Price Increase: Plan To Provide 4m Meters Remains Intact – Federal Govt – Newstrends
Connect with us

Business

Price Increase: Plan To Provide 4m Meters Remains Intact – Federal Govt

Published

on

The federal government has said the plan to provide four million prepaid electricity meters under the National Mass Metering Programme, (NMMP) remains intact despite the recent increase in the unit cost of meters.

It announced this following the widespread outrage that greeted the increase in the cost of both single-phase and three-phase meters as was made public on Friday by the Nigerian Electricity Regulatory Commission.

The NERC had raised the price of a single-phase meter from N44,896.17 to N58,661.69 and increased the price of a three-phase meter from N82,855.19 to N109,684.36.

READ ALSO:

But following the overwhelming reaction which followed the hike, the regulator in a public notice on Monday night announced that the four million meters to be provided under the NMMP would be given free.

It said, “The NMMP designed to provide all consumers of electricity with meters is a policy intervention of the Federal Government supported by CBN concessionary loans to distribution companies.

“This laudable initiative is still very much on course. A total of over 900,000 units of meters have so far been installed under the take-off phase of the scheme without any payment by benefitting consumers.

“While this doesn’t cover many of the unmetered customers, we are pleased to inform electricity consumers that the next phase under which about four million units of meters would be procured from local meter manufacturers has commenced.”

Leadership

Business

Tinubu orders creation of single-digit tax system

Published

on

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.”

 

Continue Reading

Business

Naira gains further against dollar

Published

on

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.

READ ALSO:

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)

Continue Reading

Business

CBN jacks up interest rate amid soaring inflation

Published

on

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.”

Continue Reading

Trending

Skip to content