Business
Electricity tariff: DisCos dares NERC, returns 620 areas to Band A
Electricity tariff: DisCos dares NERC, returns 620 areas to Band A
Thousands of electricity consumers in about 620 feeder coverage areas across the country downgraded to Band B are set to return to Band A, moving their tariff upwards from N68 per kilowatt hour to N225/kWh.
The Nigerian Electricity Regulation Commission (NERC) on Tuesday announced a new tariff for the Band A customers increasing the rate by about 230 per cent.
NERC on Thursday published a list of over 90 areas in Lagos State covered by the Ikeja Electric and Eko DisCo that are classified under Band A and affected by the new tariff increase.
Those in the other bands from B to E are not affected by the tariff hike.
The return of more consumers to Band A was a decision taken by the electricity distribution companies (DisCos), according to a report by Vanguard.
The newspaper stated that the DisCos had recorded 1,100 feeder coverage areas for Band A but NERC said the actual coverage area for the new tariff is only 480.
A source in one of the DisCos in Lagos told Vanguard that they were now working on increasing the number of Band A consumers to return those earlier removed by NERC back to Band A.
Band A customers are those who receive an average daily supply of electricity supply 20 hours or more.
With the new order issued by NERC, Band A would no longer enjoy the Federal Government subsidy on electricity.
The new tariff regime is expected to reduce subsidy costs by N137.1 billion per month following the decision to raise tariff for about two million consumers by 230 per cent.
Vanguard also reported that following the freeze in tariff, annual subsidies payable by the government rose to N241.66 billion monthly.
NERC disclosed that the government would now spend only N104.6 billion monthly as subsidy, which was hitherto N241.66 billion.
Aviation
Updated: We’ll resume Lagos-Dubai flights on October 1, says Emirates
Updated: We’ll resume Lagos-Dubai flights on October 1, says Emirates
Emirates Airlines on Thursday announced that its flight operations to Nigeria would resume on October 1, 2024.
It said this in a statement, “The service will be operated using a Boeing 777-300ER. EK783 will depart Dubai at 0945hrs, arriving in Lagos at 1520hrs. The return flight EK784 will leave Lagos at 1730hrs and arrives in Dubai at 0510hrs the next day.
“Tickets can be booked now on Emirates.com or via travel agents.”
It quoted Emirates’ Deputy President and Chief Commercial Officer, Adnan Kazim, as saying the Lagos-Dubai service has traditionally been popular in Nigeria.
“We thank the Nigerian government for their partnership and support in re-establishing this route and we look forward to welcoming passengers back onboard,” Kazim said.
Minister of Aviation and Aerospace Development, Festus Keyamo, on Wednesday said the Emirates Airlines had given a definite date to resume flight operations to Nigeria and would make the announcement in a matter of days.
Emirates Airlines suspended flight operations to Nigeria in October 2022 over its inability to repatriate its $85 million revenue trapped in Nigeria.
Business
Dollar crashes against Naira at official market
Dollar crashes against Naira at official market
The Naira on Wednesday appreciated at the official market, trading at N1,459.02 to the dollar.
Data from the official trading platform of the FMDQ Exchange, revealed that the Naira gained N61.38.
This represents a 4.04 per cent gain when compared to the previous trading date on Tuesday, when the local currency exchanged at N1,520.40 to a dollar.
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Also, the total daily turnover increased to 289.14 million dollars on Wednesday up from 128.76 million dollars recorded on Tuesday.
Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,593 and N1,401 against the US dollar.
Dollar crashes against Naira at official market
Business
Nigeria’s inflation rises further to 33.69%, highest in 28 years
Nigeria’s inflation rises further to 33.69%, highest in 28 years
Nigeria’s inflation rose to its highest in 28 years as it hit 33.69 per cent in April 2024, up from 33.20 per cent in March.
A report by the National Bureau of Statistics revealed this on Wednesday. It showed the food and non-alcoholic beverages category continued to be the biggest contributor to inflation.
Food inflation, which accounts for the bulk of the inflation basket, reached 40.53 per cent in annual terms, against 40.01 per cent in March.
The galloping inflation is attributed largely to President Bola Tinubu administration’s removal of petrol subsidy and naira devaluation due to foreign exchange rates unification.
Reuters in a report recalled that the Central Bank of Nigeria had raised interest rates twice this year, including its largest hike in around 17 years, as it struggles to contain the price pressures.
CBN Governor Olayemi Cardoso has indicated that rates will stay high to bring down inflation.
The bank holds another rate-setting meeting next week.
Price pressures have left millions of Nigerians grappling with the worst cost of living crisis in decades as they struggle to meet their basic needs.
To ease the pressure on government workers, Tinubu recently introduced a wage award of N35,000 and direct cash transfer to the vulnerable.
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