Connect with us

Economy

FG, Siemens Sign 25,000MW Electricity Deal

Published

on

Share

  • No middlemen will be involved, Says Buhari  

By Mathew Dadiya, Abuja

In its continuous effort to address the epileptic power supply in the country, the Federal Government of Nigeria and German -based electricity giant – Siemens on Monday, signed an agreement to boost power supply from current 5000MW to 25,000MW by 2025.

President Muhammadu Buhari while speaking shortly after a signature ceremony for the deal said that the goal of his administration was simply to deliver electricity to Nigerian businesses and homes.

 

Buhari said that his administration’s priority was to stabilise the power generation and gas supply sector through the Payment Assurance Facility, which led to a peak power supply of 5,222 MW. Nonetheless, the President noted that the constraints remained at the transmission and distribution systems.

He said: “This is why I directed my team to ask Siemens and our Nigerian stakeholders to first focus on fixing the transmission and distribution infrastructure – especially around economic centres where jobs are created.

“Whilst it was evident that more needed to be done to upgrade the sub-transmission and distribution system, our Government was initially reluctant to intervene as the distribution sector is already privatised. 

“I am therefore very pleased with the positive feedback from private sector owners of the distribution companies, who have all endorsed Government’s intervention to engage Siemens on this end-to-end plan to modernise the electricity grid.”

See also  Why Buhari Summoned Security Chiefs over Attack on Presidential Convoy, Kuje Prison

The president said that his challenge to Siemens, Nigeria’s partner investors in the Distribution Companies, the Transmission Company of Nigeria and the Electricity Regulator is to work hard to achieve 7,000 megawatts of reliable power supply by 2021 and 11,000 megawatts by 2023 – in phases 1 and 2 respectively. 

“After these transmission and distribution system bottlenecks have been fixed, we will seek – in the third and final phase – to drive generation capacity and overall grid capacity to 25,000 megawatts. 

“With our strong commitment to the development of Mambilla Hydroelectric and the various solar projects under development across the country, the long-term power generation capacity will ensure adequate energy mix and sustainability in the appropriate balance between urban and rural electrification. 

“Our intention is to ensure that our cooperation is structured under a Government-to-Government framework,” he added.

President Buhari warned that no middlemen will be involved, so as to achieve value for money for Nigerians. 

He insisted that all products be manufactured to high quality German and European standards and competitively priced.

This project, however, President Buhari acknowledged would not be the solution to all nation’s problems in the power sector. 

But he expressed confidence that it has the potential to address a significant amount of the challenges we have faced for decades. 

See also  Buhari Receives Report on Security Summit, says Nigeria a Lucky Country

Meanwhile the Global Chief Executive Officer of Siemens, Joe Kaeser, who spoke to State House Correspondents after the meeting that the road map will enable Nigeria delivers the country’s capacity of power in the first phase of 7,000, second phase up to 11,000 and third phase 25,000 megawatts. 

Kaeser said: “That will significantly enhance the country’s power supply and gets the country to the next industrial phase. We believe we will all very much benefit together, the people of Nigeria and of course Siemen as a company.

“I’m very honured that we were able to sign this road map today in the presence of President and our partners. I will personally make sure that this will be the big success of Nigeria, Siemen and our partners in the country.”

On the cost of the project and how long it will last, Kaeser said: “we have really talked about solutions and how it can bring power to the people literally, from generation to transmission and effective distribution. Yes, we have been talking money at this time because this about a long term partnership and is a road map which we are going to work all the way till 2025.

“The first phase is suppose to be done by 2021, second phase till end 2022 and the final phase by 2025.”

Also, the Director General of Bureau for Public Enterprises (BPE), Alex Okoh, while fielding questions from State House Correspondents, described the partnership as credible.

See also  Buhari to Address UN General Assembly Sept. 21

He said what has been done so far is the technical evaluation from both the transmission and distribution to know what the gaps are, to essentially understand what the gaps are in terms of the technical infrastructure to improve the transmission and distribution capacity.

Okoh said that the next phase is to do the detailed commercials and see costing of what the Siemen intervention will entail before they will agree on the financial frameworks to domiciled the financial commitment within the books of the DISCOS. 

“If you look at the amount of losses that is being experienced in the entire power sector, there are huge. We are talking about double digits losses between 30 percent and in some DISCOS almost 70 percent ATC and C losses. So that is a strong signal that the way the market is currently structured is not sustainable and if we don’t improve the critical infrastructure in terms of the winning capacity of TCN and also the distribution capacity of the DISCOS, then this kind of situation will persist for a long time. 

“That is why we welcome this intervention and we believe that within the timelines that have been directed by Mr. President, we will be able to significantly improve power supply in the country.”

Business News

IGP Orders Full Enforcement Against Naira Note Hawking

Published

on

Share

The Inspector-General of Police (I-G), Mr Usman Baba, has ordered full enforcement of the CBN Act, 2007 that criminalises the hawking and selling of naira notes.

The Force Public Relations Officer, CSP Olumuyiwa Adejobi, said this in a statement on Friday in Abuja.

He ordered the arrest and prosecution of all individuals engaged in the sale or abuse of the Naira notes issued by the CBN.

Baba said the order was in line with the provisions of Sections 20 and 21 of the CBN Act, 2007 that criminalises amongst others, the hawking, selling or otherwise trading on the naira notes.

He directed all supervisory Assistant Inspectors-General of Police and Commissioners of Police in charge of Commands and Formations to carry out the full enforcement.

The I-G also ordered the placement of officers and men of the Force Criminal Investigations Department and the Force Intelligence Bureau on high alert.

He directed the Deputy Inspector-General of Police in charge of the Force Criminal Investigations Department and the Assistant Inspector-General of Police in charge of Force Intelligence Bureau to effect the order.

According to him, the order is in furtherance of the Federal Government’s policy and drive to uphold the provisions of the CBN Act, 2007 and dignify Nigeria’s currency.

See also  President Buhari Arrives Riyadh, S/Arabia Ahead of Investment Summit

He reiterated the mandate of the Nigeria Police Force to enforce all laws and regulations without prejudice to the enabling Acts of other security agencies.

Baba called on the public to cooperate with the Nigeria Police Force in the enforcement of the CBN Act against violators. (NAN)

Continue Reading

Business News

Progressives Govs Meet Buhari Seek Another Extension for Naira Swap

Published

on

Share

By Mathew Dadiya, Abuja

President Muhammadu Buhari has met with the Progressives Governors Forum of the All Progressives Congress (APC) as they pleaded for the review of the redesigned currency notes to run concurrently with the old notes and gradually phased out due to the scarcity of cash in the country.

The President also urged citizens to give him seven days to resolve the cash crunch that has become a problem across the country from the policy of the Central Bank of Nigeria to change high value Naira notes with new ones.

Buhari in a statement by his Senior Special Assistant on Media and Publicity, Mallam Garba Shehu said the currency re-design will give a boost to the economy and provide long-term benefits while expressing doubts about the commitment of banks in particular to the success of the policy. 

According to the Progressive Governors, the cash crunch was threatening the good records of the administration in transforming the economy.

The President also indicted some bank Chief Executive Officers (CEOs) on the scarcity of the naira notes in circulation, accusing them of selfishness and inefficiency.

“Some banks are inefficient and only concerned about themselves. Even if a year is added, problems associated with selfishness and greed won’t go away,” the President said.

He said he had seen television reports about cash shortages and hardship to local businesses and ordinary people and gave assurances that the balance of seven of the 10-day extension will be used to crackdown on whatever stood in the way of successful implementation.

“I will revert to the CBN and the Minting Company. There will be a decision one way or the other in the remaining seven days of the 10-day extension,” Buhari assured.

The Governors told the President that, while they agreed that his decision on the renewal of currency was good and they are fully in support, its execution had been botched and their constituents were becoming increasingly upset.

They told the President that, as leaders of the government and party in their different states, they were becoming anxious about a slump in the economy and the series of elections that are coming. They requested the President to use his powers to direct the concurrent flourish of the new and old notes till the end of the year. 

See also  Adesina Gets Buhari's Nomination For re-election as AfDB President

The President said when he considered giving the approval to the policy, he demanded an undertaking from the CBN that no new notes will be printed in a foreign country and they in turn gave him assurances that there was enough capacity, manpower, and equipment to print the currency for local needs. He said he needed to go back to find out what was happening.

President Buhari told the Governors that, being closer to the people, he had heard their cries and will act in a way that there will be a solution.

An unconfirmed report has it that some bank CEOs had taken a huge chunk of the new naira notes to the house of some politicians.

It was gathered that the APC Governors had expected to get a direct response from the President to allow both the old and new naira notes to circulate concurrently to ease the suffering of Nigerians.

The Governors met with President Buhari over the hardship Nigerians are facing as a result of the naira swap introduced by the CBN.

Briefing some journalists in the Hausa language, Governor Nasir el-Rufai, of Kaduna State, alleged that the Central Bank of Nigeria, CBN, mopped up over N2 trillion of the old note but printed only N300 billion, which he said was not enough and has contributed to the hardship the masses are facing.

el-Rufai, flanked by his Kano State counterpart, Abdullahi Ganduje, said even if the CBN had wanted to implement the cashless policy, they should have printed at least half of what they mopped up, which is N1 trillion. 

The governor said the Progressive governors had informed President Buhari that the masses are suffering and traders are losing their goods due to lack of patronage. 

He gave the example of a tomato seller that travelled to Lagos with their goods but all got wasted because people have no money to buy, so they appealed to the president to reconsider his stance. 

He said, “We the governors of the All Progressives Congress under the aegis of Progressive Governors Forum have met with the President and informed him about the issue that is bothering us and the problems the people are going through because of the currency redesign policy. 

See also  COVID-19 Fund Contributions Overwhelm Plateau Govt

“The President explained to us what they have told him and we have seen that the Central Bank Governor (CBN) and the Minting and Printing did not tell Mr. President the truth about the things that are happening in the country. 

“What’s the truth? Firstly, we are told that they have mopped up over N2 trillion of the old notes and printed only N300 billion of the new notes. Why will you retrieve such an amount of money and then print only N300 billion? That is why there are problems, the money is not enough. 

“If you also look at some state and local governments that don’t have banks and the problems they are facing from POS.  People don’t have money to buy things in the market, but they can’t go shopping, tomatoes sellers took their products to Lagos and could not sale till they spoiled. 

“We have narrated all these issues to Mr. President and he said he will meet with CBN, other stakeholders, and even the deposit money banks. He will see what they will tell him before he takes a decision. But he didn’t indicate to us that this issue has ended, there will be no extension and he did not tell us that he will extend it. 

“He only told us that until he gets certain about what is going on. We have told him about things that are happening in our states and the trouble people are encountering. 

“Our fear is that, if there is no solution to this, it may cause a crisis and affect the general elections and the election may not even hold completely. The President said he will look into it.”

Asked what precisely the APC governors want the president to do, he said, “What we the governors want is to give an extension on this policy so that everyone can exchange his money. Because of N300 billion, there is no how it will be equal to N2 trillion. N1 trillion should be printed not N300 billion. The money is not enough that is the problem. 

See also  Buhari Lists Health, Education, Productivity as Top Priority Before Exit

“Our advice is that both the old and new notes should be used until the old notes are gradually faced out. They should print new notes that will be enough, for now, they are not enough for circulation. Those who say the printed new notes are enough are telling lies to the President.”

Further asked on what he will tell those accusing him of looking for a godfather that is why he is criticizing the President, he said, “I don’t criticize President Buhari. I have never criticized President Buhari, it’s only those working with him who are telling him lies, they don’t tell him the truth, and they don’t tell him what the people are going through on these policies or decisions that are taken. 

“What President Buhari brought, we support it. We know the reason he wants to do something but this thing they are not doing it right and they don’t tell him the right thing. We the true followers of Buhari are not using him to get money for shopping, we are mandated to tell him the truth, and that’s what we’ve done. 

“President Buhari himself knows me, he knows how we have been together. All these allegations I’m used to hearing them. Which godfather am I looking for? 

“Asiwaju Bola Ahmed Tinubu is our Presidential Candidate we want him to win the election. I have told Asiwaju Bola Ahmed Tinubu ten times I don’t want government work, I don’t want to work with him. He is the one saying he wants to work with them at all costs. I swear, I’m bigger than saying he is my godfather, I’m not seeking work, I’m not seeking shopping money, what I am seeking is from God and not man.”

el-Rufai said the president did not tell them yes or no, adding that the chairman of Progressive Governors Forum, and governor of Kebbi state, Atiku Bagudu, had gone back to meet the President privately with the hope to convince him.

However, the Kebbi state governor did not brief members of the State House Press Corps that had waited for him on the outcome of his meeting with the President.

Continue Reading

Economy

NPA Expects Ship Carrying Petrol at Lagos Ports

Published

on

Share


The Nigerian Ports Authority (NPA) on Friday said that out of the 22 ships expected to arrive at the Lagos Port Complex, one was carrying petrol.

It said that the remaining 21 ships expected to arrive at the port were carrying soya bean meal, bulk sugar, bulk gypsum bulk urea, bulk salt, butane gas, general cargo, diplomatic, bulk wheat, container, frozen fish and bulk fertiliser.

The NPA said that the ships were expected to arrive at the Lagos Port Complex as from Feb. 3 to Feb. 14.

NPA reports that another three ships had arrived the ports waiting to berth with general cargo, container, truck and petrol.

Also, the organisation said that 18 other ships were at the ports discharging bulk wheat, general cargo, frozen fish, container, base oil, soya bean oil, bulk gypsum, soya bean meal, bulk urea and petrol. (NAN

See also  Attahiru, 10 Others: Tinubu, Akande pay Condolence Visit to Buhari
Continue Reading

Read Our ePaper

Top Stories

POLITICS6 hours ago

Peter Obi Promises to Change the Country for the Better

Share Post Views: 15 Presidential candidate of Labour Party (LP), Mr Peter Obi has asked Nigerians to hold him accountable...

POLITICS6 hours ago

Alia Polls 219,009 at  APC Governorship Re-run in Benue 

Share Post Views: 13 From David Torough, Makurdi Rev. Fr. Hyacinth Alia has again, won the gubernatorial primary rerun election...

NEWS6 hours ago

Man Slumps, Dies At FCMB Bank In Rivers

Share Post Views: 14 Man has allegedly slumped and died in front of a branch of the First City Monument...

JUDICIARY7 hours ago

Received

Share Post Views: 13 Appellate Court 600 Pre-election Appeals so far, says President The President of the Court of Appeal, ...

SPORTS7 hours ago

Fanfare as 8th Gold-Label Access Bank Lagos City Marathon Kicks-off

Share Post Views: 18 The 8th Gold-Label Access Bank Lagos City Marathon on Saturday kicked off amidst fanfare, with runners...

NEWS7 hours ago

Nigerians Take Mats, Mattresses To Banks’ ATM Galleries Over Long Queues As Naira Notes Scarcity Bites Hard

Share Post Views: 12 Anger and frustration have become the lots of Nigerians as they now sleep in various Bank...

Foreign News7 hours ago

Israel Extols 30years of Renewed Diplomatic Relations With Nigeria

Share Post Views: 14 Amb. Michael Freeman, Ambassador of Israel to Nigeria, has extolled the maiden nine-day project on “Art...

Business News7 hours ago

IGP Orders Full Enforcement Against Naira Note Hawking

Share Post Views: 15 The Inspector-General of Police (I-G), Mr Usman Baba, has ordered full enforcement of the CBN Act, 2007...

POLITICS7 hours ago

I’ll Ensure Nigeria is Restructured in 6 Months – Atiku

Share Post Views: 15 Peoples Democratic Party (PDP) Presidential Candidate Atiku Abubakar says he will ensure Nigeria is restructured within...

Media7 hours ago

Kogi NUJ Bids Farewell To Late Member,  Sam Egwu

Share Post Views: 16 From Joseph Amedu, Lokoja Members of the Nigeria Union of Journalists, NUJ, Kogi State Council, at...

Copyright © 2021 Daily Asset Limited | Powered by ObajeSoft Inc