Nigeria’s power generation continues to get better under the leadership of President Bola Ahmed Tinubu.

According to the latest statement released by Bolaji Tunji, the media aide to the Minister of Power, Adebayo Adelabu, power generation surged to a three-year high of 5,313 megawatts (MW).

“The national grid on Monday hit a record high of 5,313MW, a record high in the last three years,” the statement disclosed.

Reacting to this, the Minister of Power, Adebayo Adelabu, called on power distribution companies to take more energy to prevent grid collapse as the grid’s frequency drops when power is produced and not picked by the Discos.

He added that efforts would be made to encourage industries to purchase bulk energy.

However, a top official of one of the Discos was quoted as saying that the power companies were finding it difficult to pick the extra energy produced by generation companies because they were not happy with the tariff on other bands apart from Band A.

“As it is now, we are operating at a loss. Yes, they supply more power but this problem could be solved with improved tariff for the other bands and more meter penetration to recover the cost,” the Disco official, who pleaded not to be named due to lack of authorisation to speak on the matter, said.

On Saturday, the ministry said power generation that peaked at 5,170MW was ramped down by 1,400MW due to Discos’ energy rejection.

Aliko Dangote has officially announced the commencement of petrol production at the Dangote Refinery.

During a press presentation on Tuesday, the billionaire thanked President Bola Ahmed Tinubu for enforcing the sale of crude oil in Naira and for the eventual actualization of the project.

“Today is a very special day, which I think Nigeria has not produced petrol, which is gasoline, for many years but I stand with you today,” Dangote said.

“I would like to salute the people of Nigeria and the government of President Ahmed Tinubu for creating the environment for us to thrive and also achieve this monumental task of giving energy to our people for growth, development and prosperity.”

Dangote presented the first sample of petrol to the press and noted that its color is white, like water, because that is the original color of genuine petrol.

He also addressed the issue of round-tripping in the oil industry, where false documentation leads to petrol shortages.

Dangote said the refinery’s operations, would facilitate a precise tracking of petrol consumption across Nigeria, offering a solution to this problem.

“As we have this refinery working, it will show the true consumption of Nigeria,” he said.

“We can track every single loaded trucks and we will try as much as possible to track the loaded trucks, we can tell you where they are.”

Dangote, while stressing on quality, said the petrol from his plant, meets global standards.

“You will not be having an engine issue which a lot of us were having. It won’t happen at all,” the businessman said.

“So the quality here will match that of quality anywhere in the world. We will make sure that nobody will beat us in terms of quality.”

According to Edwin, the Vice President of Dangote Industries Limited, the Nigerian National Petroleum Commission (NNPC) will become the sole buyer of products from Dangote Refinery as it begins production.

“We are currently testing the gasoline, and soon, it will start flowing into the tanks,” Edwin stated. He also noted, “If no one buys it locally, we will export it, just as we’ve been doing with our aviation jet fuel and diesel.”

The Nigerian National Petroleum Corporation Limited (NNPCL) has increased the pump price to N855 per litre following reports that the corporation owes $6 billion and is struggling to meet various financial obligations.

On Sunday, NNPCL announced that the financial challenges afflicting the corporation are the reason for the ongoing fuel scarcity.

The corporation attributed this to the disparity between the pump price and the landing cost.

President Bola Ahmed Tinubu had removed subsidies and floated the Nigerian Naira to ensure prices of commodities are determined by market forces.

While foreign investors and multilateral financial institutions like the International Monetary Fund (IMF) have lauded the policy, Nigerians and local experts have challenged its modalities.

Since the policy was announced on Monday, 29 May 2023, the Nigerian economy has not remained the same as the cost of living has skyrocketed while the inflation rate remains elevated at over 30%.

New job creation, on the other hand, has plunged to nearly zero, with household income and savings declining.

In March, the Manufacturing Association of Nigeria (MAN) said about 767 manufacturing companies had shut down operations while 335 experienced distress in 2023.

The association attributed this to economic challenges like high foreign exchange rates that made it impossible to import, rising inflation, and weak demand due to declining consumer spending.

This was evident in the Gross Domestic Product (GDP) report released for the second quarter of 2024.

The manufacturing sector’s contribution to the GDP declined by 20.95% to 12.68%, down from 16.04% recorded in the fourth quarter of 2023.