We value your privacy

We use cookies to enhance your browsing experience, serve personalized ads or content, and analyze our traffic. By clicking "Accept All", you consent to our use of cookies. Cookie Policy

Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

ADVERTISEMENT
Africanian
  • News
  • News 24/7
  • Politics
  • Business
  • Health
  • Sports
  • Travel
  • World
    • US
    • Russia
    • Europe
    • Asia
    • America
  • Events
No Result
View All Result
Africanian
No Result
View All Result
Home News

Nigeria’s electricity, fuel prices the lowest in Central, West Africa – Buhari govt

President Muhammadu Buhari led government says the price of electricity and fuel in Nigeria are the lowest in West Africa.

in News
Reading Time: 2 mins read
1 0
0
Nigeria’s electricity, fuel prices the lowest in Central, West Africa – Buhari govt
14
SHARES
Share on FacebookShare on TwitterShare via Whatsapp

Minister of Information, Lai Mohammed, said this in a statement on Monday.

He noted that with the price of crude inching up, the price of petrol locally was also bound to increase, hence the latest price of N162 per litre.

“If, perchance, the price of crude drops again, the price of petrol will also drop, and the benefits will also be passed on to the consumers. The angry reactions that have greeted the latest prices of Premium Motor Spirit (PMS) is, therefore, unnecessary and totally mischievous.

“The government can no longer afford fuel subsidy, as revenues and foreign exchange earnings have fallen by almost 60%, due to the downturn in the fortunes of the oil sector. Yet, the government has had to sustain expenditures, especially on salaries and capital projects. Even though we have acted to mitigate the effect of the economic slowdown by adopting an Economic Sustainability Plan, we have also had to make some difficult decisions to stop unsustainable practices that were weighing the economy down.”

Mohammed stressed that the cost of the fuel subsidy is too high and unsustainable.

More

Cameroon integrates development and sustainability through a commitment to its natural capital

Uganda achieves a 47% increase in customs revenue thanks to digitalization

In Tanzania, the Kibuka community has improved their household economy by more than 50%.

He said from 2006 to 2019, fuel subsidy gulped N10.413trillion.

The Buhari administration said despite the recent increase, the price of fuel and electricity in Nigeria “remains the lowest in the West/Central African sub-region.”

NEWS:  Reno Omokri reveals what led to increase in fuel, electricity price

He further gave a comparative analysis of petrol prices in the sub-regions in Naira equivalent per litre.

“The truth of the matter is that due to the problems with the largely-privatized electricity industry, the government has been supporting the industry. To keep the industry going, the government has so far spent almost N1.7 trillion, especially by way of supplementing tariffs shortfalls. The government does not have the resources to continue along this path. To borrow just to subsidize generation and distribution, which are both privatized, will be grossly irresponsible.

“But to protect the large majority of Nigerians who cannot afford to pay cost-reflective tariffs from increases, the industry regulator, NERC, has approved that tariff adjustments had to be made but only based on guaranteed improvement in service. Under this new arrangement, only customers with a guaranteed minimum of 12 hours of electricity can have their tariffs adjusted. Those who get less than 12 hours supply will experience no increase. This is the largest group of customers”, he said.
Source: dailypost.ng
africanian

africanian

  • Trending
  • Comments
  • Latest
Jump Shot: The NBPA x UM6P Innovation Challenge – A Game-Changer for African Entrepreneurs

Jump Shot: The NBPA x UM6P Innovation Challenge – A Game-Changer for African Entrepreneurs

March 24, 2025
Weather in South Africa: Climate and Seasons

Weather in South Africa: Climate and Seasons

August 25, 2020
Weather in Kenya: Climate, Seasons, and Average Temperature

Weather in Kenya: Climate, Seasons and Average Temperature

August 26, 2020
Cameroon integrates development and sustainability through a commitment to its natural capital

Cameroon integrates development and sustainability through a commitment to its natural capital

July 15, 2025
Uganda achieves a 47% increase in customs revenue thanks to digitalization

Uganda achieves a 47% increase in customs revenue thanks to digitalization

July 14, 2025
Madagascar increases Polio surveillance capacity by 60% in the region

Madagascar increases Polio surveillance capacity by 60% in the region

July 14, 2025
Twitter Instagram Youtube Facebook
No Result
View All Result

Africanian News

Is a dedicated project aimed at amplifying the voices of the African Ecosystem and Diaspora. We actively collaborate with initiatives to improve access to education and digital inclusion, both in traditional schools and through digital platforms, for African children.

It’s crucial to emphasize that none of the articles or images featured on our platform are intended for copyright infringement, neither now nor in the future. If you believe that any information, text, image, etc., may be subject to copyright and should be removed, please notify us by sending an email to info@africanian.com

Your dreams matter; your stories matter.

Feel free to explore collaboration opportunities with us. Share your articles, thoughts, interviews, experiments, or no-comment videos by reaching out to info@africanian.com. You can also subscribe to our mailing list to receive the latest updates from Africanian News.

© 2024 Africanian News: From Africa, by Africans, for Africa, and friends of Africa.

No Result
View All Result
  • News
  • Politics
  • Business
  • Health
  • Sports
  • Entertainment
  • Tech
  • Travel
  • World

© 2024 Africanian News: From Africa, by Africans, for Africa, and friends of Africa.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Log In

Sign In

Forgot password?

Don't have an account? Register

Forgot password?

Enter your account data and we will send you a link to reset your password.

Back to Login

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Accept

Add to Collection

  • Public collection title

  • Private collection title

No Collections

Here you'll find all collections you've created before.