BUSINESS
We’re Resolving Right-of-way Issues Hindering Power Projects- Minister
Minister of Power, Alhaji Abubakar Aliyu, says the federal government is making “significant progress” in resolving right-of-way (RoW) issues to ensure timely completion of power projects. Aliyu spoke in Abuja at an interactive session on “Frequent National Grid collapse”, with the senate committee on power and critical stakeholders.
As at January 2020, 14 states reportedly hiked RoW charges.
The RoW charge is the levy paid to state governments for laying of optic fibre on state roads. He also said the federal government is working towards improving the reliability of the nation’s power grid.The national electricity grid suffered a system collapse three times between March and April 2022, leading to power outages across the country.
According to him, the country has witnessed improvement in the grid stability over the years.“For example in 2017, we had 15 total collapse incidents, in 2018, we had 12, in 2019, we had nine in 2020, we had four and in 2021, two,” NAN quoted the minister as saying. “This year, we have had three collapses due to severe disturbances on the grid.”
The minister explained that system collapse usually occurred when there were imbalances between the connected generation, transmission and distribution network. He, however, said the government was doing everything within its power to ensure that the country had a reliable grid.
“This administration has invested huge sums to see that Nigeria has a stable, reliable grid transporting quality power,” he added. “Another challenge we are having are issues of right-of-way across various states.
“Just recently, I raised this issue with the governors during one of their meetings. I am pleased to inform you that we are making significant progress. “I am pleased to inform you that we are making significant progress.
“Once we fully execute these projects across the states, coupled with the efforts we are making to increase operational capacity, we can assure you that we will have a strengthened and reliable grid.”
Earlier, Gabriel Suswam, chairman of the senate committee on power, said he was concerned about the collapse of the grid which started in March and has been recurring. “There are different explanations from the different parastatals and the ministry. Nobody knows what the problems are,” he said. “Nigerians have been subjected to very high epileptic service of power. The tariff has not abated, rather, we hear rumours of tariff increase when people are not getting the energy they are paying for.”
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)
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)
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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