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  •  The Federal Executive Council FEC has approved projects to shore up power supply across the country Minister of Power Abubakar Aliyu briefed State House correspondents after the Federal Executive Council FEC meeting presided over by Vice President Yemi Osinbajo on Wednesday at the Presidential Villa Abuja Aliyu said that the projects were aimed at strengthening hellip
    FEC approves projects to shore up power supply
     The Federal Executive Council FEC has approved projects to shore up power supply across the country Minister of Power Abubakar Aliyu briefed State House correspondents after the Federal Executive Council FEC meeting presided over by Vice President Yemi Osinbajo on Wednesday at the Presidential Villa Abuja Aliyu said that the projects were aimed at strengthening hellip
    FEC approves projects to shore up power supply
    General news4 days ago

    FEC approves projects to shore up power supply

    The Federal Executive Council (FEC) has approved projects to shore up power supply across the country.

    Minister of Power, Abubakar Aliyu, briefed State House correspondents after the Federal Executive Council (FEC) meeting presided over by Vice President Yemi Osinbajo on Wednesday at the Presidential Villa, Abuja.

    Aliyu said that the projects were aimed at strengthening the capacity of the Transmission Company of Nigeria(TCN) and shore up power supply in the country.

    “I presented two memos to council today which council has approved; the first memo council approved the award of contract for design supply and installation of 1x60MBA, 132×33 KV transmission substation with associated 4×132 KV line bay extension at Hong local government and Adamawa in the sum of N6.5 billion  consisting of two components one is offshore and onshore.

    “ The offshore is 6.9 million dollars and the onshore is N3.3 billion at the CBN prevailing exchange rate and 7.5 per cent VAT; the delivery period is 24 months.

    “This seeks to raise the capacity of the supply around that area and it’s going to affect so many towns and villages, there’s a very important local government headquarters around that area.

    “It is going to affect Song which is a local government headquarters in Adamawa state;  Gombi is also another local government headquarters;  Garkida town and then Hong.

    “Then Mudi, Woba, Michika, Madagari. There is an existing 132 that passes through this area; so, what we’re doing now is to drop a substation there.

    “The hope is by the time all these interventions we are making on the grid, reaches up to 11,000 or there about that it will be able to withstand and take it off;  so, this is the intervention.’’

    The minister said that the second memo also was to procure power transformers and associated spare parts for TCN to be deployed to six locations.

    “One is to Aiyede in Oyo; Offshore component 1.8 billion dollars, the onshore is N98 million.

    `The second one is Gusau in Zamfara; the third one is Kankia in Katsina state; the next one is Minna, Niger; then the fifth one is to Okearo in Ogun.

    “The sixth one is in Damaturu, Yobe; this one is very peculiar because as you may be aware, for over one year, Maiduguri has not been enjoying full electricity.

    “We were able to take electricity supply through an old line of 33 KV which we repaired and restored and were able to take 10 megawatts to Maiduguri over 130 kilometers on a 33 single circuit.

    “We restored that around three to four months or thereabout; so they are enjoying but very little;  by the time the electricity reaches Maiduguri, it will drop to six or seven megawatts because of losses along the way.’’

    Aliyu said that the 330 takes power to Maiduguri was vandalised by insurgents.

    He said that the ministry tried a number of times to restore it but the insurgents would go back and pull down the towers.

    “So, we now decided, in the main time to take electricity through the 33 KVA which they are enjoying but not as they may like it to be. It’s being rationed around the time.

    “So, we are currently procuring another 33 double circuit new one to Maiduguri along the same route.

    “So the idea is if someone tampers with it, it is easy to restore it within a day or two, unlike the bigger one which is the 330 which takes weeks or months to restore because it’s in the bush.

    “So, as it is now even the one that we have installed, we have been doing hide and seek, sometimes they will pull one two poles, we will repair and this is why we are doing this endeavour by the roadside; it is this to keep on restoring back.’’

    He said that, at present, the contractor has returned to restore the main line, 330 that was vandalised some time back.

    The minister said that, in order to have enough electricity for Damaturu and environs, from that substation Damaturu, and take some to Maiduguri, the project would boost the capacity of Damaturu substation.

    “So, the sixth one which  is at the cost of  6.7 million dollars while the local component is N1.3 billion for  the Damaturu upgrade injection transformer.

    “So, the total approved for these is the dollar component is 22. 6 million dollars and the naira component is N5.1 billion and the council graciously approved the two memos,’’ he said.

    NewsSourceCredit: NAN

  •  Gov Chukwuma Soludo of Anambra has warned that states may no longer pay their basic bills if they don t move away from FAAC based revenue to agriculture driven economy Soludo an erudite economist said this at a parley in Awka on the occasion of his 100 days in office He said the larger Nigerian hellip
    Soludo says Anambra diversifying to agric-driven economy
     Gov Chukwuma Soludo of Anambra has warned that states may no longer pay their basic bills if they don t move away from FAAC based revenue to agriculture driven economy Soludo an erudite economist said this at a parley in Awka on the occasion of his 100 days in office He said the larger Nigerian hellip
    Soludo says Anambra diversifying to agric-driven economy
    General news7 days ago

    Soludo says Anambra diversifying to agric-driven economy

    Gov. Chukwuma Soludo of Anambra has warned that states may no longer pay their basic bills if they don’t move away from FAAC-based revenue to agriculture driven economy.

     

    Soludo, an erudite economist, said this at a parley in Awka on the occasion of his 100 days in office.

     

    He said the larger Nigerian economy was facing dwindling fortune due to non contribution of the petroleum revenue, noting that the development was having negative effect on revenue accruing to states.

     

    “Since February this year, the share of oil in the revenue that comes to the Federal Government and States is zero, I saw the table, zero contribution from oil.

     

    “What we share now is revenue from customs duties, VAT and company tax and most states can not pay salary because there is no oil money,” he said.

     

    Soludo said his administration was already embarking on an aggressive agriculture-based economy.

     

    He recalled that the old Eastern Region experienced the highest economic prosperity when it was dependent on revenue from only palm oil.

     

    The Economist said Anambra had decided that on a permanent empowerment programme, it would give people palm and or coconut seedlings which they could start harvesting and making money in a maximum period of five years.

     

    “This is why we say we are going back to where Late M.I. Okpara stopped; he built Eastern Nigeria with money from palm oil.

     

    “Cities of Onitsha with the Main Market; Enugu, University of Nigeria, Nsukka; Port Harcourt, Calabar, Aba and the rest were built with palm; they were well planned with pipe borne water and electricity.

     

    “But all these were abandoned with the discovery of crude oil and revenue from it, but there is enormous room to maximise our potential in Palm production.

     

    “Malaysia came to Eastern Nigeria to collect samples of palm but today, their export of palm is far more than Nigeria is exporting in crude oil and today, we go to Malaysia to get improved seedlings that mature between 4-5 years.

     

    “A household that gets about 30 or 40 seedlings is out of poverty permanently; so the government wants to plant about one million seedlings every year for the next 10 years and if we achieve that, it will give us more revenue than FAAC and IGR,” he said.

     

    Soludo said the state would not borrow for consumption but would continue to take salary as given, noting that local government and state civil servant retirees were owed N14 billion and N7.6 billion in gratuity.

     

    “We will also ensure that pensioners who retired since 2018 are paid their gratuities.”

    NewsSourceCredit: NAN

  •  The Enugu Electricity Distribution Company EEDC and MOJEC International Ltd have partnered to close the metering gap in Enugu with the implementation of the Mobile Meter Asset Provider MAP programme The mobile MAP metering programme ensures prepaid meters are installed same day once a reimbursable payment is made after customer s provision of means of identification hellip
    EEDC, MOJEC partner to extend Mobile MAP metering in Enugu
     The Enugu Electricity Distribution Company EEDC and MOJEC International Ltd have partnered to close the metering gap in Enugu with the implementation of the Mobile Meter Asset Provider MAP programme The mobile MAP metering programme ensures prepaid meters are installed same day once a reimbursable payment is made after customer s provision of means of identification hellip
    EEDC, MOJEC partner to extend Mobile MAP metering in Enugu
    Economy7 days ago

    EEDC, MOJEC partner to extend Mobile MAP metering in Enugu

    The Enugu Electricity Distribution Company (EEDC) and MOJEC International Ltd. have partnered to close the metering gap in Enugu with the implementation of the Mobile Meter Asset Provider( MAP) programme.

    The mobile MAP metering programme ensures prepaid meters are installed same day once a reimbursable payment is made after customer’s provision of means of identification and electricity bill.

     

    Flagging off the programme on Sunday in Jubilee Estate, Enugu, the Managing Director of EEDC, Mr Praveen Chorghade, said that MAP was a metering intervention initiative introduced by the Nigerian Electricity Regulatory Commission (NERC).

     

    Chorghade said that the MAP metering allows meter manufacturers and meter vendors to meter customers while they pay for the meters.

     

    According to him, it is however designed in a way that customers will be reimbursed with the cost of the meter through energy credit, over a 36-installment period.

     

    “The need to close the existing metering gap in our network has necessitated our partnering MOJEC International Ltd. in our quest to ramp up our metering efforts and move away from the estimated billing and direct connection.

     

    “The introduction of this mobile MAP metering is a clear innovative improvement on the usual MAP meter process which takes up to 10 working days to meter a customer and cut down the process to an ‘Instant Meter Programme’, to enable EEDC to serve the customers with ‘meter at your door step’.

     

    “We have, therefore selected two locations in Enugu for the pilot of this exercise and we intend to extend the same to other locations within our coverage area, as a conscious way of migrating more of our customers from the estimated billing to the metered platform.

     

    “Today, we are at the Jubilee Estate to meter our customers residing at Upper Chime Avenue, New Haven and Premier Layout, and it will last till June 29.

     

    “Similarly, from June 30 to July 2, we shall be at the Trade Fair Complex Gate to meter customers of GRA Onitsha Road Feeder and Golf Estate.

     

    “All that the customers need to do to initiate the metering process is to simply present a copy of their bill and a valid means of identification, pay for the meter and once payment is confirmed, the meters will be installed for them the same day.

     

    “The Single-phase meter goes for N63, 061.27; while the Three-phase meter is N117, 910.69. These prices are all-inclusive of VAT,” he said.

     

    Speaking, the Group Managing Director of MOJEC International Ltd., Ms Chantelle Abdul, said that the company produces three million meters annual and was ready to close the metering gap in the South-East.

     

    Abdul said: “We are committed technically and financially to make this happen through the innovative Mobile MAP metering programme that have started in Enugu and will be spreading in the entire South-East.

     

    “EEDC remains a leading DisCo in provision of meters to its customers in the country and we commend the board and management of EEDC for being committed in ensuring Nigerians especially people of South-East are metered.”

     

    The Chairman of Electricity Committee of Jubilee Estate, Chief Dubem Okoye, thanked EEDC and MOJEC for making access to prepaid meters stress-free, protocol-free and timely for residents of the estate and its environs. (

    NewsSourceCredit: NAN

  •  Spanish govt looks to halve VAT on electricity as prices climb Spanish govt looks to halve VAT on electricity as prices climb VAT Madrid June 22 2022 The Spanish government is looking to offer new relief measures to ease the impact of surging inflation on citizens Prime Minister Pedro S nchez told parliament on Wednesday A hellip
    Spanish govt looks to halve VAT on electricity as prices climb
     Spanish govt looks to halve VAT on electricity as prices climb Spanish govt looks to halve VAT on electricity as prices climb VAT Madrid June 22 2022 The Spanish government is looking to offer new relief measures to ease the impact of surging inflation on citizens Prime Minister Pedro S nchez told parliament on Wednesday A hellip
    Spanish govt looks to halve VAT on electricity as prices climb
    Foreign2 weeks ago

    Spanish govt looks to halve VAT on electricity as prices climb

    Spanish govt looks to halve VAT on electricity as prices climb

    Spanish govt looks to halve VAT on electricity as prices climb

    VAT

    Madrid, June 22, 2022 The Spanish government is looking to offer new relief measures to ease the impact of surging inflation on citizens, Prime Minister Pedro Sánchez told parliament on Wednesday.

    A further reduction in the value-added tax (VAT) on electricity bills from 10 per cent to 5 per cent is planned, Sánchez said.

    This, along with other initiatives, are to be decided at a special Cabinet meeting set for Saturday.

    The left-wing minority government’s plan must also be approved by lawmakers.

    Sánchez appealed to the opposition to support the latest package “instead of complaining, instead of criticising.”

    He said his plan was “for the good of families, businesses and industry.”

    A year ago, Madrid reduced the VAT rate on electricity from 21 per cent to 10 per cent in response to rising energy prices.

    At the suggestion of Labour Minister Yolanda Díaz, the government is also now considering a special payment of €300 ($315) per person for all families who are in need.

    In addition, current relief measures to cushion the effects of the war in Ukraine and the rise in energy prices are to be extended by three months until Sept. 30.

    At the end of April, lawmakers in the Congress of Deputies approved that €16-billion plan by a narrow majority of 176 to 172.

    It included direct subsidies and tax breaks amounting to €6 billion as well as a further €10 billion in state-backed loans.

    YEE

    (

    NewsSourceCredit: NAN

  •  The economy of Guinea Bissau has recovered well from the Covid 19 pandemic Growth is projected to reach 3 8 percent in 2022 supported by continued strong performance of the cashew sector and a relatively stable political situation The successful completion of the Staff Supervised Program SMP reflects the authorities efforts to maintain sound fiscal management and build hellip
    IMF Management Completes Third Review of the Staff-Monitored Program and IMF Executive Board Concludes 2022 Article IV Consultation with Guinea-Bissau
     The economy of Guinea Bissau has recovered well from the Covid 19 pandemic Growth is projected to reach 3 8 percent in 2022 supported by continued strong performance of the cashew sector and a relatively stable political situation The successful completion of the Staff Supervised Program SMP reflects the authorities efforts to maintain sound fiscal management and build hellip
    IMF Management Completes Third Review of the Staff-Monitored Program and IMF Executive Board Concludes 2022 Article IV Consultation with Guinea-Bissau
    Africa2 weeks ago

    IMF Management Completes Third Review of the Staff-Monitored Program and IMF Executive Board Concludes 2022 Article IV Consultation with Guinea-Bissau

    The economy of Guinea-Bissau has recovered well from the Covid-19 pandemic. Growth is projected to reach 3.8 percent in 2022, supported by continued strong performance of the cashew sector and a relatively stable political situation; The successful completion of the Staff Supervised Program (SMP) reflects the authorities' efforts to maintain sound fiscal management and build a policy track record for an Extended Credit Facility (ECF) arrangement. in English); The authorities acknowledge that sustained economic growth over the medium term would benefit from additional governance reforms and economic diversification. Necessary actions include increasing social spending to address human capital needs, improving the regulatory environment, increasing access to financial services, removing infrastructural bottlenecks, and maintaining political stability.

    IMF management approved on May 25, 2022 the completion of the third and final review of the Guinea Bissau SMP [1] which was approved on July 19, 2021 to support an ambitious reform program aimed at stabilizing the economy, improving competitiveness and strengthening governance.

    The completion of the third and final review of the SMP builds on an overall satisfactory performance of the reform program despite the challenges caused by the COVID-19 pandemic and the increase in commodity prices associated with the war. in Ukraine. Most of the quantitative targets assessed at the end of March 2022 and the structural benchmarks were met.

    The authorities are committed to pursuing fiscal consolidation in line with the 2022 budget targets to continue to ensure overall debt sustainability. Combined with the successful completion of the SMP, this should provide strong backing for the authorities' reform agenda and help catalyze much-needed donor support. It is also essential to create more room to spend in growth-friendly areas such as education, physical infrastructure and health, including vaccination. The authorities are determined to curb the wage bill by ending the census of civil service personnel and tackling irregular hiring. There is also a need to mitigate fiscal risks stemming from state-owned companies, which could erode debt sustainability.

    Further addressing governance vulnerabilities and reducing corruption risks will strengthen economic policy and business confidence. Ongoing reforms aim to improve the transparency, accountability, and efficiency of public finances through better management of internal revenues and expenditures. A critical reform of the governance of public finances is the gradual establishment of a Single Treasury Account. The implementation of the modified asset declaration regime once approved by Parliament, and the strengthening of resources for the court of accounts, the financial intelligence unit and the public procurement authority could also be significant factors in improving the supervision of the governance.

    On June 17, 2022, the Executive Board of the International Monetary Fund (IMF) also concluded the 2022 Article IV consultation [2] with Guinea-Bissau.

    After years of political turmoil and delayed reforms, the authorities began to implement an ambitious fiscal consolidation and reform program in 2021 to ensure debt sustainability, create fiscal space to address development needs, and strengthen state capacity.

    Following modest GDP growth of 1.5% in 2020, growth is estimated to have accelerated to 5% in 2021 thanks to record cashew production, public investment in infrastructure, gradual lifting of COVID containment measures and an improvement in business confidence associated with a more stable political situation. Average inflation accelerated to 3.3% in 2021, reflecting price pressures on imported goods, especially food and fuel, due to global supply chain disruptions and rising fuel costs. Marine transport.

    Continued strong performance of the cashew sector and relatively stable political support for a moderate economic recovery this year, partially offsetting the effects of the COVID-19 pandemic and the increase in energy and food prices associated with the war in Ukraine. Growth is expected to slow to around 3.8 percent, while average inflation is expected to accelerate to 5.5 percent in 2022, reflecting new pressures on prices of imported goods, especially food. and fuels. The overall macroeconomic outlook is turning somewhat positive, but risks are tilted to the downside, including from the impact of the ongoing war in Ukraine and the upcoming national parliamentary elections.

    Executive Board Evaluation [3]

    Executive directors agreed with the thrust of the staff appraisal. They praised the authorities' implementation of their fiscal consolidation and reform program under the SMP, as well as their successful vaccination campaign, despite difficult conditions. Directors highlighted the critical role of the Rapid Credit Facility (RCF) and SDR allocation, supported by the SMP, in helping to address the adverse impact of the pandemic, improve spending transparency, and mitigate debt vulnerabilities. They stressed the need to maintain fiscal consolidation and accelerate reforms, including in governance, to promote inclusive growth and diversification. Directors recommended being prepared to implement additional measures should downside risks materialize, including those of a protracted pandemic, food inflation and climate shocks. They welcomed the authorities' request for an ECF arrangement to continue to support the government's reform agenda and catalyze much-needed donor support.

    Noting the country's debt vulnerabilities, limited fiscal space, and large development needs, Directors stressed the importance of revenue mobilization, control of non-priority spending, and reliance on grants and highly concessional loans to support social and infrastructure spending. In this regard, they welcomed measures to control the wage bill and mobilize additional tax revenue, including recent revisions to the general tax code and VAT statute, and the planned removal of distorting tax exemptions and reform of the tax regime. about rent. Directors encouraged the authorities to continue with tax administration and public financial management reforms to support efficient and transparent management of public resources. Strengthening debt management is also important to avoid the accumulation of new arrears, while improving the governance of the state utility company is essential to mitigate fiscal risks.

    Directors underscored the importance of fostering financial intermediation to fuel growth. To this end, they called for steps to promote financial inclusion and manage vulnerabilities in the banking sector, including by addressing non-performing loans and devising a viable decoupling strategy from the large undercapitalized bank.

    Directors called for swift implementation of reforms to improve the business climate, governance, and transparency. They welcomed the authorities' commitment to publish audits of pandemic-related spending and public procurement contracts, and the modification of the legal framework for procurement. Directors encouraged the authorities to implement the new asset disclosure regime and increase resources for the court of accounts, the financial intelligence unit, and the public procurement authority. They also called for strengthening the AML/CFT framework and general data provision.

    The next Article IV consultation with Guinea-Bissau is expected to take place on the standard 12-month cycle.