Business
FEC approves N6.2bn for six power projects
The Federal Executive Council has approved over $8.29bn and N3bn for various electricity projects in the country.
Minister of Power Mamman Saleh, disclosed this to state house correspondents after the week’s virtual FEC meeting, which was presided over by President Muhammadu Buhari in the Presidential Villa, Abuja.
He said the projects were for the upgrade of the nation’s electricity facility and improvement of power supply.
He said the Ministry of Power presented six memoranda to the FEC, all of which were approved.
He put the total amount both naira and dollar denominations at N6,156,168,822, when the dollar component was converted by the official exchange rate of N380 to $1.
“The Federal Executive Council today approved six memos under the Ministry of Power. The first one is the award of a contract for design, manufacturing and supply of critical spare parts for Crompton Greaves 330 kV, 132 kV and 33 kV circuit breakers to Messrs Legen Engineering Nigeria Limited in the sum of N298,339,887.04.
“The second one is the award of the contract for the procurement of 50 sets of 400 AH battery banks, 30 to 50 volts and 30 number of 110 volt battery charges for the substation used by the TCN in favour of Messrs DTS Transformers Electric Industry Limited at the sum of N644,805,953.10.
“The third award of contract is for the procurement of 50 cent also of 132 kV isolators for the TCN in favour of Messrs Leading Diagonal Engineering Nigeria Limited in the sum of $840,650 plus N53,900,000 within the delivery period of six months.
“The fourth one is the award of the contract for the design, manufacturing and the supply of three 60/66 MVA 132kV power transformers with accessories and 15 number of 500 kV transformers, 33/0.415kV earthling transformers for the TCN in favour of Messrs Zhenjiang Transformers Company Limited, in the sum of N1,296,953,044.55 with delivery period of 12 months.
“The fifth one is the award of the contract for the design, supply and installation of Optical Wire (OPGW) and Universal Optical Transportation Network System (OTN) for some critical transmission lines in favour of Messrs Xinjiang Power and Transportation Company Limited in the sum of $6,800,743.51, plus N668,843,634.74, with a delivery period of 12 months.”
Business
Tinubu orders creation of single-digit tax system
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.”
Business
Naira gains further against dollar
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)
Business
CBN jacks up interest rate amid soaring inflation
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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