Electricity: FG orders NERC to suspend adjusted tariff – Newstrends
Connect with us

Business

Electricity: FG orders NERC to suspend adjusted tariff

Published

on

Nigerian Electricity Regulatory Commission has received a directive from the Federal Government to immediately suspend recently adjusted electricity tariff.

Minister of Power, Sale Mamman, made this known in a statement on Thursday.

NERC on Tuesday increased the electricity tariff payable by power consumers across the country, adding that the N2 to N4 adjustment was based on inflation and movement in foreign exchange rates. Labour unions and other pressure groups have threatened showdown over the development, saying the government was insensitive to the plight of Nigerians.

But in the statement on Thursday, the minister said there was a committee working on the new electricity tariff regime and the committee should be allowed to complete its work before any development or adjustment.

Mamman, therefore, directed NERC to suspend the recent increment until the committee’s conclusion of its work by end of January.

He said, “The public is aware that the Federal Government and the Labour have been engaged in positive discussions about the electricity sector through a joint ad-hoc Committee led by the Minister of State for Labour and Productivity and Co-chaired by the Minister of State for Power. Great progress has been made in these deliberations which are set to be concluded at the end of January, 2021.

“To promote a constructive conclusion of the dialogue with the Labour Centers (through the Joint Ad-Hoc Committee), I have directed NERC to forestall the implementation of the duly performed minor review (which adjusted tariffs between N2 per kWh and N4 per kWh) until the conclusion of the Joint Ad Hoc Committee’s work at the end of January 2021.

“This will allow for the outcome of all resolutions from the Committee to be implemented together. The Administration is committed to creating a sustainable, growing, and rules-based electricity market for the benefit of all Nigerians.”

Business

Tinubu orders creation of single-digit tax system

Published

on

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.”

 

Continue Reading

Business

Naira gains further against dollar

Published

on

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.

READ ALSO:

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)

Continue Reading

Business

CBN jacks up interest rate amid soaring inflation

Published

on

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.”

Continue Reading

Trending

Skip to content