Connect with us

NEWS

IBEDC to Invest N91bn to Improve Network, others in 5 years

Published

on

Share


The management of Ibadan Electricity Distribution Company (IBEDC) says it plans to invest N91 billion to improve network, meter customers and automate operations in the next five years.

Mr John Ayodele, the Chief Operating Officer of the company, disclosed this at a media interactive session on Tuesday in Ibadan.

Ayodele said the sum of N18.

2 billion would be invested on network expansion in 2021, adding that 530 distribution transformers, 112 substations and 645km feeders had been installed in the last two years.

He identified energy theft and vandalism as the major challenges facing in the company, noting that over N200 million was being lost annually and about 122 incidences recorded in 2020.

He said that over 15,032 captured cases of energy theft were recorded from January to July 2021, while seven of every 10 new meters installed were bypassed in the first week of installation.

“Ministry, Department and Agencies (MDAs) are owing the company over N8.5 billion as at 2020, while none MDAs customers that make up 95 per cent of IBEDC customer base, do not pay their bills fully, even those that are metered.

“Thus, discos losses make it difficult for investors, both local and foreign to invest in the industry,” he said.

Ayodele said the company planned to reduce its Aggregate Technical and Commercial Collection Losses (ATC &C) from 56 per cent to 18.6 per cent.

He said the company also planned increased energy supplies across its network from 3,986 GWh/year in 2000 to 5,267 GWh/year by December 2022.

On collection, Ayodele said the company lost over N56.1 billion incurred in 2020 on energy alone without other costs like salaries, operating expenses, among others.

He said over 103,994 prepaid meters were planned to be deployed in 2021, while 35,270 and 23,405 meters were deployed in 2020 and 2019, respectively.

He said a total of 80,122 meters under National Mass Metering Programme (NMMP) had been installed, while 766,053 meters had been deployed since inception.

“From 2017 to 2020, IBEDC performed the Asset and Customer Enumeration (ACE) exercise to correctly capture the active consumer base and integrate assets register and customer data to enhance service delivery.

“Since 2015, IBEDC has partnered with AMPAK to achieve ISO45001:2018 certification, while in 2019, IBEDC also achieved a milestone of 365 days lost time injury, translating to 1.6 million safe man-hours.

“IBEDC has rehabilitated 39 dilapidated injection substations; replaced two failed power and 381 distribution transformers; added 2,632 distribution substations; reconstructed six new 33kv and six new 11 kv outgoing feeders.

“We also rehabilitated 22 high tension and 52 low tension overhead lines,” he said.

Ayodele said the company budgeted about N310 million in 2021 on health, safety, environment and scale up to ensure safety of customers and employees.

IBEDC network covers Oyo, Ogun, Osun, Kwara and parts of Niger, Ekiti and Kogi States. (NAN)

NEWS

Yuletide: Bode George Urges Tinubu to Reduce Petrol Price

Published

on

Share

Chief Bode George, a former Deputy National Chairman of the Peoples Democratic Party (PDP), has urged President Bola Tinubu to reduce the price of petrol   to N300 per litre ,to make things easy for Nigerians during the festive season.

George, the Atona Oodua of Yorubaland, made this plea at an interactive session with newsmen on Wednesday in Lagos.

The price of Premium Motor Spirit, popularly known as petrol, is currently above N1,000 per litre.

According to the elder statesman,Nigerians  are going through hardship, the President should give an order to reduce fuel price, specifying time frame the people will enjoy such window of relief.

He said that the federal government as well as well- meaning individuals and businesses could bear the cost of such price slash , to bring happiness to all Nigerians.

The PDP leader, who noted that December and January are  special months , said that such gesture could start from the  middle of December and run through January.

“I have been thinking, as a Nigerian, what can we do because the anger and the hunger are almost equal on the streets of Nigeria.

“What am I suggesting is that Mr President should sit down with his managers and give an order that from the middle of December to the end of January, the cost of petrol will be N300 per litre.

“The government can absorb the losses in the interest of the suffering people.

“If they (government) want others to contribute, let us know how much that is going to cost and ask people to donate, to bear the cost.

“We will be sending a lot of messages of happiness across the tribes and homes.

“Everybody in Nigeria will be happy because it will positively impact on this period of the year. It is a challenge and he (Tinubu) can do it.

“We need this in this December and January to put smiles on the faces of Nigerians, ” George, a PDP Board of Trustees (BOT) life member, said.

Advising the President to take further measures to bring relief to the people, he said that the gesture would crash prices of essential commodities and services for the benefit of all .

He said that government’s efforts should be concentrated on reducing high inflation rate, unemployment, poverty and youth restlessness  in order to create a better future for Nigerians

Speaking on the recent presidential election in Ghana, George noted that Nigeria’s electoral system  needed reforms to guard against electoral frauds and manipulations.

According to him, the nation will continue to grope for development if the system fails to encourage best candidates  to emerge.

Stating that election must reflect the wishes of the people and be devoid of  religious and tribal sentiments, George said that Ghana election should be a wake up call for Nigeria.

“INEC performance must improve. The commission must make sure that the voice of the people is  heard in elections.

“Electoral offenders should be made to face the music and sent to jail. We must be very firm about due process, credibility and transparency in elections,” he said.

Urging the President to revisit resolutions in the 2014 Constitutional Conference, George said that the current constitution was not federal in principle and practice.

“We should not deceive ourselves, the constitution is a problem. It is a military constitution, it is not democratic,” he said.

George called on the National Assembly to ensure devolution of powers and electoral reforms that would do away with manual collation of election results and mandate electronic transmission of election results from polling units.

George disagreed with political watchers saying no  vacancy in  presidency in 2027.

On the dwindling strength of the former ruling party, George, who noted that all organisations had its ups and downs, said that selfish interests and disregard for  party rules remained PDP’s major challenge.

He said that PDP could bounce back and win presidential election if the leadership decided to elevate national interest above selfish interests and adhere to the party’s constitution.

“We will tell ourselves some serious old truth. We messed ourselves  up. ” he said.

Stating, however, that the PDP was not dead, George said that lack of justice, equity, fairness and the inability to adhere to the  party’s zoning and rotational principle cost the party victory in 2023.

Calling on the party’s founding fathers alive to wake up and rescue the party, George said that Nigerians were still waiting for the former ruling party to take over power and put things right. (NAN)

Continue Reading

NEWS

Tinubu Set for Groundbreaking of Renewed Hope City in Lagos 

Published

on

Share

President Bola Tinubu, is set to perform the  groundbreaking of 2,000 housing units of the Renewed Hope City in Ibeju Lekki, Lagos, in the next few weeks.

Mr Ahmed Dangiwa, Minister of Housing and Urban Development, announced this during an official assessment visit, on Wednesday in Lagos

Dangiwa said Lagos would represent the South-west, while the president would do that of the North-West in Kano, before doing that of the four other regions.

“Arrangements is already on ground, we have gotten sites, and work has commenced for 2000 houses in the Renewed Hope City that we intend to build in Ibeju-Lekki,” he said.

Towards achieving the set goal, the minister said the visiting team also paid a courtesy visit to Gov.

Babajide Sanwo-Olu to discuss area of collaboration between the federal and state governments.

He disclosed that the federal and Lagos state governments had agreed to set up a Tripartite committee and ensure all the issues of concerns between the parties were resolved amicably for the benefit of all.

Earlier, the Minister embarked on an assessment visit of deplorable Federal Government buildings and assets across Lagos state in a bid to commence rehabilitation on them in a few months.

Dangiwa said the rehabilitation was necessary as the deplorable buildings posed a challenge and security concerns to the Lagos state government. (NAN)

Continue Reading

NEWS

Gov. Alia Presents N550.1bn as 2025 Budget Estimate to Benue Assembly 

Published

on

Share

Gov. Hyacinth Alia on Wednesday presented the sum of N550.1bn as the 2025 appropriation bill to the Benue State House of Assembly for consideration and passage into law.

Alia told the lawmakers that out of the total budget size, N175.4 billion is for recurrent expenditure while the N374.

7 billion is for capital expenditure.

The governor said that the total estimate represented a 47.

5  per cent increment over the 2024 revised and approved figure of N373 billion.

He stated that the appropriation bill tagged “Budget of Human Capital Development, Food Security, and Digital Economy” was to consolidate the gains made in 2024.

Alia further explained that the proposed recurrent expenditure of N175.

4 billion was 13.55 per cent higher than the previous year.

According to him, budgeted capital expenditure of N374.7 billion represents a 71.5 per cent increment on the 2024 revised capital expenditure.

“The budget breakdown indicated that the sum of N212.2 billion, representing 38.52 per cent is for administration; N196.6 billion, representing 35.68 per cent is for the economy; law and justice will take N26.6 billion, representing 4.84 per cent while social welfare will gulp N115.5 billion, representing 20.96 per cent.

“We have the vision. We have the will. And most importantly, we have the people ready to work alongside us to turn this vision into reality.

“Together, we will build a state where every citizen has the opportunity to succeed, where food is plentiful, and where the digital economy opens new frontiers of opportunity for all,” he said.

The governor said the intention of the government was to stay within the limits of its recurring revenue to build the state without accruing unnecessary debts for generations unborn.

He, however, said that since the 2025 budget was a deficit one, it proposed a borrowing plan of a conservative sum of N26bn, representing a modest 4.7 per cent of the proposed aggregate expenditure for 2025.

“This is lower than the state’s debt-to-GDP ratio of 8.2 per cent which is within the benchmark of the 25 per cent debt sustainability threshold.

“Despite these favourable debt ratios, I want to reiterate that borrowing will only be considered as a last resort and for regenerative investment purposes,” he added.

Alia stated that the problem of Internally Displaced Persons (IDPs) remained a challenge, adding that they have reasonably improved their living conditions.

He said the Bureau of International Cooperation and Development has elicited substantial grants from donors, totalling N85bn. (NAN)

Continue Reading

Read Our ePaper

Top Stories

NEWS11 hours ago

Yuletide: Bode George Urges Tinubu to Reduce Petrol Price

ShareChief Bode George, a former Deputy National Chairman of the Peoples Democratic Party (PDP), has urged President Bola Tinubu to...

NEWS11 hours ago

Tinubu Set for Groundbreaking of Renewed Hope City in Lagos 

Share President Bola Tinubu, is set to perform the  groundbreaking of 2,000 housing units of the Renewed Hope City in...

NEWS11 hours ago

Gov. Alia Presents N550.1bn as 2025 Budget Estimate to Benue Assembly 

ShareGov. Hyacinth Alia on Wednesday presented the sum of N550.1bn as the 2025 appropriation bill to the Benue State House...

NEWS11 hours ago

Tax Bills: NASS will not Betray the Trust of Nigerians, says Akpabio

Share The President of the Senate, Sen. Godswill Akpabio, says the National Assembly will prioritise the interest of all Nigerians...

NEWS11 hours ago

Alia Has Demonstrated Capacity, Courage to Entrench Good Governance—Speaker 

Share The Speaker, Benue Assembly, Mr Hyacinth Dajo, has said that Gov. Hyacinth Alia has so far demonstrated capacity, courage,...

Economy11 hours ago

Investors Gain N183bn on NGX

Share The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion. Accordingly, the market capitalisation, which...

NEWS11 hours ago

Energy, Solid Minerals Top Priority, Tinubu Tells German Businessmen

Share President Bola Tinubu, on Wednesday, assured the German government and businessmen of Nigeria’s preparedness to expand frontiers for investors...

NEWS11 hours ago

Nigerian Who Wrote WASSCE 17 Times Bags Distinction from London School 

Share Dr Emmanuel Ahmadu, a Nigerian who wrote the West Africa School Senior Certificate Education 17 times, has earned a...

POLITICS11 hours ago

INEC Staff Welfare Association Warns Members Against Manipulating Election Results

Share The Abia Chapter of the INEC Staff Welfare Association (ISWA) has warned its members to uphold the integrity of...

NEWS12 hours ago

Bill for Compulsory Counselling, Training of Convicts Scales 2nd Reading

ShareA bill to amend the Corrupt Practices and Other Related Offences Act, 2000, has successfully passed its second reading in...

Copyright © 2021 Daily Asset Limited | Powered by ObajeSoft Inc