Business
Okowa signs Delta 2021 budget into law
Delta State Governor, Dr Ifeanyi Okowa, has assented to the state’s 2021 Appropriation Bill.
He said the state government would strive to recover from the economic challenges engendered by COVID-19 pandemic.
Okowa, who signed the bill Monday in Asaba, commended the state’s House of Assembly for speedy passage of the appropriation bill.
He said that signing the budget with a month to the end of 2020 would avail the state government the opportunity to plan further towards the implementation of the 2021 budget from January, 2021.
He said, “You have just witnessed my signing into law the 2021 Appropriation Bill, and as I said on October 27, during the presentation of the bill, we are in very difficult times this year, no doubt both in this country and globally.
“And, with the second wave of the pandemic, it will create a further challenge for the recovery of the economy of our nation.
“However, we are optimistic that in the 2021 fiscal year, things will gradually improve and we will be able to get back to the levels of infrastructural development and the human capital development for our people.
“This is very necessary because there is a lot of pain; there is a lot of unemployment and our people are generally getting restive nationally and I pray that God will help us and this nation to rediscover ourselves and to commit every work of our people and our state and nation for the common good of all our citizens.
“The budget is termed ‘budget of economic recovery’ because we are very much aware of the impact of COVID-19 pandemic, both on our health systems and the economy of the country, which is still largely dependent on the oil economy,’’ he said.
The governor said a lot was being done to grow the agricultural sector but stated that the programme would take time for it to begin to manifest meaningfully.
According to him, as long as the people are still dependent mainly on the oil economy with the global pandemic going, they will definitely have a lot of shortfall, both in the prices and the volume of oil being sold in the international market.
Okowa said, “This obviously impacted negatively on our budget in 2020 that we had to reduce our budget downward twice in the year.
“However, I want to use this medium to appreciate our various contractors who had continued to stay in their various sites to work even when it is becoming increasingly difficult to make payments on contractual agreements already made.
“We will continue to be very responsible as a state and we will continue to work with them to deliver on our projects.”
Business
Finally, NERC unbundles TCN, creates new system operator
Finally, NERC unbundles TCN, creates new system operator
The Nigerian Electricity Regulatory Commission (NERC) has set up the Nigerian Independent System Operator of Nigeria Limited (NISO) as it unbundles the Transmission Company of Nigeria (TCN).
The transmission leg of the power sector has over the years been seen as weakest link with obsolete equipment.
The unbundling announcement is contained in an Order dated April 30, 2023 and jointly signed by NERC chairman, Sanusi Garba, and vice chairman, Musiliu Oseni.
By this order, the TCN is expected to transfer all market and system operation functions to the new company.
The commission had previously issued transmission service provider (TSP) and system operations (SO) licences to the TCN, in accordance with the Electric Power Sector Reform Act.
The Electricity Act 2023, which came into effect on June 9, provided clearer guidelines for the incorporation and licensing of the independent system operator (ISO), as well as the transfer of assets and liabilities of TCN’s portion of the ISO.
In the circular, the commission ordered the Bureau of Public Enterprises (BPE) to incorporate, unfailingly on May 31, a private company limited by shares under the Companies and Allied Matters Act (CAMA), 2020.
NERC said the company is expected “to carry out the market and system operation functions stipulated in the Electricity Act and the terms and conditions of the system operation licence issued to the TCN.
“The name of the company shall, subject to availability at Corporate Affairs Commission, be the Nigerian Independent System Operator of Nigeria Limited (“NISO”),” NERC said.
Citing the object clause of the NISO’s memorandum of association (MOU) as provided in the Electricity Act, NERC said the company would “hold and manage all assets and liabilities pertaining to market and system operation on behalf of market participants and consumer groups or such stakeholders as the Commission may specify.”
Business
Naira depreciates again, trades at N1,402/$
Naira depreciates again, trades at N1,402/$
The Nigerian currency, naira, on Thursday slightly depreciated at the official market, trading at N1,402.67 to the dollar.
Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed that the naira lost N11.71
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This represents a 0.84 per cent loss when compared to the previous trading date on Tuesday April 30, when it exchanged at 1,390.96 to a dollar.
However, the total daily turnover increased to 232.84 million dollars on Thursday, up from 225.36 million dollars recorded on Tuesday.
Meanwhile, at the Investor’s and Exporter’s (I&E) window, the naira traded between 1,445.00 and N1,299.42 against the dollar.
Naira depreciates again, trades at N1,402/$
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Appeal court takes over NURTW case as NIC withdraws
Appeal court takes over NURTW case as NIC withdraws
The National Industrial Court has withdrawn from a case involving Alhaji Najeem Usman Yasin, Board of Trustees chairman of the National Union of Road Transport Workers (NURTW), and Alhaji Tajudeen Ibikunle Baruwa’s ambition to return as president of the union over lack of jurisdiction.
The industrial court’s decision was made to avoid conflict with the Court of Appeal, where the matter is already being heard.
Before the NIC announced its decision to hands-off the case, the defendants’ counsel, Mr. O.I. Olorundare SAN, had informed the court that the matter is currently before the Court of Appeal, Abuja division, and that the industrial court could not continue to adjudicate on the same matter.
The counsel cited authorities to support his claim, adding that the National Industrial Court does not have concurrent jurisdiction with the Court of Appeal.
The presiding judge, O.O. Oyewunmi, struck out the case, stating that the Appeal Court had taken over the matter and that the Industrial Court must respect the hierarchy of courts.
Alhaji Yasin and six others took the case to the Appeal Court, challenging the decision of the industrial court recognising a delegates’ conference held on May 24, 2023, where Baruwa was proclaimed as President of the union for a second term in office.
With the latest NIC judgement, both parties will now proceed to defend their positions at the Court of Appeal and await the final judgement.
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