Business
Nigeria not broke, says finance minister
Minister of Finance, Budget and National Planning, Zainab Ahmed, has dismissed the insinuation that Nigeria is broke and finds it difficult to meet its financial obligations.
Ahmed spoke on Thursday at the presentation of President Muhammadu Buhari’s administration scorecard (2015-2023).
The minister’s comments came amid criticism of the Buhari administration for huge borrowings believed to have sapped the country’s coffers dry.
Statistics from the Central Bank of Nigeria’s website showed that the federal Government’s debt through Ways and Means’ rose from N17.5 trillion in December 2021 to N23.8 trillion in October 2022 — an increase of N6.3 trillion in 10 months.
The borrowings are currently not included in the country’s total public debt stock (federal and state governments) which currently stands at N42.84 trillion.
In July, the cost of servicing debt surpassed the Federal Government’s retained revenue by N310 billion in the first four months of 2022.
Ahmed had said this while presenting the 2022 fiscal performance report for the period that the Federal Government’s total revenue was N1.63 trillion, while debt service gulped N1.94 trillion.
She said urgent action was required to address “revenue underperformance and expenditure efficiency at national and sub-national levels”.
Akinwumi Adesina, president of the African Development Bank (AfDB), in his analysis of Nigeria’s debt profile, said the external debt levels stood at N16.61 trillion or $40 billion.
He concluded that “Nigeria needs help to tackle this debt burden”.
However, during her presentation of Buhari’s scorecard on Thursday, Ahmed said Nigeria has not in anyway defaulted in its both domestic and foreign debt repayments, adding that the country is not opting for debt relief.
The minister noted thhat the country continued to disburse funds to the three tiers of government from the Federation Accounts Allocation Committee (FAAC).
She said the Federal Government had since 2015 disbursed N5.04 trillion to state governments, disclosing that the non-oil sector drives the country’s economy more than the oil sector owing to vandalism of infrastructure.
Ahmed further said oil production is increasing, stressing that as at October 2022, it soared to 1.4 million barrels per day.
She also said N1.7 trillion was released for this year’s capital projects as of September 2022.
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/$
Auto
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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