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N473bn Zungeru Hydropower Plant at 47% Completion – CNEEC

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  • N473bn Zungeru Hydropower Plant at 47% Completion

The China National Electric Engineering Company has disclosed that the Zungeru 700mw hydroelectric power plant in Niger State is at 47 per cent completion stage.

The Deputy Project Manager, Mr. Xiao Nie, told journalists on a tour of the project on Wednesday that the $1.29bn (about N473bn) project was expected to be completed in 2020.

He explained that the project was made up of four units of 175 mw each, adding however, that the first phase would be released by December 2019 while the remaining would be released after every three months.

He said that the project which was inaugurated in 2013 was initially expected to be completed in 2019 but was delayed by unresolved issues with the host communities.

Nie explained that when completed, the 700MW power plant would supply 2,640GWh to the national grid annually.

The deputy manager said, “The project consists of a dam for storage reservoir comprising an embankment and a roller-compacted concrete gravity section, a gated concrete spillway with appropriate dissipating structure.

“It has a main power intake structure, a four-unit out-door-type power house, an electrical substation, 332 KV double circuit transmission line to the Shiroro-Jebba line, and a 132 KV double circuit transmission line to Tegina Substation.”

He added, “Zungeru reservoir has a maximum operation water level of 230m, and total storage capacity of 11.4×109m3.”

He said that the Zungeru plant was expected to improve electricity supply and boost industrial development in the country.

“It will also be helpful for flood control, the development of fisheries and agriculture; the navigable period and the length of the fairway will also be extended,” he added.

The Chinese national said the CNEEC had assisted the host communities in different ways, including donation of a primary school to Zungeru town and construction of access roads to other communities.

He added that the contractor had also provided boreholes, emergency assistance, and hosted a charity clinic activity among others to the host communities.

Nie revealed that the firm had employed more than 3000 locals with the youths being trained in different skills acquisition.

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

Lagos Lowers Land Use Charges, Waives N5.75bn in Penal Fees

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Lagos Reduces Land Use Charges to Pre-2018 Fees

In a bid to ease economic burden and support growth across Lagos State, the commercial hub of Nigeria, the state government has reduced land use charges and other penal fees.

Dr. Rabiu Olowo, the Commissioner for Finance, disclosed this on Wednesday in a statement titled ‘Speech delivered by the honourable commissioner for finance at a press briefing on the 2020 new land use charge law.’

Lagos State Government said land use charges and other fees are revised down to pre-2018, adding that the state will henceforth uphold the 2018 method of valuation.

Accordingly, the state waived the penal fees for 2017, 2018 and 2019. Translating to N5.75 billion in potential revenue.

“In addition to this, there is also a 48 per cent reduction in the annual charge rates,” Olowo stated.

He further stated that owner-occupied residential property was lowered from 0.076 per cent to 0.0394 per cent; industrial premises of manufacturing concerns, from 0.256 per cent to 0.132 per cent; and residential property/private school (owner and third party, from 0.256 per cent to 0.132 per cent.

Olowo added that commercial property — used by the occupier for business purposes — was reduced from 0.76 per cent to 0.394 per cent; and vacant properties and open empty land, from 0.076 per cent to 0.0394 per cent.

While the annual charge rate for agricultural land was revised down by 87 per cent from 0.076 per cent to 0.01 per cent.

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FG Spends N2.37 Trillion on Petrol Importation in 13 Months, Says NNPC

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Petrol Importation

NNPC Sells 950.67m Litres of Petrol In May

The Federal Government imported petrol valued at N2.37 trillion into the country in thirteen months, according to the Nigerian National Petroleum Corporation (NNPC).

On Wednesday, the corporation said revenue from the sales of white products stood at N2.39 trillion between May 2019 and May 2020.

It, therefore, stated that petrol contributed about 98.84 percent or N2.37 trillion of the total sales generated during the period.

In May, the corporation said it realised N92.58 billion from the sale of petrol. NNPC said the product was sold through its subsidiary, the Petroleum Products Marketing Company (PPMC).

According to the May 2020 version of the corporation’s Monthly Financial and Operations Report quoted by Kennie Obateru, the Group General Manager, Public Affairs Division, NNPC, 950.67 million litres of white products (only petrol) was sold by PPMC in the month.

This, he said “comprised 950.67 million litres of Premium Motor Spirit, popularly called petrol, only, with no Automotive Gas Oil or Dual Purpose Kerosene.”

“There was also no sale of special product in the month.”

Nigeria continues to depend on importation for its petrol supplies due to local dilapidated refineries that have failed to operate at optimal level despite billions of dollars budgeted for maintenance yearly.

Experts have said petrol importation is one of the main reasons the nation’s foreign reserves continues to struggle, especially at a period when oil prices are trading at a record low with broadly low demand for the commodity.

Nigeria’s foreign reserves is presently hovering around $36 billion, down from its record high of $45 billion attained in June 2019. The decline has also impacted the ability of the Central Bank of Nigeria to support the Nigerian Naira.

The Naira has been devalued by 15 per cent in the last four months and was recently adjusted from N361 a US dollar to N381 per US dollar on the Investors and Exporters forex window to ease the pressure on the reserves.

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Amaechi Urges National Assembly to be Careful Probing Chinese Loans

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Amaechi Says China is Becoming a Bit Apprehensive About Giving Money to Nigeria

The Minister of Transportation, Chibuike Amaechi, on Tuesday said he specifically urged the National Assembly to be careful about the ongoing probe of Chinese loan agreements.

The minister who appeared in a live television programme with the Minister of Justice/Attorney-General of the Federation, Abubakar Malami, said China is becoming a bit apprehensive about releasing additional loans to the country.

He said, “You know, I specifically urged the National Assembly to please be careful about this probe on the loan agreements. It is because we are trying to make an application for the Port Harcourt Maiduguri rail.

“If nothing else is happening, you know that our brothers are already saying that we don’t want to do any rail project in the South-East.

He added, “Now that we are planning to say that they should give us some loan for us to construct Port Harcourt to Maiduguri, and we are about to go to cabinet for approval, you are now shouting these terms are bad, Chinese people are wicked.

“How will they give you the money? I have documents to the effect that we are getting signals that they are becoming a bit apprehensive on whether we are doing this because we don’t want to pay them back.

Amaechi said the nation must learn to pay back procured loans, saying the $500 million loan obtained for the Abuja-Kaduna railway was presently being serviced.

He said, “Nobody has signed out anything. A sovereign nation is a sovereign nation; nobody can recolonise us. We must learn to pay our debts and we are paying, and once you are paying, nobody will come and take any of your assets.”

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