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Abuja Disco to Install 900,000 Free Meters at a Cost of N23bn

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Abuja Electricity Distribution Company (AEDC) has perfected plans to install 900,000 meters in the next eighteen months.

The power distributing company said the Federal Government who owned 40 percent of the company has provided enough funds for the installation of meters for customers under its franchisee.

According to the Managing Director of AEDC, Engr. Ernest Mupwaya, AEDC will commence the installation with 101,000 free meters to customers between now and December 2021.

Mupwaya said “The significance of this program is that it has been designed with sufficient resources to meter all customers.

“The Federal Government of Nigeria who has 40% shareholding, have sourced sufficient funding to support discos through a low interest shareholder loan that will make it possible for DISCOs to receive sufficient meters to close the metering gap for good.”

He recalled that “Over the years, the company has embarked on various metering initiatives such as CAPMI and MAP. These programs have achieved some successes that resulted in metering of over 300,000 customers.

“Currently, with the flag-off of this National Free Mass Program, AEDC will receive a total of 900,000 meters, at the cost of 23 billion which will be sufficient to meter all customers including replacement of defective meters.

“Between now and December 2021 AEDC has planned to install over 101,000 meters at a cost of N 6bn without charging customers. The rest of the meters will be installed 18 months after, through a comprehensive role out program that will result in simultaneous installations in all three states of Niger, Kogi and Nassarawa in addition to FCT.

“The metering of customers have a huge positive implication not only to the electricity industry but to the entire economy in a number of ways.”

“Firstly, massive metering will create jobs through installation and inspections of meters after installations.

“Secondly, other jobs will be created in meter manufacturing, logistics and supply chains associated with making meters available in Nigeria. Thirdly, massive metering will improve the transparency in electricity transaction which will result in increased revenues that can be channelled into service improvement.

“Improved Services will support improved economic activities that will impact both informal and formal sectors. This will lead to electricity industry transformation along with numerous spillover effect to the economy.

“On this note, I wish to appeal to customers to accept the meters and resist any attempt by unscrupulous people who may approach them, with an offer to compromise the meters.

“The regulator NERC has put in place punitive penalties for those caught bypassing the meter to the extent that the fines override the perceived benefit apart from damaging the good working relationship with the discos.

“Energy theft also diverts resources which are meant to improve the service being provided. We believe that we can work together in ensuring that the metering challenge is brought to permanent end as we face a new dawn.

“However I want to acknowledge that the majority of our customers are law abiding citizens and they have been supporting us through the difficulties associated with transactions through estimated billing.

“I pay tribute to our customers as we cut the corner and face a new dawn in electricity transformation.”

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

Seyi Makinde Proposes N266.6 Billion Budget for Oyo State in 2021

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The Executive Governor of Oyo State, Seyi Makinde, has presented the Oyo State Budget Proposal for the 2021 Fiscal Year to the Oyo State House of Assembly on Monday.

The proposed budget titled “Budget of Continued Consolidation” was said to be prepared with input from stakeholders in all seven geopolitical zones of Oyo state.

Governor Makinde disclosed this via his official Twitter handle @seyiamakinde.

According to the governor, the proposed recurrent expenditure stood at N136,262,990,009.41 while the proposed capital expenditure was N130,381,283,295.63. Bringing the total proposed budget to N266,6444,273,305.04.

The administration aimed to implement at least 70 percent of the proposed budget if approved.

He said “The total budgeted sum is ₦266,644,273,305.04. The Recurrent Expenditure is ₦136,262,990,009.41 while the Capital Expenditure is ₦130,381,283,295.63. We are again, aiming for at least 70% implementation of the budget.”

He added that “It was my honour to present the Oyo State Budget Proposal for the 2021 Fiscal Year to the Oyo State House of Assembly, today. This Budget of Continued Consolidation was prepared with input from stakeholders in all seven geopolitical zones of our state.”

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Economy

World Bank Expects Nigeria’s Per Capita Income to Dip to 40 Years Low in 2020

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The World Bank has raised concern about Nigeria’s rising debt service cost, saying it could incapacitate the nation from necessary infrastructure development and growth.

The multilateral financial institution said the nation’s per capita income could plunge to 40 years low in 2020.

According to Mr. Shubham Chaudhuri, Country Director for World Bank in Nigeria, the decline in global oil prices had impacted government finances, remittances from the diaspora and the balance of payments.

Chaudhuri, who spoke during the 26th Nigerian Economic Summit organised by the Nigerian Economic Summit Group and the Federal Government, said while the nation’s debt is between 20 to 30 percent, rising debt service remains the bane of its numerous financial issues and growth.

Nigeria’s problem is that the debt service takes a big part of the government revenue,” he said.

He said, “Crisis like this is often what it takes to bring a nation together to have that consensus within the political, business, government, military, civil society to say, ‘We have to do something that departs from business as usual.’

“And for Nigeria, this is a critical juncture. With the contraction in GDP that could happen this year, Nigeria’s per capita income could be around what it was in 1980 – four decades ago.”

Nigeria’s per capita income stood at $847.40 in 1980, according to data from the World Bank. It rose to $3,222.69 in 2014 before falling to $2,229.9 in 2019.

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Economy

Nigeria Will Have no Business With Fish Importation in the Next Two Years- FG

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At the 35th annual conference of the Fisheries Society of Nigeria (FISON) held in Abuja on Monday, the minister of Agriculture and Rural Development, Mr  Sabo Nanono, expressed plans of the federal government to initiate and implement programmes that are aimed towards diversification, especially in the agricultural sector.

The minister explained that the fishery sub-sector contributes about 4.5 percent to the National Gross Domestic Products, with an estimation of over 12 million Nigerians actively involved in fish farming and production.

He further said that despite this number, Nigeria produces 1.1 million tonnes of fishes annually, while there is a total demand of 3.6 million tonnes of fish and this puts Nigeria is at a deficit of 2.5 million tones. The shortage is supplemented through importation.

“Let me inform you that the vision of Mr President is to grow Nigeria’s agriculture sector to achieve a hunger-free nation, through agriculture that drives income growth, accelerate the achievement of food and nutritional security, generate employment and transform Nigeria into a leading player in the group of food and fish markets, and to create wealth for millions,” he said.

He also explains the ministry’s plans of diversification and development of various empowerment programmes that aid job creation.

“In line with the theme of this conference, the ministry has developed various programmes to increase domestic food/fish production and the main target is the empowerment of the youth and other groups especially the women,” he stated, adding: “All these programmes are tailored towards wealth and jobs creation, arrest and prevention of youth restiveness”.

He said the government has directed all fish importers to commence backward integration for local consumption and export to international markets, these are part of the measures of the ministry to generate employment and reduce importation of fish into the country.

In regards to this plans, Nanono said that the ministry is optimistic that Nigeria will have no business with fish importation in the next two years, considering that several companies have complied to the laid down policy.

Representing the Director of Federal Department of Fisheries, Mr Imeh Umoh, he stressed that the fishery is one of the value chains in the ministry and a force that drives wealth, job creation, contribute to food nutrition, poverty reduction and creation of diverse investment for Nigerians “especially during the economic recession which is occasioned by the COVID-19 pandemic”.

Nanono said that considering the current economic situation due to the global health pandemic and the ongoing economic recovery programme, the contribution of the fisheries and aquaculture sub-sector of Nigeria will make a significant impact in terms of job creation, income generation, poverty alleviation, foreign exchange earnings and provision of raw materials.

Mr Adegoke Agbabiaka, President of FISON said that in the last decade the government has made a paradigm shift under the Agricultural Transformation Agenda and is now considering agriculture, including fisheries and aquaculture, as a business and this will aid to achieve self-sufficiency in fish production.

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