News
Why We Hiked Electricity Tariff – FG
Published
1 month agoon
By
EditorThe Federal Government on Friday gave reasons for jerking electricity tariff nationwide, saying that it could no longer afford to subsidise power to the tune of N2.93 trillion this year.
The Minister of Power, Mr. Adebayo Adelabu, gave the information at a media briefing in Abuja, coordinated by the Minister of Information and National Orientation, Mohammed Idris.
The power minister pointed out that the increase in electricity tariff become imperative to enable the federal government to reduce its expenditure and plough the money into the improvement of power generation and supply in the country.
Adelabu said however that the recent increment of tariff only affected 15 percent of electricity consumers, who enjoy at least 20 hours of electricity while the remaining 85 percent of consumers outside Band A would continue to enjoy subsidised power supply.
READ ALSO: FULL LIST: NERC Unveils Lagos Areas Enjoying 20-24 Hours Power Supply
According to the minister, the slight increase in tariff would consequently reduce government subsidy from about N2.93 trillion to N1.5 trillion and free the cash for other investments in the electricity sector to improve generation, transmission and distribution.
The minister explained that the administration of President Bola Tinubu was concerned about the suffering which Nigerians were going through and was therefore unwilling to remove all subsidy on electricity so as not to aggravate their plight.
“We cannot remove 100 subsidy because of the suffering of Nigerians. We cannot allow our people to suffer.
The rate is still cheaper than alternative sources power like diesel and solar,” Adelabu said.
READ ALSO: Consumers Kick As NERC Hikes Electricity Meter Price By 40%
The minister also disclosed that some projects had been carried out under the agreement Nigeria which Nigeria reached with Germany in 2018 to improve power supply in the country.
These include the installation of ten power transformers and three mobile stations, which were supplied by Siemens under the N2.3 billion deal between the two nations.
The Minister of Information, Alhaji Mohammed Idris, had earlier explained that misconceptions and concerns around the tariff review are understandable and pleaded with Nigerians to show understanding and patience with the administration to take necessary steps to transform the power sector.
READ ALSO: Electricity Subsidy No Longer Sustainable – FG
The minister said, “Let me reassure every Nigerian that this review is a strategic step toward a more sustainable, efficient, and equitable electricity sector. It lays the groundwork for significant improvements in service delivery, infrastructure development, and economic prosperity. Our focus must therefore remain steadfast on ensuring that the electricity sector’s transformation benefits all Nigerians, supports our industries, and propels our nation towards its bright future.
“You would also recall that the President Bola Ahmed Tinubu signed the Electricity Act (Amendment) Bill, 2024 into law to further strengthen the governance structure in the Power Sector and mandates the GENCOs to set aside five percent of their actual annual operating expenditure from the preceding year for the development of the host communities. The Act also removed Electricity from the Exclusive list to empower state government to generate and distribute electricity to residents,” Idris said.
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News
Bauchi Commissioner Gifts 3 Students Cash For Prompt Resumption, Ability To Read
Published
3 hours agoon
May 17, 2024By
EditorThe Bauchi state Commissioner for Education, Dr Jamila Dahiru, on Thursday, gave a cash gift of N5,000 each to three Senior Secondary II students of Government Science Secondary School, Misau for their determination to succeed in Education.
Two of the students, Adamu Adamu, Mustapha and Haruna impressed the commissioner for their presence in school in the first day of resumption while Abdullahi Musa marvelled her for his reading ability and comprehension.
According to the commissioner, the gesture was to appreciate their determination to learn as well and motivate other students to emulate them.
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While paying a courtesy visit to the Emir of Misau, Alh. Ahmed Sulaiman, the commissioner disclosed that the Bauchi State government was working with stakeholders from the Misau Emirate to fine-tune modalities of temporarily accommodating the students of Federal Science Technical College, Misau at its Science Secondary School Misau.
She said the college made the request in a letter to the ministry stating that the facility given to them could no longer accommodate their students population, hence the resolve to convene the stakeholders meeting to fine-tune ways of sharing the facility for the betterment of the state.
READ ALSO: FG, States, LGs Share N1.2tn In May
She disclosed that government science secondary school Misau, one of the best in the state in terms of befitting facilities has the capacity to accommodate up to five thousand students, but currently houses about three hundred students.
She appreciated the Emir for his continued support to programmes and policies of the government with more emphasis on the education sector.
Speaking on behalf of the Emir and other stakeholders, a retired Director with the Ministry, Muhammad Musa, expressed gratitude to the Commissioner for the honour and promised to assemble critical stakeholders from the emirate so as to arrive at an acceptable decision for the benefit of all and sundry.
News
NDIC Obtains Order To Wind Down 96 Microfinance, Mortgage Banks
Published
4 hours agoon
May 17, 2024By
EditorThe Nigeria Deposit Insurance Corporation has said that it has obtained Winding up Orders for 96 out of 183 microfinance and primary mortgage banks whose licenses were revoked by the Central Bank of Nigeria in May 2023.
The Managing Director, NDIC, Bello Hassa, revealed this at a sensitisation seminar for Judges of the Federal High Court in Lagos on Thursday organised by the NDIC, to enlighten the judiciary on the intricacies of the banking industry.
Hassan said, “As at date, the Corporation had obtained Winding up Orders for 96 out of 183 Micro Finance and Primary Mortgage Banks whose licenses were revoked by the CBN in May 2023, in less than one Year of revocation.”
READ ALSO: FG, States, LGs Share N1.2tn In May
He added that the NDIC was committed to fulfilling its mandate of protecting depositors through bank supervision, failure resolution and liquidation so as to boost confidence in the financial system.
Speaking on the role that the judiciary plays in the fulfillment of the mandate, Hassan said, “We recognise the judiciary as one of our critical stakeholders. With this, when cases are brought before them, they can receive accelerated hearing and proclamation of Justice.”
Citing some of the achievements from previous editions of the seminar, Hassan said that instances where liquidation-related litigations experienced delays were reduced.
Speakers of the 36 Houses of Assembly in Nigeria on Thursday expressed support for the National Assembly’s ongoing efforts to alter the 1999 constitution to create state policing in the country.
The Speakers made their resolution known at the end of their meeting in Abuja.
The Senate and House of Representatives are currently working to amend various constitutional provisions, including those regarding state police, financial autonomy for local government, fiscal federalism, and mayoral status for the FCT.
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