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Economy

Electricity: FG Raises Power Tariff

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  • Electricity: FG Raises Power Tariff

The Nigerian Electricity Regulatory Commission (NERC) has raised the tariff on power consumption across the country.

Details from the NERC document shows from 2019, Nigerians will start paying an additional tariff, between N8 to N14, for every kilowatt-hour consumed.

However, the increase differs from Disco to Disco, according to the figures from the NERC document, ‘The 2016-2018 Minor Review of Multi-Year Tariff Order 2015 and Minimum Remittance Order for the Year 2019’.

For Abuja Disco’s minor review assumptions 2015 – 2021, the commission stated that the Disco’s end-user cost reflective tariff from 2017, 2018, 2019, 2020 and 2021 per KWh were N42.81, N46.44, N52.86, N46.02 and N44.29 respectively.

NERC, however, stated that the end-user allowed tariff from 2017 to 2019 per kWh was N32.66 in each of the years, while those of 2020 and 2021 were put at N42.46 and N44.21.

The difference between what AEDC’s customers pay currently and what they will pay from next year, going by NERC’s figures, is an increase of N9.8/kWh.

For Benin Disco, it said the end-user cost reflective tariff from 2017, 2018, 2019, 2020 and 2021 per kWh were N51.37, N54.36, N59.07, N47.61 and N43.79, respectively.

It also stated that the end-user allowed tariff from 2017 to 2019 per kWh was N32.50 in each of the years, while those of 2020 and 2021 were put at N42.25 and N43.79.

Here, the difference between what BEDC’s customers pay currently and what they will pay from next year is an increase of N9.75/kWh.

For Eko Disco, the commission said the end-user cost reflective tariff from 2017, 2018, 2019, 2020 and 2021 per kWh were N39.7, N41.8, N46.1, N39.8 and N39.2, respectively.

For the end-user allowed tariff from 2017 to 2019 per kWh, it said this was N28.3 in each of the year, while those of 2020 and 2021 were put at N36.8 and N39.2.

The difference between what Eko Disco customers pay currently and what they will pay from next year is an increase of N8.5/kWh.

Our correspondent observed that for Enugu Disco, customers under the power firm’s franchise areas will get a tariff increase of N10.6/kWh from next year.

This is because based on figures from the commission, the allowed end-user tariffs for Enugu Disco for 2019, 2020 and 2021 per kWh are N35.3, N45.9 and N41.6, respectively.

For residents who are served by Ibadan Disco, the end-user allowed tariffs for 2019, 2020 and 2021 per kWh are N30.6, N39.7 and N44.2, respectively.

This implies that by next year, power consumers who get supply from Ibadan Disco will witness an increase of N9.1/kWh in their tariff.

In Ikeja Disco’s franchise areas, customers will have to pay additional N8.2/kWh from next year.

This is because the end-user allowed tariffs in the order from NERC put the tariffs for 2019, 2020 and 2021 per kWh at N27.3, N35.5 and N37.1 respectively.

In Jos Disco, the tariff increase for 2020 is N10.1/kWh, as consumers under this Disco will have to pay N43.9/kWh, as against N33.8/kWh which they currently pay.

In Kaduna, power users will witness an increase of N9/kWh. The end-user allowed tariffs for 2019, 2020 and 2019 per kWh for Kaduna Disco, as captured by NERC, are N30.3, N39.3 and N41.7, respectively.

Also, in Kano Disco, NERC increased the end-user allowed tariffs from N30.1/kWh in 2019 to N44.7/kWh in 2020 and N41.8/kWh in 2021.

This implies that residents who are served by this Disco will witness an increase of N14.6/kWh in the tariff they pay for electricity.

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

FG Launches New N25bn Youth Fund to Address Some of the Concerns Raised by #EndSARS Protesters

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Zainab Ahmed

FG Introduces N25 Billion Youth Fund

The Federal Government has introduced a new N25 billion youth fund to address some of the issues raised by the Nigerian youths who took to the street to demand good governance, among others.

The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, disclosed this at a stakeholder meeting held with the Deputy Governor of Kaduna State, Dr. Hadiza Balarabe, in Kaduna.

Ahmed said the fund would be increased from N25 billion to N75 billion within three years to ensure new job creation for the youths.

The meeting was constituted as part of the directive of President Muhammadu Buhari to ministers and governors to dialogue with stakeholders on some of the concerns raised by #EndSARS protesters.

The finance minister said the aim was to support the Nigerian youths to actualise their innovative and entrepreneurial minds in business and general development of the nation.

On her part, Balarabe said the essence of the meeting was to brainstorm on how to tackle security challenges faced during the #EndSARS protests.

Dr Mohammad Abubakar, the Minister of Environment, who was also at the meeting, reiterated Federal Government’s commitment to people-friendly policies and reforms.

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Economy

Kwara to Support Looted Businesses With N500 Million

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Kwara State to Fund Looted Businesses With N500 Million

Kwara State has joined the list of states supporting businesses that were looted and vandalised by hoodlums masquerading as #EndSARS protesters.

Mr. AbdulRahman AbdulRazaq, the Governor of Kwara State, during a visit to the Kwara Mall and Agro Mall on Saturday said the state will support affected businesses with N500 million, adding that the funding is to reduce the negative impact of the looting on the state economy.

On Sunday, in a statement issued by the governor’s Chief Press Secretary, Rafiu Ajakaye, the Governor said the vandalism and looting may bring several businesses to their knees and lead to massive job loss with an increase in poverty rate.

He said, in order to avoid this, “We are setting up a N500 million fund for those that were affected to access.”

“The application form is live and active on the state government’s website and can now be filled by interested parties. We are going to get them back as soon as possible,” he assured.

The governor, who described the situation as a mindless looting of people’s businesses, said there can be no justification for such criminal behavour in our society and commiserated with affected owners.

Speaking on accusation of hoarding of palliatives, the Governor said the palliatives were donated by Private sector led CACOVID to specific vulnerable households and were being distributed gradually across the state.

What happened was bareface stealing and some people are playing politics with it. This is not the time to play politics. It is a time for all hands to be on deck. It is not just Kwara they wanted to burn down. They wanted to burn the whole country down. I urge all of us to stand up and resist that,” he said.

“We engaged the #EndSARS youth in Kwara and it worked out for us. They were not violent. They had a five-point agenda which the federal government has agreed to and has started implementing. In Kwara State, we have also set up a judicial panel of inquiry to look into the allegation of Police abuse. I also visited Police barracks to see how we can improve the welfare of the Police in the state.

“While the hoodlums were looting (on Friday), I was holding a meeting with executives and members of the National Association of Kwara State Students and National Association of Nigeria Students, Kwara axis. It shows students and youths were not part of the looting. Those involved were just hoodlums and thieves,” he said.

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Economy

IMF to Review Nigeria’s Growth Forecast Amid Destruction of Businesses, Properties

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IMF Says it May Review Nigeria’s Growth  Amid Recent Development in the Country

Following the destruction of businesses and properties that trailed the #EndSARS protest, the International Monetary Fund (IMF) has said it may review the nation’s growth forecast in view of the new development in the country.

Abebe Selassie, the Director, African Department, International Monetary Fund, made the statement while responding to questions during a virtual IMF press conference on the economic outlook of Sub-Saharan Africa on Thursday.

According to him, the protest is difficult given that Lagos is a very important economic hub and contributes to the overall Nigeria activities.

Selassie said, “On the growth projections in Nigeria, I mean, these protests happened of course, after we had closed, after the period where the data we looked at in making the growth projections for this economic outlook.

“And much will depend really on how these protests evolve.

“Lagos of course, is a very important economic hub and contributes quite a bit of economic activity to overall Nigeria activities.

“So, if these persist and are showing significant effects on economic data, we will internalise them in due course.”

He further explained that the nation’s economy had been a difficult one in the last four years ever since oil prices plunged in 2015-16.

He said, “I think this is exactly why we have been on the record in Nigeria about how really critical it is to get all of the policy induced barriers out of the way to facilitate stronger economic growth.

“For the government to do more to raise revenues through the area of non-oil resources to be able to invest in health education which would, you know, allow people to be more successful at getting jobs but also improve the economy’s potential.

“So, I think that development agenda that Nigeria has, I think, has to be tackled with gusto and vigor so that the millions of jobs that the country needs can be created.”

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