Business
Band A electricity customers complain of high tariff, seek review
Band A electricity customers complain of high tariff, seek review
Many electricity consumers in the Federal Capital Territory (FCT) on Band A, have appealed to the Federal Government to lower the high tariff amid the economic hardship.
The News Agency of Nigeria (NAN) reports that Band A customers are those who enjoy at least 20 hours of electricity daily and are expected to pay N209.5/kilowatts per hour (KWh).
The consumers who live at Lugbe, Area 10, Apo resettlement area, and environs spoke with NAN in Abuja on Sunday.
They said that Band A was okay because they enjoy constant power supply but added that the tariff was too high and so could not cope with the present situation.
Mrs Amen Odigie, a civil servant residing in Lugbe, said that she found herself paying so much to enjoy power supply, which was okay.
Odigie said that what she paid for electricity in the two-bedroom flat she occupied was more than N30,000 in a month.
READ ALSO:
- Physiotherapist: Cellphone, laptop use can increase dementia risk
- Sickle Cell Foundation, LUTH celebrate bone marrow transplant breakthrough
- Breaking: Appeal Court faults ex-CJN Onnoghen suspension, orders FG to unfreeze account
“This is really telling on me, as what I earn as salary cannot go anywhere with the present economic hardship in the country.
”I want to appeal to the government to review the high electricity tariff as this Band A is taking most of my income, ” she said.
Mr Ugochukwu Okafor, also residing in Lugbe, said that the electricity tariff for Band A customers was too high.
Okafor, a Vulcaniser, said that his income in a month could not pay for the Band A tariff.
According to him, he wants the Federal Government to do something about the Band A tariff, as it is too high, in view of the present hardship in the country.
Mrs Anita Adaje, a fashion designer residing in Apo resettlement, said that she used electricity a lot to run her business, and with this Band A tariff, she was not making any profit.
”When you bill customers so high, they will refuse to pay, and this is really affecting my business.
”My appeal is that government should look into this high tariff and do something about it,” she said.
Mr Festus Ogunbor, a printer in Area 10, said that he recharged more than N30,000 daily to run his printing machines.
Ogunbor said that the high cost of electricity was affecting his business as he could no longer do much work.
”How much do I make that I have to be paying so much for electricity? Please, I want the government to look into this high tariff as it is seriously affecting businesses and cost of living,” he said.
Mr Chidi Okeke, also a printer in Area 10, said that he had been finding it difficult to power his printing machines because of high electricity tariff.
Okeke said that the government should look for a way of reducing the high cost of electricity to boost businesses as well as encourage more Nigerians to go into business. (NAN)
Band A electricity customers complain of high tariff, seek review
Business
PH refinery: 200 trucks will load petroleum products daily, says Presidency
PH refinery: 200 trucks will load petroleum products daily, says Presidency
No fewer than 200 trucks are set to load petroleum products at the government-owned Port Harcourt Refinery, the presidency has said.
A presidential spokesperson, Sunday Dare, made this known in a statement through his official X handle on Tuesday.
Newstrends had reported that the Nigerian National Petroleum Company on Tuesday announced that Port Harcourt Refinery has resumed operations and crude oil processing after years of inactivity.
READ ALSO:
- US-based Nigerians get 30-year sentence over $3.5m romance scam
- 4 Nigerians arrested in Libya for alleged drug trafficking, infection charges
- BREAKING: Port Harcourt refinery begins operation
Reacting, Dare said, “200 trucks are expected to load products daily from the refinery, Renewing the Hopes of Nigeria.”
He added that “the Port Harcourt refinery has two wings.
“The Old Refinery comes on stream today with an installed production capacity of 60, 000 barrels per day of crude oil.”
PH refinery: 200 trucks will load petroleum products daily, says Presidency
Business
Breaking: CBN increases interest rate to 27.50%
Breaking: CBN increases interest rate to 27.50%
The Central Bank of Nigeria (CBN) has raised the lending interest to 27.50 per cent from 27.25 per cent.
This latest increase in the Monetary Policy Rate came after a meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Monday and concluded Tuesday.
The Monetary Policy Rate measures the benchmark interest rate.
The CBN Governor, Yemi Cardoso, announced this in Abuja on Tuesday after the MPC meeting, last for the year, held at the apex bank’s headquarters.
He said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.
The CBN governor also said the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.
Business
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate stood at 4.3 per cent in the second quarter of 2024, the National Bureau of Statistics (NBS) has said in its latest report.
The report released on Monday said the unemployment rate decreased compared to the 5.3 per cent recorded in the Q1 of 2024.
The NBS defined the unemployment rate as the share of the labour force (the combination of unemployed and employed people) who are not employed but actively searching and are available for work.
“The unemployment rate for Q2 2024 was 4.3%, showing an increase of 0.1 percentage point compared to the same period last year,” the report stated.
“The unemployment rate among males was 3.4% and 5.1% among females.
“By place of residence, the unemployment rate was 5.2% in urban areas and 2.8% in rural areas. Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.”
Report also said the unemployment rate among persons with post-secondary education was 4.8 per cent; 8.5 per cent among those with upper secondary education, 5.8 per cent for those with lower secondary education, and 2.8 per cent among those with primary education in Q2 2024.
Employment rate – 76%
The report showed that the employment-to-population ratio, which measures the number of employed workers against the total working-age population, increased to 76.1 per cent in Q2 2024.
“In Q2 2024, 76.1% of Nigeria’s working-age population was employed, up from 73.1% in Q1 2024,” the report stated.
Self-employment – 85.6%
The report further showed that Nigeria’s labour market saw a notable shift as the proportion of self-employed individuals increased in Q2 2024.
It stated, “The proportion of persons in self-employment in Q2 2024 was 85.6%.”
-
metro11 hours agoBREAKING: Port Harcourt refinery begins operation
-
Business2 days agoJust in: Dangote refinery reduces petrol price for marketers
-
metro1 day ago40-foot container falls on car in Lagos
-
Politics2 days ago2027: Lagos Speaker, Obasa joins gov race, may battle Seyi Tinubu, others
-
Politics1 day agoLagos 2027: Seyi Tinubu campaign team releases his life documentary
-
International1 day agoTrump to sack 15,000 transgender officers from U.S. military: Report
-
Entertainment1 day agoPolygamy best form of marriage for Africa – Okey Bakassi
-
metro1 day agoPolicewoman dismissed in Edo threatens to kill children, commit suicide