The hike in the price of petrol and the decline in Nigeria’s total trade figures are the trending stories in Nigerian newspapers on Thursday.
The Sun newspaper reports that Nigerians yesterday slammed the Federal Government over its decision to increase the pump price of petrol to N152 per litre after a similar action just last month.
The report added that reactions came as the Petroleum Products Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC) on Wednesday unveiled the new price of petrol now raised to N151.56k per litre.
According to the report, the PPMC official, D. O Abalaka, in a statement said: “Please be informed that a new product price adjustment has been effected on our payment platform. “To this end, the price of Premium Motor Spirit (PMS) is now one hundred and fifty-one naira, fifty-six kobo (N151.56k) per litre.
“This takes effect from September 2, 2020.” As at the time of filing this report, the Petroleum Products Pricing Regulatory Agency (PPPRA) was yet to release the products price band for September, just as it failed to release August template. The latest hike is coming after the August 4 increase that adjusted pumps from N143.80k to between N149 and N150 a litre.
The newspaper also said that Nigeria’s capital imports fell by 78.6 percent in the second quarter of the year to $1.295 billion, while its total foreign trade (import and export) dropped by 27.46 percent to N6.24 trillion, the National Bureau of Statistics (NBS) has said in its latest foreign trade report.
According to the report, the country’s total import for the period stood at N4.02 trillion, while total export was N2.22 trillion.
The report also showed that Nigeria’s total foreign trade declined by 27.3 percent when compared to N8.59 trillion recorded in previous quarter (Q1 2020), decline, which is a reflection of the disruptions caused by the COVID-19 pandemic.
According to the report, Nigeria’s total export during the quarter nose-dived by 51.7 per cent to stand at N2.22 trillion, a significant fall when compared to N4.59 trillion recorded in Q2 2019 and N4.08 trillion recorded in the previous quarter.
The Guardian says that the Central Bank of Nigeria (CBN), has announced that the Agricultural Credit Guarantee Scheme Fund (ACGSF) Amendment Act assented to by President Muhammadu Buhari on June 24, 2019, has increased the share capital of the fund to N50 billion from N3 billion.
The apex bank, in a document entitled, “Agricultural Credit Guarantee Scheme Fund (Amendment) Act 2019,” disclosed that complete agricultural value chain financing is now allowed under the ACGSF Amendment Act 2019.
The CBN said: “Under the Agricultural Credit Guarantee Scheme Amendment Act 2019, the sharing ratio is Federal Ministry of Finance (60): Central Bank of Nigeria (40). “The maximum for non-collaterised loan under the ACGSF Amendment Act 2019 is now N100,000.
Under the amended Act, the maximum amount for collaterised loans granted to individuals, cooperative societies, and corporate entities is now N50 million, up from N10 million.
“Complete agricultural value chain financing is now allowed under the Agricultural Credit Guarantee Scheme Amendment Act 2019.
The newspaper also reports that the Nigerian Government, Tuesday unveiled plans to power over five million homes through renewable energy and address the challenges facing over 70 per cent rural population, curb growing rural to urban migration as well as spur economic activities.
Speaking at the inauguration of a 12KWP Volsus Solar For Health (VSFH) Mini-grid with 58KWH battery bank, and the Sustainable Energy Africa magazine by Volsus Energy Limited, Minister of State for Power, Goddy Jeddy-Agba, said the government was banking on using part of an N2.3 trillion fund for Economic Sustainability Plan (ESP) to power rural dwellers.
Stating that private investors need not battle with energy theft and meter bypass challenges, the Minister quoted recent surveys across some rural communities, noting that rural dwellers were more likely to pay their electricity bills without complaining than those in urban centres.
“The Federal Government is giving more attention to rural electrification in the country because of the need to empower those who live in villages, and ensure that their small-scale businesses thrive. “This Government is promoting a holistic development agenda, and will continue to provide power for under-served communities
The Nation reports that a groundswell of opposition by electricity consumers, on Wednesday, trailed the commencement of a new electricity tariff regime by Electricity Distribution Companies (DisCos).
Most of the aggrieved consumers under different categories of the newly hiked tariff, who spoke with The Nation, lamented the unbearable hardship the new tariff increase will have on their lives and businesses and therefore, called for a reversal.
For instance, a customer, who simply identified himself as Sir. Ellams Umogane, in Kuje Area Council in Abuja, lamented that the hike was unbearable.
He said “No matter the relief they said the poor would get from this tariff increase, it is unfair because power supply is still epileptic.” He wondered why the DisCos should increase the rate before improving the supply. Another customer in Kubwa Area of the Federal Capital Territory (FCT), John Bacon, said it was deceptive to say the bill would not affect the poor.
GIK/APA