New electricity tariff may drop if naira rebounds further – Adelabu – Newstrends
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New electricity tariff may drop if naira rebounds further – Adelabu

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Minister of Power, Adebayo Adelabu

New electricity tariff may drop if naira rebounds further – Adelabu

The Minister of Power, Adebayo Adelabu, stated that the N255 per kilowatt-hour rate currently paid by electricity consumers in Band A could decrease if the exchange rate drops below N1,000 to a dollar.

Adelabu made these remarks during an appearance on Channel Television’s “Politics Today.”

This statement comes after the Nigerian Electricity Regulatory Commission announced on April 3, that the federal government would cease subsidizing electricity for Band A customers, leading to an increase from N68/kWh to N255/kWh. Rates for other bands remain unchanged.

To clarify the usage, 1 kWh represents the energy consumption of a 1,000-watt appliance running for one hour. For instance, a 100-watt light bulb would use 1 kWh if left on for 10 hours.

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During the interview, the minister mentioned that despite the rate increase, electricity is still a more cost-effective option compared to the expenses associated with fuel.

“The tariff is flexible. I can tell you, if the naira gains more and the exchange rate comes down below N1,000 to a dollar, it must positively affect the tariff; and the tariff, even for Band A, will come down below the N225/KWh that we are currently charging.

“There are variable factors that go into composition of the tariff and we are not closing our eyes to it. We are publishing it, we are transparent, we are talking to Nigerians and all the power sector stakeholders. This administration is very serious and we are committed to transforming the sector,” Adelabu declared.

He said the current problems in the power sector had accumulated for over 50 years, saying it could not be resolved in a year’s time.

“The problem we are having is an accumulated problem of over 50 years, it will not disappear in one year, but we’ve been making consistent and gradual progress,” he added.

The minister stressed that efforts are ongoing to upgrade customers on other bands to Band A as power generation improves in the next six months.

New electricity tariff may drop if naira rebounds further – Adelabu

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Don’t fuel Rivers crisis, Edwin Clark tells APC, PDP

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Edwin Clark

Don’t fuel Rivers crisis, Edwin Clark tells APC, PDP

Leader of the Pan Niger Delta Forum (PANDEF), Edwin Clark, has warned against the two political parties fueling the crisis in Rivers State.

He also accused Minister of the Federal Capital Territory (FCT), Nyesom Wike, of sowing a seed of discord against Governor Sim Fubara of the state.

In a letter dated May 20, 2024, addressed to the chairmen of both the Peoples Democratic Party (PDP) and All Progressives Congress (APC), Clark expressed concerns about the crisis.

He stated, “As a patriotic old statesman, I strongly believe that I should address this letter to you to call to order FCT Minister, Chief Nyesom Wike, because he is dancing naked in the open market in the politics of madness in Rivers State with one leg each in the two parties.”

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Clark highlighted Wike’s alleged control over both the PDP and APC in the state, urging action to prevent further political turmoil.

He emphasized the importance of stability in Rivers State, a significant contributor to the nation’s economy due to its oil resources and the presence of International Oil Companies (IOCs) and the Onne deep seaport.

He further said, “I strongly advise both of you to withdraw from the madness of politics of Rivers State to avoid the dangerous crisis facing Rivers State, one of the most important states producing the resources used to sustain the economy of this country.”

Clark condemned the Federal Government and the political parties’ inaction in the face of disruption in Rivers State.

Don’t fuel Rivers crisis, Edwin Clark tells APC, PDP

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Insecurity: How to make state police effective, by Senate leader

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Senate Leader Opeyemi Bamidele

Insecurity: How to make state police effective, by Senate leader

Senate leader, Opeyemi Bamidele,  has said that the establishment of state police will go a long way to addressing the insecurity across the country.

Bamidele, who stated this in Abuja on Monday in a statement issued by his media office described the current state of policing in Nigeria as “ailing and dysfunctional.”

The statement read in part, “We must admit that the system can no longer guarantee the dignity of human lives and the security of collective assets considering our security dynamics in the Fourth Republic.

“The proposal for the creation of state police has been a subject of intense debate in the last decade or more.

“This, in part, can be attributed to the rise of armed attacks orchestrated by diverse interests either pursuing divisive agendas or seeking predatory ends in virtually all geopolitical zones,” he said.

He noted that Nigeria, one of the world’s fastest-growing nations in terms of population, could not continue to operate a centralised policing system.

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“Such a policing model cannot meaningfully address existential threats to our internal cohesion and stability. Unlike in 1979, when we had a population of 70.75 million, Nigeria is now a federation of about 229 million people and is currently the world’s sixth-biggest country.

“This is as shown in the demographic data of the United Nations. Contrarily, as revealed in the recent presentation of the Inspector-General of Police, Kayode Egbetokun, Nigeria has a police-citizen ratio of one to 650.

“This ratio is a far cry from a ratio of one to 460, which, according to the United Nations, is a minimum requirement for every sovereign state or territory worldwide,” the Senate leader said.

The lawmaker further noted that the ongoing review of the 1999 Constitution would allow stakeholders to interrogate the nation’s security framework and take a position on the desirability or otherwise of state police in the country.

“We must go about it (state police) with a clear sense of self-realisation. We must, first and foremost, realise that the present police system is ailing and dysfunctional.

“We must also admit that the system can no longer guarantee the dignity of human lives or the security of collective assets.

“With this admission, it is evident that the option of adopting state police is no doubt inevitable as an antidote to the diverse security challenges that threaten us as a federation,” he said.

The Senate leader further said that as the debate for a more efficient police model continued, the National Assembly was under obligation to provide a legal framework with clearly defined preconditions.

“Sub-national governments must conform to the preconditions before establishing their policing formation. The role of all 36 state Houses of Assembly is equally indispensable in the quest to adopt the decentralised police system,” he said.

The bill for the establishment of the state police is currently in the National Assembly. In February, the House of Representatives passed the bill for the second reading.

The bill, sponsored by the Deputy Speaker of the House, Benjamin Kalu and 14 others, seeks to alter the relevant Sections of the 1999 Constitution to pave the way for states to establish their policing outfits.

Insecurity: How to make state police effective, by Senate leader

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CBN in U-turn withdraws cybersecurity levy

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CBN Governor, Olayemi Cardoso

CBN in U-turn withdraws cybersecurity levy

The Central Bank of Nigeria (CBN) has withdrawn the circular it issued to all commercial banks on May 6, 2024, directing them to implement a compulsory withdrawal of 0.05 per cent from every electronic transaction as cybersecurity levy.

The controversial directive for collection of the levy had attracted nationwide condemnation when the central bank introduced the policy last week, prompting the Presidency to immediately suspend the implementation of the Cybersecurity Levy.

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In a withdrawal circular that was issued by the CBN on Sunday night, it directed the banks not to go ahead with the initial directive, in line with the presidential directive. The apex bank authorities claimed it’s a sign that the present administration was a listening one that prioritises public good.

“Further to this, please be advised that the above referenced circular is hereby withdrawn,” CBN director in charge of payments system, Chibuzo Efobi, and the director, financial policy and regulation, Haruna Mustapha, said in the circular, adding that all banks should “Please be guided accordingly.”

CBN in U-turn withdraws cybersecurity levy

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