The Federal government says a targeted electricity subsidy is being developed to protect vulnerable households while ensuring the long-term commercial viability of the industry. The Minister of Power, Adebayo Adelabu, who made the disclosure at the Nigeria Energy Forum in Lagos, said that the government would also introduce a minimum capital adequacy requirement for distribution…
As part of efforts to address the metering gaps in the power sector, the Federation Account Allocation Committee (FAAC), has secured N7000BN, under the Presidential Metering Initiative (PMI) to deploy 1.1 million meters by the end of 2025, and 2 million meters annually for the next five years. This is to complement the 3.2 million…
The NNPC Ltd has reiterated its commitment to the development and revamping of downstream across the country to enhance collaboration and drive efficiency in the sector. Group Chief Executive Officer, Engr. Bayo Ojulari, stated this at the opening ceremony of the 2025 OTL Africa Downstream Energy Week in Lagos. NNPC boss who was represented at…
The minister of state for petroleum Resources (Oil), Senator Heineken Lokpobiri says Nigeria’s downstream sector is gradually stabilising, following the removal of fuel subsidy and the liberalisation of petroleum product pricing, describing the development as a bold and necessary step to attract private sector investment. The Minister, who made this known at the opening session…
The Energy Commission of Nigeria has reaffirmed the Federal Government’s commitment to tackling electricity challenges in public hospitals and universities through increased investment in renewable energy. The Director-General of the ECN, Dr. Mustapha Abdullahi, disclosed this in a statement issued on Thursday to mark his two years in office. He said the Renewed Hope Solarisation…
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has said Nigeria will demand a higher oil production quota at the next meeting of the Organisation of Petroleum Exporting Countries scheduled for November. Lokpobiri disclosed this on Tuesday in Abuja during an interview with the media team of the Nigerian Upstream Petroleum Regulatory…
Three northern Nigerian states, Kano, Katsina, and Jigawa, have announced a partnership to form a tri-state electricity market. This comes as the states teamed up to acquire equity stakes in the Kano Electricity Distribution Company (KEDCO), which has Future Energies Africa as its core investor. This was disclosed in a statement by the spokesperson of…
The Federal Government, through the Federal Accounts Allocation Committee, has extended the ongoing probe and reconciliation of payments made by revenue-generating agencies, including the Nigerian National Petroleum Company Limited, to December 2024, following unresolved discrepancies in remittances. This comes as the company has submitted its response on an alleged revenue under remittance of $42.37bn, an…
Dangote Refinery’s retail price of Premium Motor Spirit, PMS, known as petrol, has risen to N950 per litre at MRS filling stations in Abuja. This increase comes despite the refinery’s 650,000-barrel-per-day capacity, the nationwide Compressed Natural Gas, CNG truck distribution scheme, and the Naira for Crude initiative between the oil firm and the Nigerian government….
The Federal Government has finalised implementation frameworks for a ₦4 trillion government-backed bonds to settle verified arrears owed to power Generation Companies (GenCos) and gas suppliers. The Special Adviser to the President on Energy, Mrs. Olu Verheijen disclosed this in a statement made available to newsmen in Abuja. In the statement signed by Senan Murray,…
