Connect with us

Economy

REAN Rejects New Import Duty on Solar Panels

Published

on

300MW Solar energy
  • REAN Rejects New Import Duty on Solar Panels

The Renewable Energy Association of Nigeria, a private sector renewable energy group, has said its members are being forced to pay between five per cent and 10 per cent import duty on solar panels by the Nigeria Customs Service.

REAN said in a statement on Wednesday that under the CET code 8541.4010.00 – a classification for import duty tariff, import duty on solar panels should be zero per cent.

It said, “Consequently, discharge of goods from the ports has been slowed down immensely and demurrage charges have risen for our members since the start of the year.

“This has grave implications for Nigeria’s quest to improve the ease of doing business and deepen energy access for over 70 million people with inadequate access to power.”

The group said the country moved up 24 places from 169th to 145th on the World Bank’s Ease of Doing Business Report in 2017 because the government had demonstrated willingness to improve the business climate and ensure the survival of the private sector. It said, “We commend the Presidential Enabling Business Environment Council team on its successes thus far. However, it will be counterproductive for government agencies at the ports to operate in a manner that sets them against the vision of government. This will reverse achievements this government has made thus far.

“As concerned Nigerians and sector participants, members of REAN have answered the national call by providing solutions to the country’s epileptic power situation and our members currently provide over 10,000 direct and indirect jobs to the Nigerian economy. This is apart from the other benefits such as increased disposable incomes, improved environmental conditions (reduced noise and air pollution due to displacement of diesel generators).”

According to the statement, imposition of arbitrary port charges will accelerate value destruction within this industry and will cause prices to rise to uncompetitive levels.

REAN said, “All over the world, the cost of solar panels is falling, leading to increased adoption of the renewable. Paris-based International Energy Association said that the renewable accounted for almost two-thirds of net new power capacity around the world in 2016, with almost 165 gigawatts coming online boosted by solar. The country stands to lose out on this.

“Nigeria currently does not have capacity to manufacture solar panels but does limited assembly in volumes that cannot meet market demand, hence our recourse to importation while growing capacity locally. This tariff will increase acquisition cost of solar panels in Nigeria, which are currently heavily deplored in rural areas where purchasing power is low.”

The association said this could derail Nigeria’s plan to generate 30 per cent of electricity through the renewable by 2030.

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

Delta State Gov Okowa Presents N378.48 Billion Budget for 2021

Published

on

governor-ifeanyi-okowa-of-delta-state

Ifeanyi Okowa Presents N378.48 Billion Proposed Budget for 2021

The Executive Governor of Delta State, Senator (Dr) Ifeanyi Okowa, on Tuesday presented a N378.48 billion budget to the state’s House of Assembly for consideration for the 2021 fiscal year.

The budget christened “Budget of Recovery” appropriated N207.52 billion for Capital Expenditure while Recurrent Expenditure was allocated N171.32 billion.

According to the Governor, capital expenditure accounted for 54.76 percent of the budget while 45.24 percent represented recurrent expenditure.

He explained that the allocations were in line with his administration’s agenda of spending more on projects and programmes that would impact positively on the socio-economic well-being of the people of Delta.

The proposed budget for 2021 is N96.2 billion or 34.05 per cent more than the N282 billion approved for 2020.

The governor said that the 2021 budget proposals reinforced the state government’s commitment to road infrastructure, education, health, job and wealth creation programmes as the principal-drivers of the Stronger Delta agenda.

According to him, N113 billion, representing 89.94 per cent of the capital budget is allocated to the economic sector while N35 billion is allocated to the social sector; the administration sector got 10.93 billion and the regional sector, N42 billion.

“In 2021, we propose to spend N66.66 billion on Road Infrastructure; N6.79 billion on Health; Education will gulp N23.55 billion; Agriculture, N2.04 billion and Water Sector, N1.83 billion.

“Job and Wealth Creation Bureau will gulp N1 Billion and Youth Development, N1.25 billion. These key sectors are very essential in our 2021 budget,” Okowa said.

Okowa also explained that due to the negative impact of COVID-19 on the economy and the world at large, government spending was significantly affected by the global pandemic and that Delta was no exception.

The governor, therefore, stated that “the proposed 2021 Budget for Delta is primarily focused on protecting and supporting our people in a COVID-19 environment, accelerating infrastructural renewal, incentivizing growth, enhancing job creation, engendering social inclusion and developing sustainably.

“Overall, the proposed 2021 Budget is predicated on inclusive economic growth that is sustainable and people-centred, with strengthening fiscal sustainability through increased efficiency in spending, improved revenue mobilization and debt sustainability.

“It also entails improving processes and systems in Public Financial Management, and Monitoring and Evaluation, to bolster better public sector service delivery.”

Continue Reading

Economy

FG to Create 5 Million Jobs for Nigerian Youths in the Power Sector

Published

on

Federal Government Plans to Create 5 Million Jobs for Youths in the Power Sector

The Federal Government is working on creating at least 5 million jobs for Nigerian youths in the power sector, according to the Minister of Power, Engr. Sale Mamman.

The minister, who spoke at a stakeholder meeting in Jalingo, Taraba State, said the youths should foster peace and harmony as the Federal Government, in line with some of their demands, is working on creating massive job opportunities for them in the power sector.

He said the initiative is part of president Muhammadu Buhari’s plans to lift 100 million people out of poverty within 10 years.

Mamman explained that the youths will benefit from the Siemens Presidential Power Initiative as more opportunities will be available in renewable energy, installation and the maintenance of meters.

He said: “Plans are ongoing to kick start this and it is being designed to ensure that majority of the firms and the installers are Nigerian youths. This is also part of the commitment of President Muhammadu Buhari’s focus on lifting 100 million people out of poverty within 10 years.

“From the briefings I have received so far, the youths are taking up opportunities in this aspect as well as in renewable energy. This is another way the government will be empowering young Nigerians as the local assembly; installation and the maintenance of these meters are largely handled by our industrious youths.”

“The minister urged the youths to vigilant and resist and attempt by some people to use them to incite violence for their sinister motive, noting that the Federal Government was tailoring more programmes for the youths through the Siemens Presidential Power Initiative and in building capacity on renewable energy.”

“There is the assurance of Mr. President that Nigerians will be beneficiaries of the Siemens project which will turn around the power supply situation of Nigeria. When this happens, industries will be revived and SMEs driven by youths will thrive more.”

Continue Reading

Economy

Lagos Loses N1 Trillion to #EndSARS Protest, a Year Budget – Gov

Published

on

Lagos Needs N1 Trillion to Fix Vandalised Infrastructure, a Year Budget – Gov

The Governor of Lagos State, Babajide Sanwo-Olu, has puts the total economic cost of past week destruction and vandalism in the state at about N1 trillion.

Sanwo-olu, who spoke with the speaker of the House of Representatives, Hon. Femi Gbajabiamila, that was on a fact-finding visit to Lagos on Sunday, said the state may spend up to N1 trillion to fix damages done to infrastructure.

Speaking on the situation, Femi Gbajabiamila, said “The House of Representatives will do all it can to compensate all those who suffered brutality including policemen that lost their lives in the process.

“Also whatever the house can do in rebuilding Lagos and other states it will do. We are now in a state of reconstruction. What must be done will be done.

“I learnt from the governor of Lagos State that it will take N1.0 trillion to rebuild what had been lost and I asked him what is the budget size of the state he said about N1.0 trillion. You can see we are moving backward.

Rotimi Akeredolu, Chairman of the South West Governors, who was part of the visit, stated, “We are indeed surprised at the extent of damage to lives and properties in Lagos. We will be right to say Lagos was turned into a war zone.

“We are deeply concerned with the ease with which public buildings, utilities, police stations and investments of our people have been burnt despite the proximity of security agencies to those areas. However, while responding to the total number of government’s buildings burnt among others,” Lagos State Commissioner for Information and Strategy, Mr Gbenga Omotoso, stated.

We are still counting. The state is still taking inventories of all that happened and not until all that is concluded we can’t not ascertained for now the total number of burnt structures. But I can tell you it’s very huge.

Continue Reading

Trending