Connect with us

Economy

Kaduna Communities Record Two-year Uninterrupted Power Supply – FG

Published

on

Solar power
  • Kaduna Communities Record Two-year Uninterrupted Power Supply

The Federal Government on Tuesday announced that two communities in Kaduna State recently recorded two straight years of uninterrupted supply of electricity.

It said the Gnami and Pakau communities enjoyed uninterrupted power from the 90-kilowatt Solar PV off-grid system installed in the areas, as the villages were far from the reach of the national power grid.

The Permanent Secretary in the power arm of the Federal Ministry of Power, Works and Housing, Mr. Louis Edozien, said the feat was achieved through the renewable energy project of the ministry, which provides access to electricity for rural dwellers, using solar powered systems.

Edozien, who was represented by the ministry’s acting Director, Renewable Energy, Farauk Yabo, disclosed this when delegates from the Economic Community of West African States visited the two communities to mark the end of the regional training workshop on improvement of policy and regulatory framework for clean energy mini-grids.

The permanent secretary said the project was in line with the administration’s drive to provide electricity to rural communities that might not in the distant future have access to power supply because of their distance from the national grid.

In a statement from the ministry, Edozien explained that the 40KW solar PV mini-grid at Gnami village consisted of power generation and distribution systems, house installation systems, and street lights and metering systems, adding that it was currently supplying uninterrupted electricity to 100 households.

He stated that the 50KW solar PV renewable energy micro utility at the Pakau community was providing power to about 300 households.

According to Edozien, the REMU facility operates on a mobile electronic payment system with provision for at least 10 business and commercial customers.

Speaking on behalf of the communities, the village head of Gnami, Mr. Ibrahim Yerima, according to the statement, expressed gratitude to the Federal Government and assured the delegates that the facilities would be well protected and put into proper use.

In another development, the Transmission Company of Nigeria announced that it had restored electricity supply to Birinin Gwari and Yauri in Kaduna and Kebbi states, respectively.

It said power supply was restored in the areas at about 5:10pm on Monday, 11 days after the collapse of tower number 183.

In a statement signed by the General Manager, Public Affairs, Seun Olagunju, the TCN said that its 132kV transmission tower 183, between Tegina and Kontagora in Niger State, collapsed at about 7am on July 13, due to severe flash flood caused by heavy rainfall, which eroded the base of the tower.

It also stated that power supply to the Kontagora sub-station would be restored as soon as the repair on the station’s circuit breaker was completed.

The TCN stated that it had inaugurated a new 40MVA transformer at its 132/33kV transmission sub-station at Mayo-Belwa as part of efforts to improve power supply.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Economy

Dangote Fertiliser Plant to Commence Shipment of Urea in March 2021

Published

on

Dangote to Sells Petrol in Naira, Plans to Commence Urea Shipment in March 2021

The Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, has said Dangote Fertiliser Plant will commence shipment of Urea in March 2021.

The CBN governor disclosed this during an inspection tour of the sites of Dangote Refinery, Petrochemicals Complex Fertiliser Plant and Subsea Gas Pipeline at Ibeju Lekki, Lagos on Saturday.

Emefiele further stated that Dangote Refinery would sell refined petroleum products in Naira when it starts production.

This he said would save the country from spending 41 percent of the nation’s foreign exchange on importation of petroleum products yearly.

Based on agreement and discussions with the Nigerian National Petroleum Corporation and the oil companies, the Dangote Refinery can buy its crude in naira, refine it, and produce it for Nigerians’ use in naira,” Mr Emefiele said.

That is the element where foreign exchange is saved for the country becomes very clear. We are also very optimistic that by refining this product here in Nigeria, all those costs associated with either demurrage from import, costs associated with freight will be totally eliminated.

Emefiele explained that this will make the price of Nigeria’s petroleum products affordable and cheaper in naira.

If we are lucky that what the refinery produces is more than we need locally you will see Nigerian businessmen buying small vessels to take them to our West African neighbours to sell to them in naira.

“This will increase our volume in naira and help to push it into the Economic Community of West African States as a currency,” Mr Emefiele said.

Continue Reading

Economy

UK Budget 2021: Will Sunak’s Budget Run Into Unintended Consequences?

Published

on

UK EConomy contracts

Rishi Sunak’s Budget will encourage higher earners to consider their “international financial options” and will drive businesses away from the UK, warns the CEO of one of the world’s largest independent financial advisory and fintech organizations.

The warning from Nigel Green, chief executive and founder of deVere Group, comes as the Chancellor delivered his 2021 Budget in the House of Commons, his second since he took on the role.

Mr Green says: “The Chancellor has got an extraordinarily difficult hand to play as he tries to stem the economic damage caused by the pandemic, support jobs and businesses and, crucially, rebuild the public finances.

“Whilst Mr Sunak is being hailed a hero for the continued and unprecedented levels of support, it should also be remembered that he is – in a stealth move – dragging more people firmly into the tax net.

“He is raising taxes under the radar.

“Yes, there is no income tax rise. However, he is freezing personal tax thresholds, meaning as incomes rise and thresholds don’t, he is able to raise money by fiscal drag.”

Earlier this week, the deVere CEO noted: “Those most impacted by this stealth move will be looking at the financial planning options available to them, including international options, in order to grow and protect their wealth.”

Rishi Sunak also confirmed that corporation tax will increase to 25% from 2023, up from the current level of 19%.

Of this tax hike, Mr Green goes on to say: “Lower corporation tax helps job and wealth-creating business to survive and thrive. It also helps attract business to move and invest in the country.

“Instead of increasing taxes, Mr Sunak should have relentlessly focussed on growth and stimulus policies for businesses.  This would have been of greater help to firms, the economy, jobs and, ultimately, the Treasury’s coffers.”

He adds: “Again, this corporation tax hike is likely to serve as a prompt for businesses to consider their overseas financial options.”

The deVere CEO concludes: “The Chancellor had to perform a tough juggling act.  But stealthily dragging more people into the tax net and raising corporation tax might have negative, unintended consequences for the Treasury’s bottom line.”

Continue Reading

Economy

Electricity Consumers Get 611,231 Meters Under MAP Scheme

Published

on

power project

Electricity Consumers Get 611,231 Meters Under MAP Scheme

A total of 611,231 meters have been deployed as at January 31, 2021 under the Meter Asset Provider initiative since its full operation despite the COVID-19 pandemic and other extraneous factors, the Nigerian Electricity Regulatory Commission has said.

NERC disclosed this in a consultation paper on the review of the MAP Regulations.

The proposed review of the MAP scheme is coming nearly four months after the Federal Government launched a new initiative called National Mass Metering Programme aimed at distributing six million meters to consumers free of charge.

“The existence of a huge metering gap and the need to ensure successful implementation of the MYTO 2020 Service-Based Tariff resulted in the approval of the NMMP, a policy of the Federal Government anchored on the provision of long-term low interest financing to the Discos,” NERC said.

The commission had in March 2018 approved the MAP Regulations with the aim of fast-tracking the closure of the metering gap in the sector through the engagement of third-party investors (called meter asset providers) for the financing, procurement, supply, installation and maintenance of meters.

It set a target of providing meters to all customers within three years, and directed the Discos and the approved MAPs to commence the rollout of meters not later than May 1, 2019.

But in February 2020, NERC said several constraints, including changes in fiscal policy and the limited availability of long-term funding, had led to limited success in meter rollout.

NERC, in the consultation paper, highlighted three proposed options for metering implementation going forward.

The first option is to allow the implementation of both the NMMP and MAP metering frameworks to run concurrently; the second is to continue with the current MAP framework with meters procured under the NMMP supplied only through MAPs (by being off-takers from the local manufacturers/assemblers).

The third option is to wind down the MAP framework and allow the Discos to procure meters directly from local manufacturers/assemblers (or as procured by the World Bank), and enter into new contracts for the installation and maintenance of such meters.

“Customers who choose not to wait to receive meters based on the deployment schedule of the NMMP shall continue to have the option of making upfront payments for meters which will be installed within a maximum period of 10 working days,” NERC said.

The regulator said such customers would be refunded by the Discos through energy credits, adding that there would be no option for meter acquisition through the payment of a monthly meter service charge.

“Where meters have already been deployed under the meter service charge option, Discos shall make one-off repayment to affected customers and associated MAPs. Such meters shall be recognised in the rate base of the Discos,” it added.

NERC urged stakeholders to provide comments, objections, and representations on the proposed amendments within 21 days of the publication of the consultation paper.

Continue Reading

Trending