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FG Inaugurates 10MW Power Plant, Others at Abuja Airport

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  • FG Inaugurates 10MW Power Plant, Others at Abuja Airport

The Federal Government on Tuesday officially inaugurated a 10 megawatts power plant at the Nnamdi Azikiwe International Airport, Abuja.

It also inaugurated an Accident Rescue Centre, the NAIA Domestic Terminal D and the Fire and Rescue Station of the General Aviation Terminal.

The facilities, some of which had been in use by airport users and passengers, were inaugurated by the Minister of State for Aviation, Hadi Sirika.

The minister stated that the facilities were introduced to not only boost power and safety but to also increase passengers’ comfort at the nation’s capital airport.

The Managing Director, Federal Airports Authority of Nigeria, Rabiu Yadudu, told journalists that the power plant would end all forms of electricity outages at the Abuja airport.

He said the plant was completed abroad and shipped into Nigeria before it was assembled at the NAIA.

Yadudu, who became head of the authority on Monday, stated that it took about two years for the contractor to complete the power project, adding that the facility had significantly improved power supply at the NAIA.

The new FAAN boss said, “This power plant has a capacity of 10MW and it will definitely put an end to all forms of power outages at the Abuja airport.

“This is because we won’t have to depend on the public power supply and we are sure that it will supply 100 per cent of the electricity we need at this airport.”

When asked to state the cost of the power project, Yadudu replied, “I cannot tell you that but the good thing is that we are now free from power supply problems as a result of the introduction of this plant.”

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 long experience in the global financial market.

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Economy

Energy Firms Owe Banks N5.59 Trillion -CBN

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Energy Companies Owe Nigerian Banks  N5.59 Trillion -CBN

The Central Bank of Nigeria has said energy firms owed banks N5.59 trillion as of May 2020.

The amount, according to the sectoral analysis of banks’ credit, represents 30 percent of the N18.63 trillion loans advanced to the private sector during the period under review.

A break down of the report shows that oil and gas firms increased their debt by N300 billion from N4.58 trillion in December 2019 to N4.88 trillion. While the power companies owed N705.93 billion, up from N671.45 billion filed in December 2019.

Accordingly, oil companies that are operating in the downstream, natural gas and crude oil refining subsectors owed combined N3.59 trillion as of May, up from N3.42 trillion in five months ago. While those in the upstream and services subsectors owed N1.29 trillion.

Power generation firms and independent power producers increased their total debt to N385.05bn in May from N373.22bn in December, while transmission and distribution firms owed banks N320.87bn as of May as they borrowed N22.64bn in the first five months of this year.

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Economy

NNPC Spends N101.65bn on Petrol Subsidy in Q1 2020

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FG Spends Petrol N101.65bn on Petrol Subsidy in the First Quarter

The Nigerian National Petroleum Corporation (NNPC) said it spent N101.65 billion on petrol subsidy in the first three months of the year.

In its latest Monthly Financial and Operations report released for the month of March, the corporation described the spending as under-recovery.

A break down of the report shows N43.31 billion was spent in January while N20.68 billion and N37.66 billion were spent in February and March respectively.

The amount was spent before the Federal Government halted subsidy in April when global oil prices plunged due to the COVID-19 pandemic.

Speaking on subsidy, the former President, Association of National Accountants of Nigeria, Dr Sam Nzekwe, said “There is no need for subsidy again because they are using it to make unnecessary demands and this is the corruption that we are talking about. They are also using it to finance corruption too.

“The money that they would have used for other sectors or even send to FAAC is being used for subsidy and we cannot actually quantify its impact on the masses; rather, it is used to enrich a very few.”

Nzekwe urged the PPPRA to ensure subsidy does not return and encouraged the government to liberalise the downstream oil sector in order to allow other marketers to participate in fuel importation.

He said, “The NNPC should not be the only one importing petrol. The downstream sector must not continue like this. Other players should be allowed to play in the space too. The sector should be fully liberalised.

“And it is because the NNPC is the only one importing and almost running everything that makes it simple for it to say whatever it wanted as expenses on subsidy or under-recovery. This should not continue.”

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Economy

Oil Prices Decline on Rising COVID-19 Cases

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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.

global Oil prices While the price of US West Texas Intermediate (WTI) crude oil dipped from $40.97 per barrel it traded on Thursday to $38.78 on Friday.

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.

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