Nigerians’ predicament over the high cost of electricity, particularly for those in the manufacturing sector, is not going away.
This is demonstrated by the fact that over the past year, the prices of diesel and premium motor spirit (PMS) have increased by 12.77 percent and 226.75 percent, respectively.
The average retail price that customers paid for gasoline in September 2023 was N626.21, according to the National Bureau of Statistics’ (NBS) Premium Motor Spirit Price Watch for September 2023, which was released yesterday. This represents a 226.75 percent increase over the value recorded in September 2022, which was N191.65.
However, according to the statistics, the average retail price dropped slightly from N626.70 to N626.70 when comparing the average pricing value with the preceding month, or August 2023.
According to a state profile analysis, Borno and Benue States had the lowest average retail prices for gasoline, at N657.37 and N641.29, respectively, while Taraba State had the highest average retail price.
Conversely, Rivers, Delta, and Jigawa States had the lowest average retail prices for PMS, with respective amounts of N602.55, N605.88, and N617.42.
As stated in the Automotive Gas Oil (Diesel) Price Watch for September 2023 by NBS, the average retail price of diesel paid by consumers went up by 12.77 percent year over year in September 2023 compared to the same month the previous year, when it was recorded at a lower cost of N789.90 per litre.
It stated that, from an average of N890.80 in September 2023 to N854.32 in the previous month of August, there was a 4.27 percent increase month over month. Based on the differences in state pricing, Kano State (N967.78), Anambra State (N950.95), and Niger State (N950.55) are the top three states with the highest average product prices in September 2023.
Additionally, the states of Bayelsa State (N840.16), Katsina State (N840.55), and Rivers State (N840.82) had the top three lowest prices. When compared to other zones, the South East Zone has the greatest price, N918.06, while the South South Zone has the lowest price, N863.97, according to the zonal depiction of the average price of AGO.
The Manufacturers Association of Nigeria (MAN) stated that in the first half of 2023, its members spent at least N60.4 billion on alternative energy sources in its recently released Half-Year 2023 Economic Review report.
The cost of alternative energy was associated with rising diesel prices, which were said to have adversely affected the production capability of numerous manufacturing organizations.
Lagos State has the largest internally generated revenue (IGR) in 2022, according to data from the NBS. Out of the N1.925 trillion that the 36 federation states and the Federal Capital Territory earned, the state’s share was N651,145,633,085.30.
According to the NBS, the N1.925 trillion produced by all of the states plus the Federal Capital Territory (FCT) surpasses the N1.895 trillion produced in 2021, indicating a 1.57 percent increase.
Even still, as of September of this year, the combined debt of the 36 states plus the Federal Capital was estimated to be N9.17 trillion.
Next to Lagos were Rivers and the Federal Capital Territory, with respective IGRs of N172, 823,232,535.44 and N124, 366,774,519.25. Kebbi, Taraba, and Yobe had the lowest performance levels during the year under review, with respective values of N9, 146,249,907.83, N10, 238,110,125.95, and N10, 456,776,796.18.
According to NBS, taxes and income from Ministries, Departments, and Agencies (MDAs) constituted the two main revenue sources for the 2022 IGR.
Pay-as-you-earn (PAYE), direct assessment, road taxes, stamp duties, capital gain tax, withholding taxes, other taxes, and local government revenue are the tax subcategories that were reported throughout the period.
