Business
62.63% electricity consumers on estimated billing – NERC
The Nigerian Electricity Regulatory Commission (NERC) says 62.63 per cent of electricity consumers in the country are on estimated billing as at September 2020.
This thus shows that less than 38 per cent of the consumers have prepaid meters, which give accurate readings of amount of electricity used.
It stated this in the 2019 to Quarter 3, 2020 Nigerian Electricity Supply Industry (NESI) Key Financial and Operational Data.
The document showed that only Eko Electricity Distribution Company and Ikeja Electric Plc had metered over 50 per cent of their customers as at the review period.
The huge metering gap for electricity customers, according to NERC, remains a key challenge in the industry.
The data showed that out of the 11,841,819 registered electricity customers as at the end of the third quarter of 2020, only 4,425, 628 (37.37 per cent) have been metered.
“Thus, 7, 416,191 representing 62.63 per cent of the registered electricity customers are still on estimated billing,” the document stated.
The metering status of the DisCos as at September 2020 showed that the Benin DisCo had 47.42 per cent; Abuja, 48.66 per cent; Eko, 51.68 per cent; Ikeja, 51.09 per cent and Enugu, 43.77 per cent. Others are: Port Harcourt, 39.64 per cent; Ibadan, 27.97 per cent; Jos, 29.04 per cent; Kaduna, 22.56 per cent; Kano, 21.40 per cent and Yola,19.03 per cent.
NAN reports that the the Federal Government had on Oct. 30, 2020 flagged off the National Mass Metering Programme (NMMP) to meet the target of closing the metering gap in the NESI by December 2021.
The programme would assist in reducing collection losses, while at the same time, increasing financial flows to achieve 100 per cent market remittance obligation of the DisCos.
Part of the objectives is the elimination of arbitrary estimated billing, improving network monitoring capability and provision of data for market administration and investment decision-making, the document noted.
Business
Tinubu orders creation of single-digit tax system
Tinubu orders creation of single-digit tax system
President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.
Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.
A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”
The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”
Business
Naira gains further against dollar
Naira gains further against dollar
The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.
According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.
On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.
Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.
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The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.
CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.
Naira gains further against dollar
(NAN)
Business
CBN jacks up interest rate amid soaring inflation
CBN jacks up interest rate amid soaring inflation
The Central Bank of Nigeria (CBN) on Tuesday raised the interest rate from 22.75 per cent to 24.75 per cent amid soaring inflation.
Governor of the central bank, Olayemi Cardoso, made this known after the two-day Monetary Policy Committee (MPC) meeting held on Monday and Tuesday.
The country’s latest annual inflation rate jumped to 31.70 per cent from 29.90 per cent for last month, fueled by a continuous rise in food prices.
Cardoso disclosed that the MPC voted to adjust the asymmetric corridor around the MPR at +100 to -300 basis points.
He said the committee voted to retain the Cash Reserve Ratio (CRR) at 45 per cent for commercial banks and adjust the CRR of merchant banks from 10 per cent to 14 per cent.
The committee also voted to retain the liquidity at 30 per cent.
He said, “Members noted the continued rise in headline inflation driven largely by food prices, because of supply shortages, and high cost of Logistics and Distribution.
“The committee, therefore, was of the view that addressing food insecurity is key to containing current inflationary pressures.”
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