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FG promises nationwide 20-hour daily power supply by 2027

Published

6 days ago

November 8, 2024

FG promises nationwide 20-hour daily power supply by 2027

The Federal Government has set an ambitious goal to provide Nigerians with 20 hours of daily electricity by 2027. However, this plan is contingent upon securing adequate investment in the nation’s oil and gas industry, which, according to officials, is currently underperforming.

Olu Verheijen, the Special Adviser to the President on Energy, made this announcement during her speech at the Energy Week in Cape Town, South Africa. The statement was shared by Abiodun Oladunjoye, Director of Information and Publicity at the State House, on Thursday.

“By 2027, Nigeria aims to ensure 20 hours of electricity daily for consumers in urban areas and industrial hubs,” Verheijen revealed.

Verheijen’s remarks come amidst the persistent challenges faced by Nigeria’s national power grid, which continues to suffer frequent collapses, resulting in widespread blackouts. The most recent collapse occurred on Tuesday, marking the 10th such incident in 2024 alone. The Federal Government has cited outdated infrastructure, lack of proper maintenance, and insufficient investment as primary reasons behind these grid failures.

Despite an installed generation capacity of around 12,500 megawatts, Nigeria often produces far less, leaving many regions without stable power supply.

At the Energy Week, Verheijen also highlighted the efforts of President Bola Tinubu’s administration to reform the power sector and extend electricity access to the 86 million Nigerians currently without reliable power. She outlined plans to improve revenue collection, reduce losses through the deployment of seven million smart meters, and expand off-grid solutions to remote areas.

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Verheijen expressed confidence that Nigeria is poised for economic growth, particularly following macroeconomic reforms such as the removal of the petrol subsidy and foreign exchange liberalization. “Under President Tinubu’s leadership, Nigeria is championing reforms to unlock its vast economic potential and create jobs,” she said, urging global partners to invest in Nigeria’s energy sector.

Verheijen also noted Nigeria’s underperformance in oil and gas production, despite possessing vast reserves. She compared Nigeria’s output to that of Brazil, which holds just 30 percent of Nigeria’s oil reserves but produces 131 percent more oil. “Despite our abundant resources, we have underperformed against our potential. Brazil holds only 30 percent of Nigeria’s oil reserves but produces 131 percent more. This is largely due to under-investment,” she remarked.

Since 2016, Nigeria has attracted only 4 percent of Africa’s total oil and gas investments, while less resource-rich countries in the continent have seen higher levels of investment. Verheijen also pointed out that between 2013, when Nigeria’s last deepwater project reached Final Investment Decision (FID), and now, international oil companies have committed over $82 billion to deepwater projects in other countries.

Acknowledging these challenges, Verheijen highlighted President Tinubu’s efforts to enact reforms aimed at transforming Nigeria’s energy sector and attracting more investment. She pointed to the introduction of fiscal incentives for deep offshore and non-associated gas projects, marking the first time Nigeria has introduced a specific fiscal framework for deepwater gas.

In partnership with the National Security Adviser’s office, Verheijen’s team has worked to streamline security measures for the oil and gas sector, as well as to reduce lengthy project timelines and high operational costs. “Our target is to shorten the contracting timelines from an extensive 38 months to just 135 days, while also working to eliminate the 40 percent cost premium that currently exists within the Nigerian petroleum industry,” she noted.

The government’s reforms are also opening up opportunities in midstream and downstream sectors, including investments in compressed natural gas, liquefied petroleum gas, and electric vehicles. These initiatives align with the broader Presidential Gas for Growth Initiative, which aims to reduce the use of petrol and diesel in heavy transport, decentralized power generation, and cooking.

Verheijen also confirmed that over $1 billion has already been unlocked in investments across Nigeria’s energy value chain, with expectations of more major projects by mid-2025. The government is also facilitating the transfer of onshore and shallow water assets to local companies, while supporting the transition of international oil companies to deep offshore and integrated gas ventures.

“We have unlocked over $1 billion in investments across the value chain, and by mid-2025, we expect to see FID on two more projects, including a multibillion-dollar deepwater exploration project, which will be the first of its kind in Nigeria in over a decade,” Verheijen concluded.

FG promises nationwide 20-hour daily power supply by 2027

metro

Gunmen kill two soldiers in Abia checkpoint attack

Published

11 hours ago

November 13, 2024

Trends Admin

Gunmen kill two soldiers in Abia checkpoint attack

Early Wednesday morning, gunmen attacked an army checkpoint in Ekenobizi, a border community between Abia and Imo states, located in Umuopara, Umuahia South Local Government Area.

The assailants reportedly arrived around 6:18 a.m. in a white Lexus SUV (model 350/400) and launched an assault that resulted in the deaths of two soldiers.

A military source, who wished to remain anonymous, provided details of the incident but could not confirm the exact number of attackers involved.

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Confirming the incident in a press release on Wednesday, Lieutenant Colonel Jonah Unuakhalu of the Joint Task Force South East Operation UDO KA said: “In the early hours of today, 13 November 2024, troops of the Joint Task Force South East Operation UDO KA, deployed at a checkpoint along the Umuahia – Owerri Road in Umuahia South Local Government Area of Abia State, came under attack by the irredentist group Indigenous People of Biafra and its armed affiliate, the Eastern Security Network.

“During the attack, the gallant troops were able to repel the assault, forcing the attackers to retreat in disarray with gunshot wounds, abandoning one Sienna and one Lexus Jeep used in the attack. However, in the ensuing firefight, two soldiers paid the supreme price.”

The Joint Task Force appealed to residents of the South East, particularly those in Abia State, for credible information to help track down the fleeing attackers and combat criminal elements in the region.

The force reiterated its commitment to protecting lives and property in line with global best practices and the rules of engagement.

Gunmen kill two soldiers in Abia checkpoint attack

metro

94 arrested as task force raids Lagos rail corridor squatters

Published

11 hours ago

November 13, 2024

Trends Admin

94 arrested as task force raids Lagos rail corridor squatters

At least 94 illegal occupants and squatters along the railway corridor from Pen Cinema to Fagba were arrested by the Lagos State Taskforce in an early morning sting operation on Wednesday.

During the raid, substances suspected to be hard drugs—such as Indian hemp, colorado, and other harmful drugs—were seized, along with various weapons.

It was gathered that those arrested attempted to resist the task force’s actions.

In a statement, Director of Public Affairs, Gbadeyan Abdulraheem, confirmed that those arrested will face prosecution.

He added that the agency dismantled shanties and makeshift structures along the railway corridor, clearing a distance of some kilometers.

The Taskforce Chairman Adetayo Akerele explained that the eviction aimed to provide relief for residents around the Fagba, Agege, and Pen Cinema railway routes, following numerous complaints from the public about criminal activities in the area.

He noted that the squatting had violated environmental and sanitary regulations.

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Akerele also highlighted the health and safety risks posed by the presence of squatters along the rail corridor.

He warned the evicted individuals not to return and assured residents and train passengers that regular patrols and surveillance would be conducted to prevent the re-establishment of shanties in the area.

“The rail tracks are not meant for habitation or the sale of narcotics. Anyone caught converting this place into a den of criminals or an area of residence will face severe consequences according to the law,” Akerele was quoted as saying.

Speaking on the raid, Commissioner for Environment and Water Resources, Tokunbo Wahab, disclosed that a locally fabricated short gun was recovered.

“94 suspects were arrested during the midnight operation; a locally fabricated short gun and several wraps of illicit substance suspected to be indian hemp, charm and a jack knife were recovered.

“The suspects will be charged to court accordingly,” Wahab stated in a post on X.

94 arrested as task force raids Lagos rail corridor squatters

metro

Okpebholo sacks all political appointees, Board executives in Edo

Published

12 hours ago

November 13, 2024

Trends Admin

Governor Monday Okpebholo of Edo State

Okpebholo sacks all political appointees, Board executives in Edo

Governor Monday Okpebholo of Edo State has swept out all Board, Parastatal, and Agency appointees from his predecessor, Godwin Obaseki, in a decisive move to overhaul the state’s public service.

A statement released on Wednesday by the Governor’s Chief Press Secretary, Fred Itua, confirmed the immediate dismissal of all political appointees and Permanent Secretaries brought in from outside the state Civil Service.

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The statement reads:

“For the information of the general public, His Excellency, Senator Monday Okpebholo, Governor of Edo State, has approved the dissolution of Executives of all Boards, Agencies, and Parastatals in the Edo State Public Service with immediate effect.

“In addition, all Permanent Secretaries appointed from outside the State Public/Civil Service and all Political Appointees are hereby relieved of their appointments.”

Affected individuals have been directed to return all government property in their possession to the senior Public Officers in their respective Ministries, Departments, and Agencies.