NEWS
Newly Approved Tariff to Reduce Subsidies for 2024 by NI.14 Trn-NERC
The Nigerian Electricity Regulatory Commission (NERC), says the newly approved tariff is expected to reduce subsidies for the 2024 fiscal year by about N1.14 trillion.
Mr Musliu Oseni, the Vice Chairman, NERC said this in a statement in Abuja on Wednesday.
”With the newly approved tariffs, subsidies for the 2024 fiscal year are expected to reduce by about NGN1.
14 trillion in furtherance of the Federal Government’s realignment of the subsidy regime. ”’he said.Oseni said that the Federal Government had indicated a transition in policy direction towards introducing a more targeted subsidy regime aimed at mitigating the impact of changes in macroeconomic parameters
”While largely protecting vulnerable customers and fostering investments targeted at providing efficient service delivery in the Nigerian Electricity Supply Industry (NESI),” he said.
According to him, the commission conducted a thorough review of the tariff applications submitted by the 11 Electricity Distribution Companies (DisCos) in line with the processes established in its regulations and business Rules.
He said that the review process was preceded by an analysis of the performance improvement plans of the licences and included a public hearing during which interested stakeholders and intervenors examined the rate filing submitted by the public utilities.
”The overarching objective of the commission in the consideration of the tariff application is the creation of a financially sustainable electricity market providing adequate and reliable power supply to drive the Nigerian economy.
”The commission, upon due consideration of the tariff applications, has approved revised rates affecting only customers classified under Band Serv category which is about 15 per cent of the customer population,”he said.
Oseni said that empirical service data had confirmed that this class of customers had truly received the committed level of service.
He said that under the revised tariff order issued by the NERC, DisCos were under an obligation to provide customers classified under B and A service category a minimum average supply of 20 hours a day measured over a period of one week.
”All other customers under B to E service category and representing 85 per cent of customers population will not be affected by the current review of end-users tariffs.
”All DisCos have been provided with mandatory targets for investments and migration of more customers to B.
”The commission has established a robust monitoring framework leveraging on technology to ensure that the public has visibility of the service covenant with their service providers,”he said.
Oseni said that an enforcement and compensation mechanism had also been established in the event of service failure.
”We wish to assure all Nigerians that the commission working in collaboration with the policymakers remains committed towards providing adequate and reliable electricity to all citizens.
”This is as we work diligently with state governments to deliver on the gains of the Electricity Act 2023.,”he said. (NAN)
Gov. Monday Okpebholo of Edo has ordered immediate freezing of all the state bank accounts until further notice.Okpebholo gave the directive in a statement issued by his Chief Press Secretary, Mr Fred Itua, on Thursday in Benin.He warned that non-compliance by commercial banks as well as heads of ministries, departments and agencies (MDAs) would result in severe penalties.
“All bank accounts in all commercial banks are now frozen. Commercial banks must ensure strict adherence and prevent any withdrawal from government accounts until further notice,” the statement said. Okpebholo stated that necessary investigations and financial reconciliations would determine subsequent actions.He also ordered the reversal of the Ministry of Roads and Bridges to the old Ministry of Works with immediate effect.The governor cited what he called lack of completed bridges or significant road projects as a justification for changing the ministry of roads and bridges back to ministry of works.“It is ironic that despite its name, the ministry did not construct a single bridge, not even a pedestrian one,” he said.The governor directed immediate implementation and reflection of the new name across official documents and platforms. (NAN)
The Nigerian National Petroleum Company Ltd. (NNPC Ltd.) says it has achieved 1.8 million barrels per day crude production following continuous dislodgement of pipeline vandals and crude oil thieves.Mr Lawal Musa, Chief Production War Room Officer, NNPC Ltd., said this on Thursday in Abuja during a briefing on NNPC Ltd.
production.Musa, who is also the Senior Business Advisor to Malam Mele Kyari, Group Chief Executive Officer (GCEO), NNPC Ltd. , said that the achievement was based on the collaboration between the leadership of NNPC, stakeholders and security agencies. “We achieved this because of the clear mandate by President Bola Tinubu to ramp up crude oil production in the country,” Musa said. (NAN)
The Economic and Financial Crimes Commission (EFCC) has admitted the co-defendants in alleged money laundering charge filed against the immediate-past Governor of Kogi, Alhaji Yahaya Bello, to administrative bail.EFCC’s counsel, Jamiu Agoro, informed Justice Maryann Anenih of an Abuja High Court on Thursday upon resumed hearing in the charge.
The former governor, alongside Umar Oricha and Abdulsalami Hudu, are being prosecuted as 1st to 3rd defendants, respectively, in a fresh 16-count charge instituted against them by the anti-graft agency. Agoro also sought for adjournment in the fresh case the EFCC instituted against the ex-governor, saying the 30-day window was still running for the summons earlier issued. running.The EFCC, however, said, it admitted Bello ‘s alleged co-defendants, Umar Oricha and Abdulsalami Hudu, to bail and prayed the court for extension of time for the Bello to appear.At the resumed hearing before Justice Maryann Anenih , Counsel for EFCC, Jamiu Agoro, said the order of the court, given on Oct 3 had not elapsed.“In that wise, we feel it will not be appropriate for us to take proceedings while that 30 days is still running.” So we have discussed and agreed to come back on the Nov 27,” he told the court.He also noted that the Nov 20 date earlier given was not convenient for the Prosecution counsel.Counsel to the 2nd Defendant, Aliyu Saiki, SAN, confirmed that his client had been granted administrative bail by the Prosecution.He said he had no objection to the application for adjournment.The 3rd Defendant’s Counsel, ZE Abass, concurred also.The prosecution Counsel also asked the court to grant an application to paste the notice of hearing on the last known address of the former governor.After listening to all counsel, the judge granted the EFCC’s application for adjournment, including the hearing notice.“I have considered the application for adjournment by the complainant and issuance of hearing notice and the submission by the 2nd and 3rd Defendants. The application is granted,” she said.Justice Anenih thereby adjourned the case until Nov 27.Report says that Justice Anenih had on Oct. 3, 2024 issued a public summon against Bello following his absence in a fresh arraignment on 16-count charges preferred against him by the EFCC.Justice Anenih issued the summon in a ruling following an ex parte application by EFCC counsel, Rotimi Oyedepo, SAN praying the court to grant leave that Bello should be served the charge via substituted means.The court ordered that the charge should be served on Bello at his known residence, No 4, Bengazi Street, Maitama, Abuja, through a public summons to be published in widely circulated national newspapers and also pasted within the premises of the court.(NAN)
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