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FG Spends Over N50bn Monthly on Electricity – Minister

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The Minister of Power, Mr Sale Mamman, on Tuesday has said that the Federal Government spends over N50 billion monthly on electricity.Mr Aaron Artimas, Special Adviser, Media and Communications to the Minister of Power, disclosed this in a statement in Abuja.

Artimas quoted the minister as saying this when he recieved the Guild of Actors and Film Producers, otherwise known as, Kannywood in his office.
 “Worried by the incessant complaints by ordinary Nigerians over the unavoidable and periodic increase in the cost of electricity, the Federal Government has been subsidising electricity supply in the country to the tune of over N50 billion.
“The funds are provided to augment the shortfall by the Distribution Companies (DISCOs) who have failed to defray the cost of bulk electricity supplied to them by the Generating Companies.
“However, following a minor increase in the tariff regime, the subsidy has now decreased by half, but still constitutes a serious drain on the nation’s economy,” he said. Mamman expressed serious concern over the failure by the DiSCos to stabilise their operations to meet their financial obligations to other players in the sector.He said it was in response to this unfortunate development that the Federal Government had been forced to partly subsidise the sector so as not to price the cost of electricity out of the reach of the common man.The minister explained that as part of the measures to assist ordinary Nigerians over their frustration in receiving adequate electricity supply, the Federal Government was forced to categorise electricity supply into various bands between highbrow areas and low income earners.He said that the categorisation of the supply was to enable everyone to cope with the cost of electricity.“Nigerians must understand that these companies were privatised long before the advent of this administration but the government has no alternative than to continue managing the sector before a final solution is secured.“Through the Presidential Power Initiative and other intervention measures, the government is diligently working to massively resolve all these inherited problems that have continuously frustrated the success of the sector” he said.Mamman said that most of the DisCos were sold off and managed as family businesses which had made them difficult to be professionally managed.The minister  regretted  that while some of these problems persisted, remarkable performance and progress had been achieved by the Federal Government, as the supply of electricity had stabilised at over 5,000 megawatts.He said that the 5,000 megawatts was up from less than 4,000 megawatts before President Muhammadu Buhari came to power.He emphasised that Nigerians now enjoyed stable power supply from 15 to 24 hours daily.The minister, however, blamed the shortfall or interruptions on supply to some quarters on faulty equipment and supply lines and called on consumers to report such developments to their distribution offices.He noted that it was the responsibility of the DisCos to replace faulty transformers, electricity poles and cables whenever they occur.The minister warned the DisCos to stop tasking ordinary Nigerians with these responsibilities before they could restore  power interruptions.While commending Nigerians on their efforts to pay for electricity in spite of the present economic and social problems facing them, he advised them to minimise their usage of electricity by switching off their appliances when they were not at home.On metering, Mamman explained  that although it was the responsibility of the DisCos to provide the meters, the Federal Government has stepped-in because of the public outcry over estimated billings.He said the Federal Government was committed to supply over six million meters free of charge to Nigerians.According to him,  about one million meters have already been delivered for distribution while the rest is being awaited.He called on the DisCos to expedite the distribution of meters free of charge to their consumers as a way of lessening their problems.Earlier, the Head of the Kannywood producers and Actors, Mr Mandawari Ibrahim, said they had decided to avail their services to the ministry of power so as to adequately enlighten Nigerians on the achievements of the Buhari administration in the power sector.He said that kannywood had vested interest in the success of the Buhari administration because they also played a major part in canvassing his election.Mandawari noted that in spite of  the huge progress made by this administration, many Nigerians have remained grossly uninformed.“Before Buhari came into office, many local government areas especially in the North-East as well as bombings in Abuja, Kano, Kaduna and other cities were experienced.“But these major security challenges were tackled and  the areas liberated, but Nigerians seem to have forgotten,” he said.“In addition, the Federal Government has been providing reliefs, palliatives and social investments to ordinary Nigerians.“As well as providing huge financial support and assistance to the state governments to meet up with their financial obligations in salary payments and infrastructures to their citizens”.Mandawari said that Nigerians could only appreciate these efforts if they were well informed, hence the decision by kannywood to step in by way of films, jingles, songs and billboards on the achievements of the Federal Government.He said that as stakeholders, kannywood, would go to every length to ensure that Nigerians were fully informed about the Buhari revolutionary strides in Nigeria so as to protect his legacies. (NAN)

Economy

Investors Gain N183bn on NGX

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The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.

Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.

The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.

68, against 98,206.
97 recorded on Tuesday.

Consequently, the Year-To-Date (YTD) return increased to 31.

74 per cent.

Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.

Market breadth closed positive with 34 gainers and 17 losers.

On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.

Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.

On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.

Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.

A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.

Meanwhile, ETranzact led the  activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)

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Economy

Yuan Weakens to 7.1870 Against Dollar

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The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.

The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.
(Xinhua/NAN)

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Economy

Bring Kaduna Refinery Back into Operation, Youth Group Urges NNPCL

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Arewa Youths Initiative for Energy Reforms (AYIFER), has urged  Nigeria National Petroleum Corporation Limited (NNPCL)  to do everything possible to bring Kaduna Refinery back into operation.

National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.

Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.

He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.

“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.

“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.

“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.

Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.

According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.

He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)

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