Business
Unmetered Disco customers can reject disputed bill – FCCPC boss
The Federal Competition and Consumer Protection Commission says unmetered customers have the right to withhold payment of disputed bills and pay only the last agreed bill pending resolution by the power firm or Nigerian Electricity Regulatory Commission.
The FCCPC Executive Vice-Chairman/Chief Executive Officer, Babatunde Irukera, who stated this, also accused the power distribution companies in Nigeria of entrenching lack of transparency in their dealings with customers.
He spoke at the commission’s Electricity Consumer Complaint Resolution Platform for Eko and Ikeja Electricity DisCos supported by MacArthur Foundation.
He stated that the major challenge of the DisCos was not about inadequate supply to consumers but the lack of transparency in their day-to-day dealings with customers.
He stressed that a situation where consumers would be made to pay above their consumption would be resisted.
The FCPCC CEO said the agency had been inundated with complaints from electricity consumers across the country.
He lamented the huge level of complaints emanating from the power sector, saying of all the sectors regulated by the FCCPC, complaints about Discos’ activities topped the list.
He urged the power distribution companies to improve on service delivery, including the turnaround time for complaints resolution, stressing that when complaints were left unresolved for a longer period, there was the tendency for a customer to get agitated.
He said, “It is worrisome that the majority of the issues we attend to are from the power sector. That tells you that something is fundamentally wrong somewhere. And not until the root cause of the issue is addressed, we may not get out of the woods.
“If I may ask, why should it be the FCCPC that would bring both consumers and DisCos together in a bid to resolve issues? This should not be the norm. DisCos on their own should regularly engage consumers in a bid to address their complaints.”
Deputy General Manager, Consumer Services, NERC, Shittu Shaibu, said that the Federal Government was doing its best to ensure that issues around estimated billings were resolved once and for all.
He said this informed its intervention through the National Mass Metering Programme sponsored by the Central Bank of Nigeria, which targeted to meter six million customers over the next 18-36 months across the country.
Business
Tinubu orders creation of single-digit tax system
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.”
Business
Naira gains further against dollar
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)
Business
CBN jacks up interest rate amid soaring inflation
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.”
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