Governors okay plan to borrow 17tn from pension fund – Newstrends
Connect with us

Business

Governors okay plan to borrow 17tn from pension fund

Published

on

  • Pensioners kick

State governors have endorsed the proposal to borrow the sum of N17tn from the pension fund for infrastructural development.

A communiqué of the 22nd teleconference meeting of the Nigeria Governors’ Forum signed by its Chairman and Ekiti State Governor, Kayode Fayemi, confirming this approval was made available to journalists in Abuja on Friday December 4, 2020.

But the Nigeria Union of Pensioners (NUP) has opposed the decision, saying that the government has no authority over their money and should not tamper with it.

The NUP Head of Information, Mr Bunmi Ogunkolade, said most governors were not even remitting their workers’ pensions to the pensioner’s fund.

He noted that the governor’s forum was not recognised by the law and so, there would be no one to be held responsible if they failed to pay back.

He said, “We earlier issued a statement warning the Federal Government not to tamper with the pension fund when they mooted that idea. It is the workers’ money; people that would become pensioners tomorrow.

“Nobody should tamper with that money; they should look elsewhere for loans to build infrastructure. By the time the people in service would retire in four, five years, the current government would not be there and you won’t know who to hold responsible. The government should not touch that money and the governors have no right to give the approval to borrow from the fund.”

Business

NERC warns DisCos against estimated billing

Published

on

NERC warns DisCos against estimated billing

The Nigerian Electricity Regulatory Commission (NERC) yesterday warned electricity Distribution Companies (DisCos) not to forcefully migrate customers with faulty meters to estimated billing regime.

The warning came as the regulator reiterated its directive that the DisCos owe the obligation to replace faulty and old meters at no cost to customers.

 Also, some customers yesterday bemoaned what they described as a ploy by the DisCos to frustrate customers into accepting estimated billing by surreptitiously denying them access to reload energy credits.

In a statement yesterday, NERC stated that it had been notified that the DisCos were instructing customers to apply and make payments for the replacement of spoilt and obsolete meters in their franchise areas.

The regulator noted that such instruction by DisCos contravened the Commission’s Order No. NERC/246/2021on the Structured Replacement of Faulty and Obsolete end-use Customer Meters in the Nigerian Electricity Supply Industry (NESI).

The statement reads: “The Nigerian Electricity Regulatory Commission is aware that some Distribution Companies (DisCos) have instructed customers to apply and pay for the replacement of faulty and obsolete meters within their franchise areas.

READ ALSO:

“This instruction contravenes the Commission’s Order No. NERC/246/2021 on the Structured Replacement of Faulty and Obsolete end-use Customer Meters in the Nigerian Electricity Supply Industry.”

NERC reiterated that that no customer with a meter should be forcefully migrated to estimated billing.

According to the regulator, if  any customer’s meter is adjudged by any DisCo to be obsolete or faulty, it is the responsibility of the DisCo to replace the meter free of charge, provided that the fault was not caused by the customer.

NERC restated its commitment to protect customers’ interests and rights by ensuring compliance with established regulatory standards and enforcing regulatory penalties for non-compliance by its licensees.

It urged the customers to report cases of non-compliance to its order by any DisCo through its designated channels.

Some consumers of Eko Electricity Distribution Company (EKEDC) and Ikeja Electric (IE), yesterday lamented their inability to load electricity tokens on their meters.

The situation has left several consumers stranded. A consumer on Lawanson, Surulere, under EKEDC, Cecilia Nwadie, said that several attempts to load her energy token in the last two days had been futile.

The effect of this is that she and her family has remained without power supply.

She said: “I tried to load my meter, but it failed. All that the meter indicated to me was “CALL”. When I eventually called EKEDC customer care, I was told that the meter has expired and that I should apply for another meter”.

For IE customers, it was mixed fortune. While some said they were able to load their tokens after several attempts, others insisted they have been unable to log onto the website provided by the utility for updates before the November 14 deadline.

An angry consumer of IE who identified himself as Ladi Ogundele, alleged that the ploy of the utility is to ensure consumers are placed on estimated billing just to exploit them.

He explained that the insistence of IE that consumers must pay for meter replacement even after a contrary directive by the Federal Competition and Consumer Protection Commission (FCCPC) and NERC is an indication that the game plan of the utility is to exploit customers.

The DisCo had been silent since the regulators wade in to ensure adherence to the rules.

“I think this is an acid test for both FCCPC and NERC. If they allow the DisCos to get away with this apparent disregard for customers, then both agencies of government would have failed,” Ogundele said.

 

NERC warns DisCos against estimated billing

Continue Reading

Business

Naira exchanges for N1,735/$ in parallel market

Published

on

Naira exchanges for N1,735/$ in parallel market

The Naira yesterday appreciated to N1,735 per dollar in the parallel market from N1,740 per dollar last weekend. However, the Naira depreciated to N1,690.37 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,690.37 per dollar from N1,652.25 per dollar last week Friday, indicating N38.12 depreciation for the naira.

READ ALSO:

The volume of dollars traded (turnover) in the market declined by 41.6 percent to $173.14 million from $296.63 million sold last weekend. Consequently, the margin between the parallel market and NAFEM rate narrowed to N44.63 per dollar from N87.75 per dollar last week Friday.

Naira exchanges for N1,735/$ in parallel market

Continue Reading

Business

Nigeria to begin local manufacturing of vehicle spare parts – NADDC

Published

on

NADDC Director General, Joseph Osanipin

Nigeria to begin local manufacturing of vehicle spare parts – NADDC

The National Automotive Design and Development Council (NADDC) says it has established necessary structures and frameworks to begin local production of vehicle spare parts.

This initiative is aimed at reducing Nigeria’s reliance on imports, which currently cost the country $1 billion annually.

The NADDC Director General, Joseph Osanipin, disclosed this during the conclusion of a two-week automotive engineering and software design training held in Abuja organised in partnership with Midas IT Co. of South Korea, a platform for advanced design and analysis.

The DG spoke through the Director of Research Design and Development at the NADDC, Fidelis Achiv, stressing that council is committed to transforming Nigeria’s automotive industry by increasing the percentage of locally manufactured components in vehicle assembly.

“We are working to achieve a level whereby we can go back to assembling vehicles that have up to 40% locally manufactured components. We have vehicle assemblies in Nigeria but the assembling that is going on is not adding much value to the economy. 

“Vehicles that have been assembled come in completely built, and they just remove the tyres, remove the exhaust system, remove the engine, ship them, and come and assemble them here.

“But we want to transform from that to a level where these vehicles come in unpainted, the welding is done here, some components parts are produced here and the assembly will add more value, and employ more people. We have over 11 million vehicles on our Nigerian roads. 

READ ALSO:

“Of the over 3,000 parts in a vehicle, if we can leverage on producing just 10 that we can beat our chest, that in the whole world, Nigeria produces these 10 components and they are best, the market is going to be huge. Our economy will change,” he stated.

The training boot camp, which hosted 15 participants, aims to equip engineers with the skills necessary to achieve this vision.

“The essence is to train engineers to design and produce parts, making Nigeria self-sufficient in vehicle parts production,” Achiv explained.

Abdul-Lawal Zubair, Managing Director of FAZSAL Nigeria Limited, encouraged participants to apply their newly acquired skills practically and creatively to address challenges in the automotive industry

“You have not just seen the theory of design but with practicality. Solve the issues for us. There is a reason among all the software for this agency to choose Midas NFX. 

“Let them be proud of you. They can call you for advanced training, possibly in South Korea. Don’t just know the software and keep it. Be innovative and give solutions,” he said

 

Nigeria to begin local manufacturing of vehicle spare parts – NADDC

Continue Reading

Trending