President Buhari noted that increase in price of electricity and deregulation of the petroleum sector were crucial decisions that were taken at the beginning of the year, preceding the COVID-19 pandemic, and continuous delay in implementation of the policy of the “Willing Buyer, Willing Seller” and deregulation of the petroleum would be detrimental to the economy, placing the burden of regular light cuts and fuel queues on Nigerians.
The Petroleum Products Marketing Company (PPMC) has increased the ex-depot price of petrol from N138.62 to N151.56 per litre.
We need to open up the market for investments. We have talked about this for too long and fortunately, Nigeria is strategically positioned to even become a hub for gas in Africa. Even if we don’t do the entire Africa, we can start along the corridors within the Gulf of Guinea and to take the gas outside to the world but we need to open up domestically across the value chain from here into the West African region.
The Minister of Mines and Steel Development, Olamilekan Adegbite, stated on Monday that
Nigeria spends about $3.3bn every year on the importation of metals.
NERC explained in a media statement that “under these service-based principles Discos will only be able to review tariff rates for customers when they consult with customers, commit to increasing the number of hours of supply per day and quality of service. In all cases poor and vulnerable Nigerians will not experience any increase.”
