significant financial investment as the CBN would need to allocate funds for setting up new offices, purchasing or leasing properties, relocating employees, and other infrastructural requirements.

“This would strain the CBN’s budget and divert resources away from other essential functions and initiatives.

“Moving key departments to Lagos may lead to a loss of skilled employees who are unable or unwilling to relocate. This brain drain could negatively impact the CBN’s performance and efficiency.

“Relocation would lead to a temporary disruption in the CBN’s operations.

“Employees would need time to adjust to their new surroundings, potentially causing delays in decision-making and implementation.”

The federal government, through the Nigerian Electricity Regulatory Commission, NERC, has approved a new cost-reflective tariff increase for the electricity distribution companies in Nigeria.

This is as the commission stated that the electricity subsidy will gulp N1.6 trillion in 2024.

NERC disclosed this in a Multi-Year Tariff Order for DisCos uploaded on its official website on Wednesday.

The commission said the new MYTO for DisCos takes effect from January 1 2024.

Meanwhile, the Chairman of NERC, Sanusi Garba, who explained the development to journalists in Abuja on Wednesday, said the federal government would spend 30 billion monthly, amounting to N1.6 trillion, on electricity subsidies in 2024.

The implication is that for any N150 electricity bill, the federal government will pay N90 while consumers will bear the remaining fraction.

Enugu Electricity Distribution Company, EEDC, will get N128.92bn, Abuja Electricity Distribution Company (N223.26 billion), Yola Electricity Distribution Company (N64.48 billion), Benin Electricity Distribution Company (N140.85 billion), Ibadan Electricity Distribution Company (N199.841 billion), the Eko Electricity Distribution Company (N198.78 billion) and Ikeja Electricity Distribution (N238.201 billion).

NERC stated that electricity tariff adjustments would be made monthly to avoid rate hike shock.

“If we have determined that you should be paying N150 and the Federal Government says you should pay N60, it will pay the difference. Then that is what it is, and the government would now provide the money.

“One of the new things in tariff order is, to avoid rate shock, we will now be doing the minor tariff review very frequently, like every month,’’ he said.

In the last days of 2023, a report emerged of a planned electricity hike on January 1, 2024.

However, the apex regulatory body denied the claim of electricity tariff hike.

Barely two weeks ago, the Minister of Power, Adebayo Adelabu, insisted on electricity subsidy payments at the time of review of the implementation of cost-reflective tariffs.

He said, “We’re reviewing the implementation process of a cost-reflective tariff while ensuring continued government subsidy for vulnerable members of society”.

Adelabu disclosed that the federal government spent N700 billion on electricity tariffs in 2023.

The development showed that Nigerians must battle with the new electricity pricing template amid heightened headlines and food inflation.

DAILY POST reports that headline and food inflation increased to 28.92 per cent and 33.93 per cent, respectively, in December 2023, according to the National Bureau of Statistics.

Minister of State for Education, Yusuf Sununu, gave the affirmation while addressing journalists after the Federal Executive Council (FEC), presided over by President Bola Tinubu at the State House, Abuja.

According to the Minister, that all is now set for the scheme to begin with the completion of the Student Loan Scheme’s website and conclusion on technical plans that would facilitate the kick off of the scheme.

He also stated that funds have been made available for the scheme in the 2024 Appropriation Act as well as the Supplementary Budget for 2023.

He noted: “January is a reality for the commencement of Student loan scheme in Nigeria, already the website is almost done. Application for beneficiaries will be online, criteria for students to get admission is that you must be a Nigerian and find yourself in a public school and application is also online which will be processed timely and you can access your loan within 30 days.

“Funds have been set aside in the 2024 appropriation act so as also the supplementary budget for 2023.”

Meanwhile, Sununu had earlier disclosed that the Ministry of Education presented a note to the council, prepared by the ministry and the National Universities Commission, on the guidelines for implementing transnational education in Nigeria.

He explained that the scheme would allow foreign degree-awarding institutions the room to set base in Nigeria, employ local talent, admit local students and lessen the pressure on existing higher institutions of learning.

Explaining the rationale for this, he cited Nigeria as a member of the World Trade Organisation since 1995 and a signatory to the General Agreement of Trade in Services, which was signed in 1995.

He argued that such trade services include documented education that is exportable across borders.

“We are all aware of the effort of Mr. President to increase access to education with greater number of graduates and secondary school leavers seeking to be graduates or undergraduates in our tertiary institutions.

“The Placement is becoming a serious issue and therefore, the ministry came up with a transnational education policy. What it means is that exchange of cross-fertilisation of ideas exchange that progressive education can be done across borders.

“The documents provide a guideline whereby foreign institutions can collaborate with local institutions within the country or establish a campus within the country.

“Economically, transnational education would decrease the pressure on the naira as it exchanges with the dollar. This is the justification presented to the council, and the council graciously noted the presentation of the document so that it can be implemented to increase access to tertiary education in Nigeria.”

He said the scheme comes with no monetary cost to the FG. Instead, it will “attract funds to government.”

“So if you have a campus in Nigeria, you will get the certificate of that same institution. And the quality in terms of education and service delivery will be as standardised as that obtained in the parent institution.

“So to curb the issue of fake certification that we have been battling with, that is why we have sat down and come up with a policy document for you to establish a campus within the country; you must agree and be able to satisfy 100 per cent the provision of the guidelines, as rightly noted by the FEC.”

The CBN Acting Director of Communication, Mrs. Sidi Ali, disclosed in a statement in Abuja on Wednesday.

Nigeria has nearly $7 billion in forex forwards that have matured which is a major concern for investors, but the CBN promised to pay up to boost confidence in the foreign exchange markets.

Sidi explained that the apex bank commissioned an independent forensic review by a reputable firm to look into the forex exchange issues in the country.

According to her, “the review revealed grave infractions, gross abuse, and significant non-compliance with market regulations, and :appropriate sanctions would be enforced in collaboration with relevant agencies”

She also said the CBN will continue to settle the legitimate foreign exchange backlog as it has consistently been doing in the last three months.

Nigeria’s foreign currency shortages have been worsened by declining oil production, which is the country’s largest export, accounting for more than 90 per cent of dollar inflows.

The statement read, “The Central Bank of Nigeria in its bid to clear the backlog of outstanding foreign exchange liabilities, has paid approximately $2 billion across various sectors, including manufacturing, aviation, and petroleum.

“The Bank has also cleared up the entire liability of 14 banks and started settlements with foreign airlines.”

Explaining that the bank had commissioned an independent forensic review by a reputable firm, she also disclosed that payment of the forex backlog for qualified transactions had commenced.

She, however, noted that the review revealed grave infractions, gross abuse, and significant non-compliance with market regulations, and appropriate sanctions would be enforced in collaboration with relevant agencies.

Sidi stressed the CBN’s resolve to sanitise the financial services sector and foster trust among all market participants, as well as internal and external stakeholders, in the Nigerian economy.

“Nevertheless, the CBN will continue to settle the legitimate foreign exchange backlog as it has consistently been doing in the last three months,” the statement added.

Nigeria defied a downward trend among major oil producers, boosting its average daily crude output to 1.418 million barrels in December, up from 1.31 million in November.

The 100,000 bpd increase, reported by OPEC in its monthly oil market report, helped push the group’s overall output up by a modest 73,000 bpd to 26.7 million bpd.

While heavyweights like Kuwait, Saudi Arabia, and Iran saw output dips, Nigeria joined Iraq in powering the slight collective gain.

The roadmap would also address underserved and unserved communities in rural areas and places affected by security challenges, especially in Borno, Yobe, and Adamawa states and about 300 communities across Nigeria.

The Minister of Communications, Innovations and Digital Economy, Dr Bosun Tijani is spearheading the drive with telecom stakeholders and regulatory bodies to improve and accelerate broadband penetration beyond the current 45.5 percent.

But telecom companies have also complained of multiple taxation/levies, access to foreign exchange and the challenges associated with Right of Way (RoW) as critical areas to be addressed for the government approach to yield the desired results as soon as possible.

Dr Tijani has been largely quiet in pursuing his agenda for the ministry, insisting that it should be in tandem with the Renewed Hope Agenda of President Bola Tinubu to create jobs, wealth and reduce poverty.

A document emanating from the office of the minister showed that for the first quarter of 2024, the Minister approved the launch of an initiative to boost broadband development and adoption in Edo, Ogun, Kwara, Katsina, Imo, Abia, Borno, and Nasarawa states.

Katsina, Kwara and Edo states have zero charges for RoW, making it possible for telecom companies to lay fibre optic cables and install infrastructures seamlessly.

Our correspondent gathered that the minister’s initiative called the National Broadband Alliance for Nigeria is aimed at solving low-fibre network rollout in the country.

According to the document titled, ‘Broadband Access for All: Introduction Deepening Nigeria’s National Backbone and Middle Mile Infrastructure,’

Tijani suggested a multi-stakeholder approach to the challenges of developing telecom infrastructures across the country.

The initiative explained ways by which Nigeria would achieve unprecedented benefits from internet/broadband services in speed, reliability, and future scaling.

It maintained that such could be achieved when Nigeria build modern broadband infrastructures.

The document made references to the 2019 Broadband Plan, which says the country needs at least 120,000km of fibre optic cables to achieve its coverage goal.

The document reads in part: “To tackle the low and non-consumption challenge and its resultant poor ROI in a nationwide fibre network, the Ministry of Communications, Innovation and Digital Economy has initiated a National Broadband Alliance for Nigeria to foster collaboration for broadband development and adoption, as well as position Nigeria at the forefront of the global digital landscape.

“Recognising the imperativeness of broadband in economic development, the alliance will bring together key stakeholders from the public and private sectors, as well as civil society, to collaboratively develop a sustainable business model(s) for driving the adoption and consumption of Internet in key critical public institutions (schools, hospitals, government offices, libraries and markets etc.) across the nation.

“It will also drive digital inclusion and awareness to ensure the inclusion of all segments of society in the digital economy and benefit from the advantages of broadband connectivity.

“The pilot of this initiative will kick off in 7 states of the country before the end of Q1 2024. The initial states are Edo, Ogun, Kwara, Katsina, Imo, Abia, Borno and Nasarawa.

“These initial states have been considered using their present broadband investment and management of fibre optic challenges in their respective states such as such as waiver of the Right of Way fee.”