FG begins N140bn solar power project for 25 million Nigerians – Newstrends
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FG begins N140bn solar power project for 25 million Nigerians

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The Federal Government says it has commenced the implementation of its plan to deliver electricity, through solar energy, to about 25 million Nigerians whose communities are not connected to the national power grid.

Vice President Yemi Osinbajo, disclosed this  during an event to mark the programme in Jangefe, Roni Local Government Area of Jigawa State.

He restated the determination of the President Muhammadu Buhari administration to give more Nigerians access to cheap and environmentally-friendly renewable power.

Osinbajo said the Solar Power Naija programme had commenced across the six geopolitical zones in six states, namely: Edo, Lagos, Adamawa, Anambra, Kebbi and Plateau, in the first phase.

He added that it would then move to the entire 36 states and the nation’s capital, covering 25 million Nigerians.

Jangefe community got 1,000 solar home system connections for its about 5,000 population, as part of a 100,000 scheme, with a local solar power company implementing aspects of the scheme.

Osinbajo said, “The President had emphasised that we could no longer rely solely on the grid if we were to electrify the whole country, which meant that we had to develop an effective strategy for decentralising power supply.

“The Solar Power Naija programme, which is designed by the Rural Electrification Agency (REA), is an ambitious initiative that aims to create five million connections through a N140 billion financing programme that will support private developers to provide power for five million households, which means providing electricity for up to 25 million Nigerians.”

He also said that the programme was a Public Private Partnership arrangement supported by concessionary lending via the Central Bank of Nigeria and commercial banks.

He emphasised that structures had been put in place to make the cost of the connections affordable for the target communities.

Osinbajo explained that the government had provided subsidies and rebates for private developers to the tune of over $200 million under the REA and World Bank Nigeria electrification programme.

He commended the Jigawa State Governor, Abubakar Badaru; the Emir of Kazaure, and other critical stakeholders for their role in ensuring the implementation of the programme in the community.

The vice president further commended the Emir of Kazaure, who made a down payment for the community to benefit from the solar connections, stating that the decision facilitated the programme.

Earlier, Badaru said the FG’s support to the states, despite declining resources, had been unprecedented since 2015.

He recalled how the Buhari administration gave a bailout to states to pay salaries and the payment of the long outstanding refund from the Paris Club debts.

Badaru also listed that the school feeding programme and other schemes, saying apart from impacting the economy, they had improved school enrolment from about 600,000 to over a million since their implementation.

The event was attended by Governor Abdullahi Ganduje of Kano State; Minister of Power, Mr Saleh Mamman; Minister of State for Power, Mr Goddy Jeddy-Agba; Managing Director of REA, Salhijo Ahmad; Managing Director, Niger Delta Power Holding Company, Mr Chiedu Ugbo; and Director-General, Bureau of Public Enterprises, Alex Okoh, among others.

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CBN directs banks to start deducting cybersecurity levies from customers

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CBN directs banks to start deducting cybersecurity levies from customers

The apex bank announced this on Monday, May 6, 2024, in a circular signed by Chibuzor Efobi, Director of Payments System Management, and Haruna Mustafa, Director of Financial Policy and Regulation.

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Forex: FG to delist naira from P2P platforms

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Forex: FG to delist naira from P2P platforms

The Federal Government is set to delist the naira from all Peer-to-Peer platforms to reduce the manipulation of the local currency value in the foreign exchange market.

Director General of the Securities and Exchange Commission, Emomotimi Agama, made this known on Monday at a virtual conference with blockchain stakeholders.

The goal of this resolution is to combat manipulation of the value of the local currency in the foreign exchange market.

In past months, the nation’s regulatory bodies have started looking into and closely examining cryptocurrency exchanges.

This is part of a number of regulations to be rolled out in the coming days.

He said, “That is one of the things that must be done to save this space. The delisting of the naira from the P2P platforms to avoid the level of manipulation that is currently happening.

“I want your cooperation in dealing with this as we roll out regulations in the coming days.”

The SEC DG decried how some market players were manipulating the value of the naira.

This, he said, was why the commission was “seeking collaboration and help in making sure that the crypto environment is respected globally”.

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Ikeja Electric cuts tariff for Band A customers

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Ikeja Electric cuts tariff for Band A customers

The Ikeja Electricity Distribution Company has announced a reduction in the tariff for customers under Band A classification from N225 per kilowatt-hour to N206.80kw/h

This is coming about a month after the Nigerian Electricity Regulatory Commission (NERC) approved an increase in electricity tariff for customers under the Band A category to N225 per kwh — from N66.

The commission has clarified that customers under Band A receive between 20 and 24 hours of electricity supply daily.

Ikeja Electric said in a circular on Monday the cut in the new tariff rate would take effect from May 6, 2024.

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