- Fayemi Demands 330kv from TCN for Stable Electricity in Ekiti
In a bid to shore up electricity supply in Ekiti State, Governor Kayode Fayemi has demanded the construction of 330 KV substation from the Transmission Company of Nigeria (TCN), to boost power supply in the state.
Fayemi regretted that epileptic power supply in Ekiti was affecting economic growth due to its adverse effect on small and medium scale enterprises.
Speaking at a meeting with the management of TCN yesterday, Fayemi, who was represented by the Commissioner for Public Utilities, Bamidele Faparusi, said Ekiti now has a friendly government that is willing to collaborate with relevant agencies to bring development to the state .
The governor said: “Power supply in Ekiti is very worrisome and it is bothering every indigene of the state because it seems Ekiti is the least served state in Nigeria, as the transmission infrastructure in the state is unacceptable.
“At present, Ekiti, with a population of 3.5 million people, is being served with 26 megawatts from the national grid, which is grossly inadequate. We have just one 132 KV substation in Ekiti while some states can boost of three while some, more than three. Even the 132 KV substation is not operating at full capacity; it is being under-utilised.”
Fayemi lamented that Ekiti is being left behind in national developmental projects, while its neighbouring states like Kogi, Osun and Ondo are benefiting.
He added: “When we resumed office and looked at the archives, we noticed that there was a lot of communication between TCN and Ekiti State Government between 2014 to 2015, which was supposed to translate to the construction of the 330KV substation in the state, but that communication stopped in October 2015.
“It is unfortunate that the government at that time was very hostile and was not relating well with federal agencies. For that, we will exonerate TCN from the blame. But now that we have a very friendly government in place, it is time for TCN to come back to Ekiti”.
“The government is already working on the Certificate of Occupancy and would soon hand it over to the TCN management for immediate action. The government is willing to support TCN to deliver on this project”.
Reacting, the Managing Director and Chief Executive Officer of TCN, Mr. Usman Gur Muhammed, said Ekiti state was very close to his heart as they have already discussed the issue of bringing a 330 KV to the state before the visit.
He assured that TCN will expedite action to see that the state has its 330 KV substation.
Muhammed explained that the way the agency is working now is not like before where projects were awarded without due process.
He, however, directed that a visibility study on the 330kv project for the state should commence immediately while his technical team should commence construction of lines to link Ado Ekiti 132KV substation to the new 330KV substation in Akure as a palliative to improve the power supply in the immediate.
Oil Prices Decline on Rising COVID-19 Cases
Global Oil Prices Dipped on Friday as New COVID-19 Cases Jump Globally
Global oil prices decline on Friday as the number of confirmed COVID-19 cases surged across the world.
Brent crude oil, against which Nigerian oil is priced, declined from $43.47 per barrel it traded on Thursday during the Asian trading session to $41.60 per barrel on Friday at around 11:39 am Nigerian time.
Oil traders and investors are worried that the rising number of COVID-19 new cases would disrupt demand for the commodity and force refineries to shut down once again.
“I do not suspect many oil traders will be looking to place significant bids in the market today, suggesting prices may continue to wallow into the weekend,” said Stephen Innes, chief global markets strategist at AxiCorp.
Despite efforts by both OPEC plus and other top oil producers to halt falling oil prices and reduce global oil glut, the lack of a cure for COVID-19 remained global concerns.
As previously stated on this platform, until a cure is found the world would have to find a way to either work through COVID-19 or shut down activities completely.
This is coming a day after the Federal Government of Nigeria announced that it was putting school resumption plan on hold following the latest COVID-19 report that shows Nigeria’s confirmed cases crossed 30,000 on Wednesday.
In the United States, more than 60,000 new COVID-19 cases were reported on Thursday, forcing lawmakers to start contemplating the second phase of COVID-19 lockdown.
We Are Losing N13.9bn Monthly Because FG Caps Tariff – Discos
Discos Says it is Losing N14bn Monthly Because of NERC Capped Tariff
The Nigerian power Distribution Companies (Discos) have said they a losing N13.9 billion in revenue every month because the Nigerian Electricity Regulatory Commission, limited how much they can charge for consumption.
Ernest Mupwaya, the Managing Director, Abuja Electricity Distribution Company, made the statement during a presentation on behalf of the Discos to the House of Representatives Committee on Power.
The statement was after the Discos demanded realistic indices before the implementation of the proposed service reflective tariff, which was supposed to be implemented on July 1.
Mupwaya said there were some outstanding requirements before the service reflective tariff could be implemented.
“One of them is the removal of estimated billing caps. The financial impact of the Capping Order is an average loss of N13.9bn monthly, thereby, undermining or jeopardising the minimum remittance requirement,” Mupwaya stated.
The July 1 service tariff implementation was halted by members of the National Assembly, who prevailed on the Discos to shelve the date to the first quarter of 2021 due to the current economic challenges in Nigeria.
Gbajabiamila Says Nigeria Can’t Compete in AfCFTA With Weak Industries
Nigeria Must Ramp up Industrialisation to Prevent Dumping by Other Nations
The Speaker of the House of Representatives, Femi Gbajabiamila, has said the nation can not compete effectively in the African Continental Free Trade Area (AfCFTA) with weak industrialisation and manufacturing activities.
Gbajabiamila disclosed this while receiving Adesoji Adesugba, the newly appointed Managing Director of the Nigeria Export Processing Zones Authority.
The details of the visit were made public on Thursday in a statement titled, “AFCFTA: House Speaker tasks Nigeria on industrialisation through free trade zones.”
Gbajabiamila was quoted as saying “We must act proactively so that we don’t become a dumping ground for other African nations.
“Our best option in this circumstance is to immediately set machinery in motion to ensure the effective functioning and flourishing of our export processing zones.
“We must remove all bottlenecks and perfect all stumbling blocks. We will then be fully prepared for AfCFTA and also generate massive jobs for our unemployed youths and enhance our foreign earnings.”
He added that the nation must as a matter of national emergency ramp up industrialisation through free trade zones and other effective means to compete with South Africa, Africa’s most industrialised economy and other African nations.
Finance6 days ago
DSS Arrests EFCC, Acting Chairman, Magu
Forex3 days ago
Naira-USD Exchange Rate to Hit N430 – Report
Forex6 days ago
CBN Starts Using N380/$ Official Rate, Expects to Make it Official Soon
News1 week ago
Fire Guts Central Bank of Nigeria Office in Gombe
Finance5 days ago
CBN Spends $11.5bn in Q1 2020 to Support the Economy and Dwindling Naira
Stock Market6 days ago
Flour Mills, Dangote Cement, Vitafoam Disclose Insider Dealings
Technology1 week ago
Jeff Bezos Sets a New Record as Net Worth Hits $172bn
Economy5 days ago
Nigeria’s Inflation to Average 12.2 Percent in 2020 Says PwC