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

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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.

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CBN raises commercial banks’ capital base to N500bn

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CBN raises commercial banks’ capital base to N500bn

The Central Bank of Nigeria (CBN) has increased the minimum capital requirements for commercial, merchant and non-interest banks.

The CBN increased the capital base for commercial banks with international licences to N500 billion, while national and regional financial institutions’ capital bases were fixed at N200 billion and N50 billion, respectively.

This was announced in a statement on Thursday, noting that the increase was due to prevailing macroeconomic challenges and headwinds.

The statement signed by Haruna Mustafa, director, financial policy and regulation department at the CBN.

It said the upward review would enhance the banks’ resilience, solvency and capacity to continue to support the growth of the Nigerian economy.

Also, the CBN raised the merchant bank minimum capital requirement to N50 billion for national licence holders.

The financial regulator said the capital base for national and regional non-interest banks is N20 billion and N10 billion, respectively.

To meet the minimum capital requirements, the CBN advised banks to consider the injection of “fresh equity capital through private placements, rights issue and/or offer for subscription”.

The CBN also suggested merger and acquisition (M&A), as well as upgrade or downgrade of licences.

“The minimum capital specified above shall comprise paid-up capital and share premium only. For the avoidance of doubt, the new capital requirement shall not be based on shareholders’ funds,” it stated

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Tinubu orders creation of single-digit tax system

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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.”

 

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Naira gains further against dollar

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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)

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