Economy
FG Making Progress on Speedy Completion of Power Projects —Minister
The Minister of Power, Mr Abubakar Aliyu, has said that the Federal Government was making progress in ensuring the speedy completion of key power projects to deliver steady electricity supply to Nigerians.
Aliyu said this in a statement in Abuja, on Wednesday, to mark his 50 days in office as the minister of power.
The minister listed some of the projects to include: The Kashimbilla 40 MW Power Station in Taraba State which had already begun generating power for the National Grid.
He also noted that the Gurara phase 2 being developed in partnership with the Ministry of Water Resources would soon deliver 30MW to the grid.
” The Zungeru Hydroelectric Power Project, is progressing towards completion next year, to deliver another 700MW of renewable power.
” Katsina wind farm, with a full capacity of 10MW, is already generating part of its full capacity for the grid,” he said.
The minister also cited the Dadin Kowa 40MW power station that had also started generating power for the National Grid, under a concession with a private investor.
Aliyu revealed that the outstanding regulatory and power purchase agreement issues were also being resolved.
Speaking on the Mambilla hydroelectric power project, which was contracted in 2017, the minister said that discussions were being intensified so that all issues preventing the full take off of the project are resolved soon.
According to him, in its bid to accomplish additional 7,000mw, the Federal Government has, through its Presidential Power Initiative (PPI), commenced the expansion and upgrade of the nation’s transmission and distribution critical infrastructure.
“The first phase of the PPI is the upgrading and expansion of the vital infrastructure of the Transmission Company of Nigeria (TCN) and the Distribution Companies (Discos) with the goal of achieving the 7,000MW.
“This first phase, had started in earnest this year with the ongoing pre-engineering phase,”, he said, adding that the selected contractors would soon be contacted officially so that work on the project can commence”, he said.
The minister also revealed that the Nigerian Electrification Roadmap (NER) was a partnership that will expand Nigeria’s electricity capacity from the current average output of 4,500 MWh/h to 25,000MW.
Aliyu said that the government was confident that the NER will succeed because of the pedigree of Siemens and their footprint in the global power industry.
He said that the government was also reinvigorating important policies and regulations, especially the Eligible Customer and related regulations, that will move the electricity industry from the present interim commercial structure to full commercial structure.
” In compliance with Clauses 25 and 26 of the Eligible Customer Act, whereby consumers contact willing GenCos directly for better services and service providers that are ready to make new investments to deliver better service,” he said.
Similarly, he explained that the Meter Asset Provider programme (MAP) meant to attract investors into metering, had been activated.
He also said that the mini-grid policy and regulation allows underserved consumers to partner with investors and contractors for better services.
According to him, the Ministry of Works and Housing, for example, had started a solar pilot of 1.5MW.
“Government is optimising the available generation capacity and putting them to good use.
“This means that we shall ensure that the unutilized capacity is used in line with the Ministry’s incremental power focus and the Eligible Customer policy.
” Strengthening the regulator to ensure that all players and stakeholders work according to the rules and guidelines especially in dealing with customers”, he said.
The minister, however, bemoaned the challenges that had impeded the growth of the sector.
“We are aware that the Nigerian Power sector is confronted by many challenges which have not enabled the sector to grow as desired. These challenges are reflected in the two over-arching problems of the sector.
“Service quality: Too many people are still not satisfied with the quality of service in terms of hours of supply, voltage, disputed/estimated bills, or have no access to electricity.
“Sector illiquidity: The payments the DisCos are able to collect from consumers does not cover the full investment and costs of the GenCos who produce and sell the power, and Transmission Company of Nigeria which wheels the power to the DisCos.
“Federal Government financial support is required to cover the shortfall. The resulting huge burden on Government is unsustainable”, Aliyu said.
The minister said that reforms take time and require patience to implement, especially in a highly regulated sector like the power sector.
”I am confident that these reforms, when fully implemented, will bring about the transformational change that we all desire to see in the sector,” he said. (NAN)
To end the week, the stock market rebounded from previous losses, gaining N74 billion.
Investor interest in MTN Nigeria, FBN Holdings, Guaranty Trust Holding Company (GTCO) and other equities lifted the market.
Notably, the market capitalisation opened at N56.014 trillion, adding N74 billion or 0.
13 per cent to close at N56.088 trillion.The All-Share Index also advanced by 0.
13 per cent, or 129.44 points, closing at 97,606.63, compared to 97,477.19 recorded on Thursday.As a result, the Year-To-Date (YTD) return increased by 30.54 per cent.
The market breadth closed positive, with 31 gainers and 19 losers on the floor of the Exchange.
On the gainers’ chart, Consolidated Hallmark Plc and Sterling Nigeria led by 9.
45 per cent each to close at N1.39 and N4.98 per share respectively.Mecure followed by 9.19 per cent to close at N10.10, Regency Alliance Insurance gained 9.09 per cent to close at 72k, while Fidson Healthcare Plc increased by 8.24 per cent to close at N15.10 per share.
Conversely, Deap Capital Management and Trust led the losers’ chart by 9.93 per cent to close at N1.36, NEM Insurance trailed by 9.71 per cent to close at N7.90 per share.
Daar Communications also lost 9.52 per cent to close at 57k, Tantalizers shed 9.09 per cent to close at 60k, while Dangote Sugar declined by 3.31 per cent to close at N31 per share.
Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 20.33 per cent.
A total of 304.43 million shares valued at N5.60 billion were exchanged in 6,950 deals, compared with 277.75 million shares valued at N4.65 billon in 7,091 deals traded in the previous session.
Meanwhile, Access Corporation led the activity chart in volume and value with 68.26 million shares valued at N1.34 billon.(NAN)
By David Torough, Abuja
The Nigerian Economic Society (NES) has decried Nigeria’s socioeconomic dilemmas, including; low personal incomes, dysfunctional education, healthcare systems, unemployment, rising inflation, poverty, amidst other critical issues.
This was part of the communique at the end of the association’s 65th annual conference held recently in Abuja with the theme: Socioeconomic Development in Nigeria: Imperatives, Implications, and Impacts.
It emphasised that the factors greatly contribute to insecurity, food scarcity, energy poverty, widening social inequality as macroeconomic instability and called on relevant stakeholders to urgently address the challenges.
President Bola Tinubu who was represented by the Vice President, Kashim Shettima through
Dr. Tope Fasua, underscored the
pivotal role of economists in shaping national development.
Tinubu reiterated the importance of their role to make the citizens feel integral and empowered, knowing that their contributions were crucial to the country’s development.
He urged them to approach the economy optimistically, stressing that their work was crucial, and that improvement was
always possible.
In his remarks, Minister of Budget and National Planning, Atiku Bagudu underscored the importance of socioeconomic resilience amidst global economic challenges.
He acknowledged the relevance of the conference theme, stating its timeliness in addressing Nigeria’s development needs.
On his part, Minister of Finance and Coordinating Minister of the Economy, Olawale Edun who delivered the keynote address on “Leveraging Economic Reforms to Leapfrog Nigeria’s Socioeconomic Development,” underscored the potential benefits of these reforms and stressed the need to better utilise Nigeria’s human and natural resources to spur socio-economic development.
He predicted that while structural reforms might cause short-term economic shocks, they would stabilise the economy in the long run, bringing hope for a brighter future.
In his presentation, the NES President, Professor Adeola Adenikinju who presented “Nigeria’s Socioeconomic Challenges: Lessons from the Structural Adjustment Programmes,” recommended:
Instituting an economic governance structure for the country, designating
some Ministries as economic ministries that qualified economists and allied professionals
must staff, adopting macroeconomic models to analyse the impacts of policies and assess
alternative scenarios.
Adenikinju also recommended; implementing export-led growth strategies by promoting value-
added exports and incentives for export-oriented industries and infrastructure, prioritising agro-allied industries to boost socioeconomic outcomes, implementing targeted subsidies or social safety nets to cushion vulnerable populations against the immediate impacts of reforms, amongst others.
The 65th NES Conference provided significant insights into Nigeria’s socioeconomic
development challenges and proposed actionable recommendations.
Participants emphasised the need for visionary leadership, policy synergy, and a commitment to long-term economic transformation to ensure sustainable development for Nigeria.
By Tony Obiechina, Abuja
The Infrastructure Concession Regulatory Commission (ICRC) says it will henceforth issue Outline Business Case (OBC) Certificate of Compliance and the Full Business Case (FBC) Certificate of Compliance within seven days.This follows the charge by President Bola Ahmed Tinubu to the Director General of the Commission, Dr Jobson Oseodion Ewalefoh “to accelerate investment in National Infrastructure through innovative mobilization of private-sector funding”.
President Tinubu also charged him to work assiduously to boost infrastructure development in Nigeria as part of the renewed hope agenda of the current administration.In view of the above, Dr Ewalefoh-led management team of the ICRC has streamlined the approval processes of the commission to issue its certificates of compliance within seven days. This will accelerate the turnaround time for approvals by the Commission.“In line with the charge of His Excellency, President Bola Ahmed Tinubu, GCFR, and following his Renewed Hope Agenda, we have streamlined and updated our approval processes to issue either of the Outline Business Case Certificate of Compliance (OBC) and the Full Business Case Certificate of Compliance (FBC) to Ministries, Departments and Agencies (MDAs) that meet the requirements within seven days.“This is part of efforts by the current administration to accelerate infrastructure development, bridge the infrastructure gaps and stimulate the economy through investment of private sector funds in Public Private Partnership endeavours.“By streamlining our processes, the Commission is in no way foregoing any of its stringent approval steps or key requirements, therefore, only business cases that are viable, bankable, offer value for money and meet all other requirements will be approved.“The ICRC cannot do it alone, therefore I implore all chief executives of MDAs to match our momentum and align with this charge of Mr. President to accelerate Infrastructure development and ensure that PPP projects are not stalled at any point but delivered within record time.“The Commission is ready to partner and collaborate with all MDAs to actualize this,” he said.In a statement by Ifeanyi NwokoActing Head, Media and Publicity on Monday the ICRC DG in August rolled out a six-point policy direction which among others, focused on accelerating PPP processes, boosting inter-agency collaboration and ensuring innovative financing.The ICRC was established to regulate Public Private Partnership (PPP) endeavours of the Federal government aimed at addressing Nigeria’s physical infrastructure deficit which hampers economic development.
FG Assesses Makurdi-Gboko-Katsina Ala Road Cutoff by Flood
ShareThe Federal Government on Saturday assessed the Makurdi-Gboko-Katsina-Ala highway following the overflow of River Dura on the road. Speaking during...
Why I Donated N200m for Education Within one Week – Obi
Share The Presidential Candidate of Labour Party in 2023, Mr Peter Obi, says he donated over N200 million within a ...
Tinubu Returns from Working Vacation
Share President Bola Tinubu has returned to Abuja after a two-week working vacation in the United Kingdom (UK). Tinubu arrived...
NNPC Sensitises over 1,000 Auto Mechanics to CNG Conversion
ShareThe NNPC Retail Limited (NRL), a subsidiary of the NNPC Ltd., has sensitised over 1,000 auto mechanics on the process...
Ebonyi Records 28 Cholera Deaths, 386 Cases
Share The Commissioner for Health, Dr Moses Ekuma, has disclosed that the state has recorded 28 deaths and 386 cases...
NDLEA, NCS Ready to Combat Drug Trafficking, Smuggling at Tincan
ShareTwo Federal Government agencies, the National Drug Law Enforcement Agency (NDLEA), and the Nigeria Customs Service(NCS), have renewed commitment to...
Obasanjo Tasks FG on Policies Implementation
Share Former President Olusegun Obasanjo has urged the Federal Government to ensure policies are effectively implemented for Nigeria’s development. Obasanjo...
Kwara State Approves N70,000 Minimum Wage
ShareGov. AbdulRahman AbdulRazaq of Kwara State has approved the payment of N70,000 as the minimum wage to enhance workers’ welfare...
Man Flees after Allegedly Abusing 2 Children in Lagos
Share A man, Kadiri Yusuf, is on the run after allegedly beating and injuring his two children aged 11 and...
GOWON at 90: Celebrating the Legacies of a Statesman
ShareBy Laide Akinboade, Abuja Christian Association of Nigeria (CAN), has joined people all over the world to wish His Excellency,...