Index to Nigerian Newspapers

The Nigerian Electricity Regulatory Commission (NERC) has approved a 40% increase in electricity meter prices, following a similar review in November 2021. The single-phase prepaid meter now costs N81,975.16k, up from N58,661.69k, while the three-phase prepaid meter costs N143,836.10k. The price adjustment aims to create an equitable pricing system for Meter Asset Providers (MAPs) and end-user customers. The meter manufacturers have urged the government to increase intervention in the sector to enhance production. The meter manufacturers also commended the Central Bank of Nigeria (CBN) and NERC for funding and effectively regulating the mass metering programme. The NMMP Phase 1 has been put on hold by the CBN, threatening the survival of local meter manufacturers and potentially causing job loss.

The Nigerian National Petroleum Company (NNPC) Limited says it would reconcile subsidy deductions with the federation. The Federation Account Allocation Committee (FAAC) had in May asked NNPCL to refund over N2.1 trillion to the federation account.

NNPCL made its position known in a tweet on its official Twitter handle yesterday under a post titled ‘Petrol Subsidy Fact Sheet. The company contrary to widespread belief equally said it has not made petrol subsidy payments to marketers since 2016 when it become the sole importer of petrol, adding that NNPC Limited will no longer be the sole importer of petroleum products. NNPCL had said it deducted N152.85 billion as a shortfall for the importation of petrol (subsidy) in November 2022 during its monthly presentation to the FAAC meeting on Wednesday, January 17, 2023. Subsidy or under-recovery is the underpriced sales of premium motor spirit (PMS), better known as petrol.