Business
FG targets 4,500MW power supply, says recovery back on track
The Federal Government says its effort to improve power supply across the country is back on track after about two months of challenges that led to the collapse of the national grid three times within a month.
The government said it expected the grid to deliver a minimum of 4,500 megawatts of power daily.
The grid supply as at 1pm on Wednesday showed that 17 generation plants were delivering 3,072MW with Azura-Edo (393MW), Geregu Gas (390MW), Jebba Hydro (328MW), Egbin (317MW) and Kainji Hydro (303MW) among the top generators.
Speaking at a Power Sector Recovery Programme (PSRP) workshop for journalists in Abuja, the Chairman of the Nigerian Electricity Regulatory Commission (NERC), Sanusi Garba, said consumers would soon begin to see changes in electricity supply.
He noted that failure to review the tariff in the past threatened the viability of the sector, adding that now things were much better with services expected to improve.
He said, “The Federal Government initiated the PSRP with the support of the World Bank to achieve the goal of Nigerians having access to adequate, reliable and affordable electricity in Nigeria.
“Notwithstanding the electric power supply industry is now private sector driven, its relevance to economic growth and industrial development will require strategic government interventions. At this developmental stage, the industry’s challenges require that hands be on the deck to achieve an efficient and effective electric power supply industry that we desire for our economic development.”
He explained the objectives of the PSRP included the power sector’s financial viability; improving electricity supply reliability to meet the growing demand; to strengthen the sector’s institutional framework, and implement policies that promote and encourage investors’ confidence, and institutionalise a contract-based electricity industry.
He pointed that despite the challenges faced by the sector, “all the stakeholders involved in this power sector recovery programme are very much on track and are ready to do what we all need to do both in terms of financial performance by the distribution companies and the issue of the off-taker. I am not saying we are at the destination yet but at least the trajectory is looking upward and great promise for service delivery to Nigerian consumers.”
The NERC boss, who used the occasion to formally launch a new website for the PSRP, said the new portal would afford Nigerians the opportunity to access direct information about the sector and make comments on the services delivered by the operators.
Belije Madu of the PSRP Secretariat also explained that the PSRP’s new 4,500MW minimum grid supply was expected to have commenced at the beginning of the year, but had not been attained due to generation challenges.
He said the PSRP “includes a set of measures to ensure that a minimum 4,500MWh/hour of electricity is supplied to the distribution grid from 2022. This is the minimum level of supply necessary for grid stability and the reduction of system outage.”
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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