According to data from the Nigerian Bureau of Statistics, the cost of refilling a 12.5kg cylinder of liquefied petroleum gas, also known as cooking gas, increased by 122% from N4,422 in July 2021 to N250bn, part of the Federal Government’s intervention funds on the National Gas Expansion Plan, which seeks to boost its use throughout the country.
More than 70% of Nigeria’s 200 million people lack access to clean cooking fuels, according to Group Chief Executive Officer of Nigerian National Petroleum Corporation Mele Kyari.
The Federal Government began implementing the N250 billion intervention fund for the NGEP in August 2021 after the Central Bank of Nigeria launched it in August 2020.
The fund was intended to provide funding for the construction of small-scale petrochemical and gas cylinder manufacturing facilities, as well as compressed natural gas plants.
The Federal Government began implementing the N250 billion intervention fund for the NGEP in August 2021 after the Central Bank of Nigeria launched it in August 2020.
The fund was intended to provide funding for the construction of small-scale petrochemical and gas cylinder manufacturing facilities, as well as compressed natural gas plants.
Since then, the statistics body has not made available data on family incomes, but analysts say the rising inflation is a sign that incomes are losing value in Africa’s most populous country.
Increasing inflation and shrinking earnings are making things difficult for households. At the parallel market, where the bulk of importers and manufacturers buy their dollars, inflation is close to 20%, with the dollar-to-naira exchange rate above N670/$.
- Tags: #gas, #household, #income, #prices
