Business

APC, PDP couldn’t move power generation beyond 5,000MW in 24 years – Obi

Published

2 years ago

August 15, 2022

Presidential candidate of the Labour Party, Peter Obi, says it is shameful that both the ruling All Progressives Congress (APC) and the major opposition party, Peoples Democratic Party (PDP) despite being in power collectively for 24 years, could not move Nigeria’s power generation up from 4,000 to 5,000.

He said the two parties had been tried and failed to deliver their electoral promises, urging Nigerians not to vote for them in the 2023 general elections.

Obi made the statement at the weekend when he featured in an exclusive interview on NEWS CENTRAL TV.

He said, “The simple thing for Nigerians to ask themselves is: we have been in this business for 24 years; are we on the right road? If you have been on a situation for 24 years, people have been promising and not delivering.

“Look at the two parties; have they delivered what they promised? In 24 years, Nigeria could not increase its power generation from 4,000MW to 5,000MW or 6,000MW. Ask yourself the question; are we going to continue with this? Are you going to continue on the wrong road or turn and say ‘listen, we have to do the right thing’?”

Obi said his record as Anambra State governor for eight years eminently qualifies him to lead Nigeria out of its present situation that the bad governance of the two parties had plunged it into.

READ ALSO:

“Every section of Nigeria wants to have uninterrupted electricity. Don’t they? Every part of Nigeria wants to see good roads. Every part of Nigeria wants to see prices of food come down. Is there anywhere you buy bread cheaper? If you do the right thing, people will follow you.

“The level of divisiveness is because you have not come to bring people together. I will engage everybody constructively. I will sit down and discuss with every group. We will dialogue with them; we will bring everybody together in love. There are many things you can solve through dialogue and discussion. I will tour every state of Nigeria. In Anambra. I did a tour of every local government once every three months and I slept in every local government.

“If you know Anambra State very well, you will know how chaotic and disorganised it was before I got there. For eight years, people were wondering, what is happening here? If the leader is determined, he can do a lot.

“People say Anambra State is not Nigeria. How do you measure un-hired people? You take their track record. I wasn’t a banker. I have never worked in a bank but I’ve chaired a bank. I was just a trader in the market and an MD of a bank said to me ‘Peter, every time I come to the market, what you say is sensible. Can you come and be our director?

“After being director for two years, everybody on the board said this man should be our chairman. And I took the smallest bank in Nigeria to become a N25bn bank.”

Related Topics:APC electricity Featured Obi PDP

Up Next

DISCOs: BPE, CBN give banks 6 month deadline to quit

Don't Miss

New agreements with IOCs will unlock opportunities in upstream sector, says Kyari

Railway

Lagos Rail Mass Transit part of FG free train ride – NRC

Published

22 hours ago

December 21, 2024

Trends Admin

Lagos Rail Mass Transit part of FG free train ride – NRC

The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.

The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).

This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.

While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.

READ ALSO:

Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.

“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.

Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.

He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.

Lagos Rail Mass Transit part of FG free train ride – NRC

Business

NNPC denies claim of Port Harcourt refinery shutdown

Published

22 hours ago

December 21, 2024

Trends Admin

Port Harcourt refinery

NNPC denies claim of Port Harcourt refinery shutdown

The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.

The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.

Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.

READ ALSO:

The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.

“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”

He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”

NNPC denies claim of Port Harcourt refinery shutdown

Business

CBN permits BDCs to buy up to $25,000 FX weekly from NFEM

Published

2 days ago

December 20, 2024

Trends Admin

CBN Governor, Olayemi Cardoso

CBN permits BDCs to buy up to $25,000 FX weekly from NFEM

The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).

This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period.

The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department.

The arrangement will be in effect from December 19, 2024, to January 30, 2025.

Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.

Transactions to occur at the prevailing NFEM rate

The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.

READ ALSO:

All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department.

The circular read in part:

“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).

This window will be open between December 19, 2024 to January 30, 2025.

“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.”

The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”

These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.

This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.