Why increase in electricity tariff won’t affect you
Business
Why increase in electricity tariff won’t affect you
The decision was announced by NERC’s Vice Chairman, Musiliu Oseni, during a press briefing in Abuja on Wednesday, April 3, 2024.
According to the regulator, the tariff increase will only affect about 15% of electricity consumers who will henceforth pay ₦225 per kilowatt-hour, a massive jump from the existing rate of ₦68.
Why you may not feel the effect of the increase
Nigeria, a country of an estimated over 200 million population, has 12 million electricity consumers. Meanwhile, these consumers are broken down into five categories – Band A, B, C, D, and E.
Customers under Band A enjoy premium service of 20 to 24 hours of electricity supply per day, while those in Band B are served 16 to 20 hours across the country.
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Band C customers only enjoy a maximum of 16 hours and a minimum of 12 hours of power supply. Band D customers follow suit with eight to 12 hours of electricity, while Band E are those in the lower rung with four to eight hours of supply.
According to NERC, only customers in Band A will be affected by the rate review. However, some customers in Band A have been downgraded to Band B because they still need to receive the required hours of electricity from the distribution company.
“We currently have over 800 feeders that are categorised as Band A, but it will now be reduced to under 500. This means that 17% of the feeder now qualifies as Band A.
“The commission using technology discovered that many of the feeders that the Electricity Distribution Companies (DisCos) currently brandish as Band A are not meeting the required service and as such.
“The feeders were ordered to be downgraded immediately as a way of protecting consumers,” Oseni stressed.
NERC also assured that other electricity customers not affected by the tariff increase would not be neglected as they would continue to get service.
Why increase in electricity tariff won’t affect you
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.
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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%.”
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