Business
FG targets 4,500MW power supply, says recovery back on track
The Federal Government says its effort to improve power supply across the country is back on track after about two months of challenges that led to the collapse of the national grid three times within a month.
The government said it expected the grid to deliver a minimum of 4,500 megawatts of power daily.
The grid supply as at 1pm on Wednesday showed that 17 generation plants were delivering 3,072MW with Azura-Edo (393MW), Geregu Gas (390MW), Jebba Hydro (328MW), Egbin (317MW) and Kainji Hydro (303MW) among the top generators.
Speaking at a Power Sector Recovery Programme (PSRP) workshop for journalists in Abuja, the Chairman of the Nigerian Electricity Regulatory Commission (NERC), Sanusi Garba, said consumers would soon begin to see changes in electricity supply.
He noted that failure to review the tariff in the past threatened the viability of the sector, adding that now things were much better with services expected to improve.
He said, “The Federal Government initiated the PSRP with the support of the World Bank to achieve the goal of Nigerians having access to adequate, reliable and affordable electricity in Nigeria.
“Notwithstanding the electric power supply industry is now private sector driven, its relevance to economic growth and industrial development will require strategic government interventions. At this developmental stage, the industry’s challenges require that hands be on the deck to achieve an efficient and effective electric power supply industry that we desire for our economic development.”
He explained the objectives of the PSRP included the power sector’s financial viability; improving electricity supply reliability to meet the growing demand; to strengthen the sector’s institutional framework, and implement policies that promote and encourage investors’ confidence, and institutionalise a contract-based electricity industry.
He pointed that despite the challenges faced by the sector, “all the stakeholders involved in this power sector recovery programme are very much on track and are ready to do what we all need to do both in terms of financial performance by the distribution companies and the issue of the off-taker. I am not saying we are at the destination yet but at least the trajectory is looking upward and great promise for service delivery to Nigerian consumers.”
The NERC boss, who used the occasion to formally launch a new website for the PSRP, said the new portal would afford Nigerians the opportunity to access direct information about the sector and make comments on the services delivered by the operators.
Belije Madu of the PSRP Secretariat also explained that the PSRP’s new 4,500MW minimum grid supply was expected to have commenced at the beginning of the year, but had not been attained due to generation challenges.
He said the PSRP “includes a set of measures to ensure that a minimum 4,500MWh/hour of electricity is supplied to the distribution grid from 2022. This is the minimum level of supply necessary for grid stability and the reduction of system outage.”
Railway
Lagos Rail Mass Transit part of FG free train ride – NRC
Lagos Rail Mass Transit part of FG free train ride – NRC
The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.
The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).
This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.
While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.
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Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.
“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.
Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.
He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.
Lagos Rail Mass Transit part of FG free train ride – NRC
Business
NNPC denies claim of Port Harcourt refinery shutdown
NNPC denies claim of Port Harcourt refinery shutdown
The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.
The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.
Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.
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The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.
“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”
He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”
NNPC denies claim of Port Harcourt refinery shutdown
Business
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period.
The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department.
The arrangement will be in effect from December 19, 2024, to January 30, 2025.
Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.
Transactions to occur at the prevailing NFEM rate
The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.
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All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department.
The circular read in part:
“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).
This window will be open between December 19, 2024 to January 30, 2025.
“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.”
The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”
These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.
This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
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