Business

Only 980,000 consumers benefitted from Phase 0 of FG’s meter scheme — NERC

Published

3 years ago

December 27, 2021

As many Nigerians clamour for pre-paid meters, the Nigerian Electricity Regulatory Commission says about 980,000 electricity consumers have so far been metered across the country, under the Phase Zero of the scheme.

This was contained in a Review of Power Sector in 2021 report published by the News Agency of Nigeria on Monday.

In the second phase of the scheme, which is billed to begin in the first quarter of 2022, NERC pointed out that about four million meters will be supplied strictly by local manufacturers.

The Chairman, Momas Electricity Meter Manufacturing Company, Kola Balogun, revealed that the second phase could create 500,000 jobs for Nigerians through local manufacturing and installation of prepaid meters.

Balogun said: “The President Muhammadu Buhari administration must be commended for initiating the NMMP because there is an urgent need to bridge the metering gap in the power sector.

“I want to appreciate the government because the intervention that came to manufacturers under the phase zero was a huge success.

“It gave manufacturers the opportunity to have a tested process in place to know their capabilities and capacities and what they can give to the market.

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“The volume given to us was tested against the equipment, manpower and why we need to upscale further.”

Recall that in May 2021, the Federal Government announced that it was planning to sell five power Generation Companies to investors through the Bureau of Public Enterprises.

The bidding processes for the GenCos, which are part of the National Integrated Power Project, have already commenced.

Then, the NIPP projects being considered for sale were: Geregu Generation Company Limited with installed capacity at ISO condition of 506 Megawatt; Benin (Ihovbor) Generation Company Limited with 507 MW; and Calabar Generation Limited with 634MW.

Others were Omotosho Generation Limited, with 513MW; and Olorunsogo Generation Company Limited, with 754MW.

The National Coordinator, All Electricity Consumers Protection Forum, Adeola Samuel-Ilori, while sharing his views on the development, noted that while the BPE had directed that the bidders must not only have prior experience in power generation, the government must also ensure that they adhere to the requirements.

Samuel-Ilori said: “We don’t want it to be mere rhetorics as we have seen in the sales of critical national assets in the past; particularly in the same power sector.

“For us, as electricity consumer group, we can only support the selling of these power plants to investors that have both technical and financial competence.

“Anything short of that will not be good for the Nigerian Electricity Supply Industry and will further put more electricity consumers in darkness.”

Perhaps in a move to revolutionize the transformation in the sector, President Muhammadu Buhari on September 1 in the first and last cabinet shake-up sacked the Minister of Power, Salleh Mamman,

He replaced him with Abubakar Aliyu, who until his appointment was Minister of State for Works.

Aliyu’s mandate includes ensuring that the Federal Government’s vision for the power sector, which is to improve access to electricity for all Nigerians in order to lift the country out of poverty, is achieved.

Since assumption of office, the Minister has held several engagements with stakeholders in the sector with a view to finding lasting solutions to its challenges.

Still, electricity consumer groups believe ensuring that the NERC adequately performs its statutory responsibilities should be a major focus of the new Minister.

The country plans to generate 30,000MW by 2030 with 3,000MW coming from renewable and 27,000MW from its power plants to serve its over 200 million people.

However, power generation still hovers just above 5,000 MW despite the 13,000MW installed capacity eight years after the sector was privatised.

From generation to transmission and distribution, Nigerians have continued to ask for more, in agitation to get good power supply.

The Eagle

Related Topics:benefitted Consumers Featured FG meter NERC Phase 0

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Railway

Lagos Rail Mass Transit part of FG free train ride – NRC

Published

14 hours ago

December 21, 2024

Trends Admin

Lagos Rail Mass Transit part of FG free train ride – NRC

The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.

The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).

This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.

While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.

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Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.

“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.

Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.

He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.

Lagos Rail Mass Transit part of FG free train ride – NRC

Business

NNPC denies claim of Port Harcourt refinery shutdown

Published

15 hours ago

December 21, 2024

Trends Admin

Port Harcourt refinery

NNPC denies claim of Port Harcourt refinery shutdown

The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.

The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.

Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.

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The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.

“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”

He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”

NNPC denies claim of Port Harcourt refinery shutdown

Business

CBN permits BDCs to buy up to $25,000 FX weekly from NFEM

Published

2 days ago

December 20, 2024

Trends Admin

CBN Governor, Olayemi Cardoso

CBN permits BDCs to buy up to $25,000 FX weekly from NFEM

The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).

This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period.

The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department.

The arrangement will be in effect from December 19, 2024, to January 30, 2025.

Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.

Transactions to occur at the prevailing NFEM rate

The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.

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All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department.

The circular read in part:

“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).

This window will be open between December 19, 2024 to January 30, 2025.

“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.”

The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”

These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.

This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.