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IBEDC Commences Free Meter Distribution in Ibadan, Oyo State

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IBEDC Commences Free Meter Distribution in Ibadan, Oyo State

The Ibadan Electricity Distribution Company (IBEDC) said it has commenced distribution of 104,0000 free meters in Ibadan, Oyo State.

The programme established under the Federal Government National Metering Scheme was instituted to ensure Nigerian households pay for what they consumed and not have to deal with estimated billing issues again.

The Federal Government disbursed payment for about 6 million meters but a total of one million meters are reportedly being rolled out in the first batch nationwide.

President Buhari has threatened to punish anyone found selling the meters, therefore, declared metering free nationwide.

Mr. Ayo Adio, the Head, Customers Support of IBEDC, on Wednesday also warned electricity consumers to desist from lobbying or cutting corners to get meters as such attempts would fail.

He said, “We are here to launch the National Mass Metering for the Federal Government. These are free meters; so, customers are not paying for it. The essence is to discourage estimated billing that a lot of customers have been complaining about. We believe that within few weeks, most of the customers that are designated for meters will have them installed in their premises.

“We have our distribution strategy so that it will not depend on ‘man know man’. It will be such that areas that have been designated will be metered as they are supplied.

“The customers that don’t have meters on the transformer will all fully be metered before we move to the next. You won’t have the opportunity of getting connected through any senior officer. It is an organised way of meeting our customers’ needs. There is nothing anybody can do to fast track it.

“This is the first batch of one million free meters. What we have for Ibadan Disco is 104,000. As we take delivery within the next few weeks, we will distribute to our customers.”

He added, “Under this system, it is not possible for any of our staff to be mischievous because we are going to keep track as we meter any customer. It will get everywhere. People just have to be patient.

“The strategy that we have employed is to look at a particular area and meter all the customers that are unmetered.

“Our focus is on people who don’t have meters. We can meter those with faulty meters. There is no point to change analogue meters that are not faulty.”

He added that the era of paying for meters is long gone, adding that those that have paid and are yet to be metered would be refunded through the conversion of their money to units.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Economy

Inflation and Forex Mismanagement Drive Petrol Truck Prices from N7M to N25M

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The Chairman of the Independent Petroleum Marketers Association of Nigeria in the Satellite Depot branch, Akin Akinrinade, has raised an alarm over the rising cost of petrol trucks in Nigeria.

According to Akinrinade, the cost of a petrol truck has surged from N7 million in May to an astonishing N25 million at present, attributed to inflation induced by poorly managed foreign exchange rates.

Akinrinade pointed out that the forex mismanagement has significantly impacted the landing cost of premium motor spirit (PMS), commonly known as petrol, consequently leading to a surge in pump prices.

The unstable business environment, coupled with the astronomical rise in expenses, has created challenges for marketers in the downstream oil sector.

Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), highlighted in October 2023 that foreign exchange challenges have hindered private companies from importing petroleum products.

As a result, the NNPCL has become the exclusive importer of petrol.

The decision to limit private entities from importing fuel comes after President Bola Tinubu’s initiatives aimed at deregulating the fuel market.

Initially, the plan was to allow private companies to import fuel starting June 2023, aligning with efforts to balance the market after removing petrol subsidies.

The ripple effects of the soaring petrol costs are already evident, with commercial transporters increasing fares, and private car owners seeking fuel-saving alternatives.

As Christmas approaches, the surge in demand for interstate travel is expected to further elevate costs, posing financial challenges for many Nigerians amidst stagnant income levels.

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Economy

Nigeria’s Presidential CNG Initiative Allocates N100bn for CNG Buses and EV Adoption

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The Presidential Compressed Natural Gas (CNG) Initiative has allocated N100 billion to expedite the deployment of CNG buses nationwide, according to a statement released on Wednesday.

The initiative, designed to catalyze an Auto-gas and Electric Vehicle (EV) revolution in mass transit and transportation, aims to enhance sustainability and cost-effectiveness.

The statement revealed that the fund would be instrumental in supporting the adoption of auto-gas and electric vehicles, signaling a commitment to a more sustainable and economical future in the transportation sector.

The Presidential CNG Initiative plans to leverage over 11,500 CNG and electric-fueled vehicles, along with the deployment of 55,000 conversion kits.

This strategic approach is intended to reduce transportation costs for Nigerians and mitigate the challenges posed by the rising cost of living.

Under the Renewed Hope Agenda, the Presidential CNG Initiative is dedicated to realizing the President’s vision, guided by its steering committee led by FIRS Chairman Zacch Adedeji.

The statement highlighted recent achievements, including strategic technical partnerships and the ongoing commissioning of CNG Conversion centers in key states such as Lagos, Abuja, Kaduna, Ogun, and Rivers.

Several more centers are slated for commissioning in the coming weeks, reflecting the initiative’s momentum and commitment to achieving its objectives.

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Economy

Nigeria’s Power Transformation: 53 Projects Worth N122bn on Track for May 2024 Completion

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The Central Bank of Nigeria (CBN), in collaboration with the Transmission Company of Nigeria (TCN) and power distribution companies, is set to complete 53 power projects by May next year.

Valued at N122 billion, these projects aim to add over 1,000 megawatts to TCN’s wheeling capacity.

During a recent tour of three ongoing projects in Lagos, TCN’s Programme Coordinator, Mathew Ajibade, assured that the projects were not abandoned, refuting speculations.

He confirmed that work is progressing smoothly and is expected to be completed by May 2024, as initially planned.

Assistant Director/Head of Infrastructure Finance Office at the CBN, Tumba Tijani, highlighted the CBN’s support for the power sector, revealing that the bank released a loan at a 9% interest rate in August last year for the projects.

The funding, part of the Nigeria Electricity Market Stabilisation Facility-3, amounts to N122,289,344 and aims to address transmission/distribution bottlenecks, enhance supply to end-users, and unlock unutilized generation capacity.

Tijani disclosed that N85.43 billion has been disbursed into the Advance Payment Guarantee account of the 53 contractors responsible for executing the projects.

The comprehensive project list includes the delivery of power transformers, re-conductoring existing transmission lines, upgrading existing substations, and constructing 33KV line bays.

The initiative reflects a concerted effort to enhance Nigeria’s power infrastructure and meet growing energy demands.

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