Discos in massive load shedding as power generation drops to 2,805MW – Newstrends
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Discos in massive load shedding as power generation drops to 2,805MW

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A number of power distribution companies have resorted to massive load shedding as power generation has dropped to 2,805 megawatts.

The Nigeria Electricity Supply Industry on Thursday confirmed the drop in its power supply from 3,387MW to 2,805MW.

The Nigerian System Operator System Performance for Wednesday reflected the lowest generation was 3,723MW.

The System Operator, a section of the TCN, said the peak generation for the period had been 4,427MW.

The document also revealed that the System Operator sent out a total was 3,997MW on Wednesday.

One of the Discos, the Abuja Electricity Distribution Company, in a message to its customers, said, “As a result of the drop in generation, we are constrained to undertake massive load shedding of the underlisted locations within our franchise. The locations are Gwarinpa, Gishiri, Jabi, Utako, Jahi, Wuye, Dawaki, Katampe, Kaduna Road, Jiwa, Suleja Town, parts of Lifecamp, Kado, Wuse zone 1 to 7, parts of central area, Garki, Asokoro, Lokogoma, Apo resettlement, Apo Mechanic village, Shoprite, Obasanjo space center, National Biotechnology, FHA lugbe, Mararaba and Environs.

“While we apologise for the inconveniences this will bring to customers in the affected areas, we promise that as generation improves, power supply to the affected areas will be restored.

“It is very important to add that the bulk of the interruptions our customers have experienced in the last few days has been as a result of low generation.

“We do hope that in the coming days, more power will be available at the grid to enable us serve our customers”.

On Thursday, the AEDC that used to receive about 500MW of electricity reportedly got 322MW.

Efforts were made to get comments from General Manager, Public Affairs Transmission Company of Nigeria, Mrs. Ndidi Mbah, Association of Power Generation Companies’ Executive Secretary, Dr Joy Ogaji. But none of them was willing to speak on the issue.

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Tinubu orders creation of single-digit tax system

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Tinubu orders creation of single-digit tax system

President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.

Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.

A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”

The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”

 

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Naira gains further against dollar

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Naira gains further against dollar

The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.

According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.

On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.

Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.

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The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.

CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.

Naira gains further against dollar

(NAN)

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CBN jacks up interest rate amid soaring inflation

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CBN jacks up interest rate amid soaring inflation

The Central Bank of Nigeria (CBN) on Tuesday raised the interest rate from 22.75 per cent to 24.75 per cent amid soaring inflation.

Governor of the central bank, Olayemi Cardoso, made this known after the two-day Monetary Policy Committee (MPC) meeting held on Monday and Tuesday.

The country’s latest annual inflation rate jumped to 31.70 per cent from 29.90 per cent for last month, fueled by a continuous rise in food prices.

Cardoso disclosed that the MPC voted to adjust the asymmetric corridor around the MPR at +100 to -300 basis points.

He said the committee voted to retain the Cash Reserve Ratio (CRR) at 45 per cent for commercial banks and adjust the CRR of merchant banks from 10 per cent to 14 per cent.

The committee also voted to retain the liquidity at 30 per cent.

He said, “Members noted the continued rise in headline inflation driven largely by food prices, because of supply shortages, and high cost of Logistics and Distribution.

“The committee, therefore, was of the view that addressing food insecurity is key to containing current inflationary pressures.”

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