Six million meters are to be deployed nationwide in the first and second quarters of this year to reduce the number of unmetered electricity consumers in Nigeria, the Federal Government has said.
It disclosed in a December 2022 document on the review of the performance of the power sector/Nigerian Electricity Supply Industry under the current administration.
In the document, which was obtained by our correspondent from the Federal Ministry of Power in Abuja on Sunday, the government said it had successfully executed a metering initiative post privatisation with one million meters rolled out in the first phase of the National Mass Metering Programme.
The Minister of Power, Abubakar Aliyu, said the Central Bank of Nigeria and the Nigerian Electricity Regulatory Commission were fundamental in designing and implementing this programme.
He said, “We are perfecting plans for an additional six million meters under the second and third phases of the programme that will commence in the first and second quarters of 2023 respectively.
READ ALSO:
“The first phase generated 10,000 jobs in installation and assembly and we anticipate over 20,000 additional jobs would be generate in the second phase. Both the phases have sustainable financing structures.”
He said the government was also establishing a Meter Service Fund that would allow for continuous metering in the NESI.
Aliyu said the government would bequeath to Nigerians 4,000 megawatts of additional generating capacity, as it would complete and inaugurate the 700MW Zungeru Hydropower plant in the first quarter of 2023.
“We will also see to the operationalisation of the 240MW Afam III and 300MW Okpai Phase II to mention a few. We will set the country on a stable path for 10,000MW of supplied energy,” he stated.
The minister added, “Today we are at 8,000MW with 5,000MW on-grid and 3,000MW+ of industrial captive off-grid, and we will leave an installed capacity of almost 22,000MW. We also have robust programmes ongoing with facilities and investments secured of over $3bn to eliminate the large gap between our transmission capacity and supplied energy.”
He said the hydropower component of the Kashimbilla Multipurpose Dam was designed and upgraded from 6MW to 40MW with Phase I of the evacuation infrastructure completed in March 2020, covering 245km of
132kV transmission lines and three substations, connecting Takum, Wukari, Rafin Kada, Dounga and Yandev in Taraba and Benue states.
Aliyu said, “The Phase II of the evacuation infrastructure is currently at 45 per cent completion level covering 56km extension of the 132kV transmission line from Yandev to Makurdi and complete rehabilitation of the Yandev substation.
“Phase II of the evacuation infrastructure would lead to the electrification of 24 host communities including Zaki-Biam, Anyi, Buruku, Birama, Bibi, Shibong, among others within Benue State.
“We have changed the narrative of the sector from consumption spending (on subsidies) to real infrastructure spending. A total of 105 power transformer projects were completed during the period 2015 – 2022, adding a capacity of 6,216MVA to the grid, with 73 of the power transformers installed by TCN engineers in substations across the nation.”
Punch
Nigeria’s foreign reserves records marginal increase, now $40.88bn – Cardoso
Nigeria’s foreign reserves rose to $40.88 billion as of November 21, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has said.
Cardoso disclosed this on Tuesday at a press conference after the Monetary Policy Committee’s 298th meeting in Abuja.
He said the external reserves grew from $40.06 billion at the end of October to $40.88 billion in November.
The amount represents an increase of $82 million or 2.05 per cent in 21 days.
“The external reserves rose marginally to 40.88 billion as of 21 November 2024, from 40.06 billion at the end of October 2024, available to finance 17 months of imports,” he said.
However, from the apex bank’s website, the increase in Nigeria’s foreign reserves showed $40.27 billion on November 22.
Cardoso also said, “The process of getting us where we are in terms of reserves has been a long one”.
“It is a clear indication that the policies we have put in place are certainly yielding fruits,” he added.
“However, and it’s very important to make a distinction here and to reiterate the fact that reserves are there for a multiplicity of different purposes, not least of which is to create buffers in the event of unanticipated shocks.
“So they are not there to simply whittle away. They are there to be used to more or less defend yourself where that becomes necessary
“And when we talk about shocks that are not anticipated, I think we can see how the global economies are.”
Cardoso also said the bank would continue to intensify efforts to stabilise the currency and prices.
The CBN governor said, “The currency has been stable compared to what it was in June”.
But he said for the value of the country’s currency to be stable, there must be increased exports and diversification of the economy.
Cardoso said diaspora remittance had increased due to policies put in place.
He commended those in the diaspora for helping the country accomplish over $600 million in remittances.
Naira rises to N1,755/$ in parallel market
The Naira yesterday appreciated to N1,755 per dollar in the parallel market from N1,770 per dollar on Monday.
Similarly, the Naira appreciated to N1,659.44 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.
Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,659.44 per dollar from N1,675.62 per dollar on Monday, indicating N16.18 appreciation for the naira. The volume of dollars traded (turnover) increased by 219.5 percent to $425.98 million from $108.79 million traded on Monday.
READ ALSO:
Consequently, the margin between the parallel market and NAFEM rate narrowed to N95.56 per dollar from N117.38 per dollar on Monday.
PH refinery to blend 1.4-million litre petrol daily – NNPC
Rehabilitated old Port Harcourt refinery is currently operating at 70 per cent of its installed capacity, the Nigerian National Petroleum Company Limited has said.
The Port Harcourt Refining Company (PHRC) operates two refineries: the old refinery with a capacity of 60,000 barrels per stream day (bpsd) and a new refinery with an installed capacity of 150,000 bpsd.
The NNPCL in a statement on Tuesday, said it planned to increase the operation to 90 per cent of the refinery’s capacity.
“The Board and Management of the Nigerian National Petroleum Company Limited (NNPC Ltd) express heartfelt appreciation to Nigerians for their support and excitement over the safe and successful restart of the 60,000 barrels-per-day Old Port Harcourt Refinery,” the statement reads.
“This achievement marks a significant step forward after years of operational challenges and underperformance.
“We are, however, aware of unfounded claims by certain individuals suggesting that the refinery is not producing products. For clarity, the Old Port Harcourt Refinery is currently operating at 70% of its installed capacity, with plans to ramp up to 90%.”
According to NNPC, the refinery has commenced production of daily outputs of straight-run petrol (naphtha), which is blended into 1.4 million litres of petrol.
The national oil company said the refinery has also started producing 900,000 litres of kerosene per day and 1.5 million litres per day of diesel.
The NNPC said 2.1 million litres daily volume of low-pour fuel oil (LPFO) would also be produced at the refinery, adding that additional volumes of liquefied petroleum gas (LPG) will be refined at the plant.
“It is worth noting that the refinery incorporates crack C5, a blending component from our sister company, Indorama Petrochemicals (formerly Eleme Petrochemicals), to produce gasoline that meets required specifications,” NNPC said.
“Blending is a standard practice in refineries globally, as no single unit can produce gasoline that fully complies with any country’s standards without such processes.”
Additionally, the NNPC said it has made substantial progress on the new Port Harcourt refinery, “which will begin operations soon without prior announcements”.
“We urge Nigerians to focus on the remarkable achievements being realized under the able and progressive leadership of President Bola Tinubu and to support efforts aimed at delivering more dividends to the nation,” the energy firm said.
According to the statement, malicious attacks on “clear progress” only undermine the “significant strides made by NNPC Ltd and the country”.
BREAKING: Port Harcourt refinery begins operation
Just in: Dangote refinery reduces petrol price for marketers
40-foot container falls on car in Lagos
2027: Lagos Speaker, Obasa joins gov race, may battle Seyi Tinubu, others
Lagos 2027: Seyi Tinubu campaign team releases his life documentary
Trump to sack 15,000 transgender officers from U.S. military: Report
US University opens 2025 scholarships for international students
Polygamy best form of marriage for Africa – Okey Bakassi
