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  •  Nigerians are soon to start paying 12 5 per cent tax on telecommunications services as the Federal Government plans to implement five per cent inclusive excise duty on telecommunications services in Nigeria The Minister of Finance Budget and National Planning Mrs Zainab Ahmed said this at a stakeholders forum on implementation of excise duty on telecommunications services in Nigeria on Thursday in Abuja The event was organised by the Nigerian Communications Commission NCC The News Agency of Nigeria reports that the five per cent will be added to the already existing 7 5 per cent Value Added Tax VAT on telecommunications services Zainab who was represented by the Assistant Chief Officer of the Ministry Mr Frank Oshanipin said the five per cent excise duty had been in the finance Act 2020 but was not implemented She said the delay on its implementation was as a result of government engagement with stakeholders Payments are to be made on monthly basis on or before 21st of every month The duty rate was not captured in the Act because it is the responsibility of the President to fix rate on excise duties and he has fixed five per cent for telecommunication services which include GSM It is public knowledge that our revenue cannot run our financial obligations so we are to shift our attention to non oil revenue The responsibility of generating revenue to run government lies with us all she said Mr Gbenga Adebayo Chairman Association of Licensed Telecom Owners of Nigeria ALTON said the burden would be on telecommunications consumers It means that subscribers will now pay 12 5 per cent tax on telecom services we will not be able to subsidise the five per cent excise duty on telecom services This is as a result of the 39 multiple taxes we already paying coupled with the epileptic power situation as we spend so much on diesel he said Meanwhile the President of the Association of Telecommunications Companies of Nigeria ATCON Dr Ikechukwu Nnamani said the five per cent excise duty on telecom services did not conform with present realities Nnamani was represented by the Executive Secretary Mr Ajibola Alude He said that the state of the industry was bleeding and suggested that the five per cent excise duty be stepped down as it could lead to job losses t is not well intended because the industry is not doing well currently he said The Controller General of the Nigerian Customs NCS retired Col Hameed Ali who was represented by the Assistant Controller Mrs Lami Wushishi said all active telecom service providers would pay the five per cent excise duty Executive Secretary ALTON Mr Gbolahan Awonuga said the five per cent excise duty was not healthy for the industry Awonuga said that the telecom service providers were already paying two per cent of their annual revenue to the NCC We pay two per cent excise duty to NCC from our revenue 7 5 per cent VAT and other 39 taxes We are going to pass it to the subscribers because we cannot subsidise it he said The Executive Vice Chairman of the NCC Prof Umar Danbatta in his remarks said the excise Duty was to have been implemented as part of the 2022 fiscal policy measures Danbatta said the industry had considered the earlier scheduled commencement date of June 1 inadequate and duly took this up with the Federal Government He said the NCC had engaged with the federal ministry of finance the Nigerian customs service and consultants from the World Bank to get needed clarifications These engagements enabled us to better understand the objectives and proposed implementation mechanisms of the excise duty We consider it imperative that these implementing agencies should also meet directly with telecoms industry stakeholders to address areas of concern As the regulator of the telecoms industry we are responsible for ensuring that industry stakeholders understand their fiscal and other obligations so that they can maintain full compliance with government policy he said He added that the excise duty covered both pre paid and post paid telecommunications services NewsSourceCredit NAN
    FG sets to implement 5% excise duty on telecom services
     Nigerians are soon to start paying 12 5 per cent tax on telecommunications services as the Federal Government plans to implement five per cent inclusive excise duty on telecommunications services in Nigeria The Minister of Finance Budget and National Planning Mrs Zainab Ahmed said this at a stakeholders forum on implementation of excise duty on telecommunications services in Nigeria on Thursday in Abuja The event was organised by the Nigerian Communications Commission NCC The News Agency of Nigeria reports that the five per cent will be added to the already existing 7 5 per cent Value Added Tax VAT on telecommunications services Zainab who was represented by the Assistant Chief Officer of the Ministry Mr Frank Oshanipin said the five per cent excise duty had been in the finance Act 2020 but was not implemented She said the delay on its implementation was as a result of government engagement with stakeholders Payments are to be made on monthly basis on or before 21st of every month The duty rate was not captured in the Act because it is the responsibility of the President to fix rate on excise duties and he has fixed five per cent for telecommunication services which include GSM It is public knowledge that our revenue cannot run our financial obligations so we are to shift our attention to non oil revenue The responsibility of generating revenue to run government lies with us all she said Mr Gbenga Adebayo Chairman Association of Licensed Telecom Owners of Nigeria ALTON said the burden would be on telecommunications consumers It means that subscribers will now pay 12 5 per cent tax on telecom services we will not be able to subsidise the five per cent excise duty on telecom services This is as a result of the 39 multiple taxes we already paying coupled with the epileptic power situation as we spend so much on diesel he said Meanwhile the President of the Association of Telecommunications Companies of Nigeria ATCON Dr Ikechukwu Nnamani said the five per cent excise duty on telecom services did not conform with present realities Nnamani was represented by the Executive Secretary Mr Ajibola Alude He said that the state of the industry was bleeding and suggested that the five per cent excise duty be stepped down as it could lead to job losses t is not well intended because the industry is not doing well currently he said The Controller General of the Nigerian Customs NCS retired Col Hameed Ali who was represented by the Assistant Controller Mrs Lami Wushishi said all active telecom service providers would pay the five per cent excise duty Executive Secretary ALTON Mr Gbolahan Awonuga said the five per cent excise duty was not healthy for the industry Awonuga said that the telecom service providers were already paying two per cent of their annual revenue to the NCC We pay two per cent excise duty to NCC from our revenue 7 5 per cent VAT and other 39 taxes We are going to pass it to the subscribers because we cannot subsidise it he said The Executive Vice Chairman of the NCC Prof Umar Danbatta in his remarks said the excise Duty was to have been implemented as part of the 2022 fiscal policy measures Danbatta said the industry had considered the earlier scheduled commencement date of June 1 inadequate and duly took this up with the Federal Government He said the NCC had engaged with the federal ministry of finance the Nigerian customs service and consultants from the World Bank to get needed clarifications These engagements enabled us to better understand the objectives and proposed implementation mechanisms of the excise duty We consider it imperative that these implementing agencies should also meet directly with telecoms industry stakeholders to address areas of concern As the regulator of the telecoms industry we are responsible for ensuring that industry stakeholders understand their fiscal and other obligations so that they can maintain full compliance with government policy he said He added that the excise duty covered both pre paid and post paid telecommunications services NewsSourceCredit NAN
    FG sets to implement 5% excise duty on telecom services
    General news4 months ago

    FG sets to implement 5% excise duty on telecom services

    Nigerians are soon to start paying 12.

    5 per cent tax on telecommunications services as the Federal Government plans to implement five per cent inclusive excise duty on telecommunications services in Nigeria.

    The Minister of Finance Budget and National Planning, Mrs Zainab Ahmed, said this at a stakeholders’ forum on implementation of excise duty on telecommunications services in Nigeria on Thursday in Abuja.

    The event was organised by the Nigerian Communications Commission (NCC) The News Agency of Nigeria reports that the five per cent will be added to the already existing 7.

    5 per cent Value Added Tax (VAT) on telecommunications services.

    Zainab, who was represented by the Assistant Chief Officer of the Ministry, Mr Frank Oshanipin, said the five per cent excise duty had been in the finance Act: 2020 but was not implemented.

    She said the delay on its implementation was as a result of government engagement with stakeholders.

    “Payments are to be made on monthly basis, on or before 21st of every month.

    “The duty rate was not captured in the Act because it is the responsibility of the President to fix rate on excise duties and he has fixed five per cent for telecommunication services which include GSM.

    “It is public knowledge that our revenue cannot run our financial obligations, so we are to shift our attention to non oil revenue.

    “The responsibility of generating revenue to run government lies with us all,” she said.

    Mr Gbenga Adebayo, Chairman, Association of Licensed Telecom Owners of Nigeria (ALTON) said the burden would be on telecommunications consumers.

    “It means that subscribers will now pay 12.

    5 per cent tax on telecom services, we will not be able to subsidise the five per cent excise duty on telecom services.

    “This is as a result of the 39 multiple taxes we already paying coupled with the epileptic power situation as we spend so much on diesel,” he said.

    Meanwhile, the President of the Association of Telecommunications Companies of Nigeria, (ATCON), Dr Ikechukwu Nnamani, said the five per cent excise duty on telecom services did not conform with present realities.

    Nnamani was represented by the Executive Secretary, Mr Ajibola Alude.

    He said that the state of the industry was bleeding and suggested that the five per cent excise duty be stepped down as it could lead to job losses.

    “t is not well intended, because the industry is not doing well currently,” he said.

    The Controller General of the Nigerian Customs (NCS), retired Col. Hameed Ali, who was represented by the Assistant Controller, Mrs Lami Wushishi, said all active telecom service providers would pay the five per cent excise duty.

    Executive Secretary ALTON, Mr Gbolahan Awonuga, said the five per cent excise duty was not healthy for the industry.

    Awonuga said that the telecom service providers were already paying two per cent of their annual revenue to the NCC.

    “We pay two per cent excise duty to NCC from our revenue, 7.

    5 per cent VAT and other 39 taxes.

    “We are going to pass it to the subscribers because we cannot subsidise it,” he said.

    The Executive Vice Chairman of the NCC, Prof. Umar Danbatta, in his remarks, said the excise Duty was to have been implemented as part of the 2022 fiscal policy measures.

    Danbatta said the industry had considered the earlier scheduled commencement date of June 1, inadequate and duly took this up with the Federal Government.

    He said the NCC had engaged with the federal ministry of finance, the Nigerian customs service and consultants from the World Bank to get needed clarifications.

    “These engagements enabled us to better understand the objectives and proposed implementation mechanisms of the excise duty.

    “We consider it imperative that these implementing agencies should also meet directly with telecoms industry stakeholders to address areas of concern.

    “As the regulator of the telecoms industry, we are responsible for ensuring that industry stakeholders understand their fiscal and other obligations, so that they can maintain full compliance with government policy’,” he said.

    He added that the excise duty covered both pre-paid and post-paid telecommunications services.


    NewsSourceCredit: NAN

  •   This September the main stakeholders in the energy sector from the African continent will gather at the world renowned CICAD headquarters in Dakar for the MSGBC Oil Gas amp Power Conference 2022 However despite the headline appearances the programming for the pivotal event remains strongly rooted in Africa s energy transition complemented by elements of local content economic diversification and universal access to power Just three months later the continent s heads of state will meet in Egypt for COP27 knowing that their respective nations will be in the spotlight and that commitments from last year s COP26 still limit warming to 2 4 degrees which which represents an annual loss of 5 to the GDP of these African nations So as we approach the end of this pivotal year here s what you need to know about Africa s key position and leadership in the global energy transition and the transformative effect this change is having on the continent First we look at investment the latest differentiator in climate action and Africa s historic stumbling block in development but now a well of fresh innovation To date the continent continues to attract just 3 of climate finance from the global private sector yet the African Development Bank estimates that African countries Nationally Determined Contributions to mitigate climate change require significant investment of more than 3 trillion dollars by 2030 How will this be achieved Through local incentives combined with globalization In 2020 Senegal eliminated all VAT on solar panels and associated technologies The following year its adoption of solar power peaked passing a 1 3 share of renewables in its power grid Last year Mauritania signed two memorandums of understanding with global transition energy mega companies Chariot and CWP In doing so it unlocked some 43 5 billion in foreign direct investment creating 40 GW of renewable energy And with Senegalese President HE Macky Sall flaunting the title of chairman of the African Union this year foreign heads of state are flocking to West Africa By attracting global funders from across Africa Europe Asia the Americas Australia and the Middle East MSGBC 2022 has the power to leverage green energy funding from the MSGBC basin and the African continent for adoption ahead of COP27 Next we look at energy access an area where a strong recovery and ecological transition has enabled each of the MSGBC Basin nations to commit to universal electrification goals by 2025 or 2030 raising thousands of million dollars of public capital for the cause Here diversification is key gas supports a backbone power network while being supplemented by a more variable but ever increasing share of solar and wind power Next year Senegal expects 9 billion in gas developments to come online generating power generation potential of up to 840MW Solar and wind potential are each in the hundreds of gigawatts MSGBC 2022 will feature several highly anticipated sessions that will follow the region s key energy transition innovators and megaprojects to this end providing not only funding opportunities but also strategic insight from the field with speakers from the ministries and heads of state of the featured basin Last but not least along with world class natural resource reserves and smart investment strategies the advantage of Africa s energy transition stems from simple political will The Glasgow COP26 agreed to an annual global climate finance target of 100 billion 20 billion more than is currently being achieved However African negotiators called for a target of 700 billion acknowledging the need for urgent action For perspective the humanitarian crisis of the COVID 19 pandemic saw around 25 billion raised worldwide to help control and flatten the curve Renewables are already the main source of electricity for almost half of Africa and as a result the continent that is home to 17 of the world s population generates just 4 of global emissions The fact is that renewable energy generates better returns for communities and economies and the African continent uniquely recognizes this striving to reach ambitious adoption targets ahead of the SDGs and driving green development with a glocal model According to the United Nations Economic Commission for Africa investment in green sectors mainly energy but also climate smart agriculture and ecotourism produces a 420 higher return on gross value added and a 250 higher return on in job creation than investing in fossil fuels The numbers speak for themselves and as HE Macky Sall who will give the keynote address at MSGBC 2022 frequently comments Africa is a field that cannot be someone else s party To join Africa s energy ministries and NOCs international mega corporation executives investors and analysts at this year s landmark West Africa event writing a strong future for Africa s energy transition ahead of COP 27 visit https MSGBCOilGasandPower com
    Africa leads energy reform and generates a wave of green energy before COP27
      This September the main stakeholders in the energy sector from the African continent will gather at the world renowned CICAD headquarters in Dakar for the MSGBC Oil Gas amp Power Conference 2022 However despite the headline appearances the programming for the pivotal event remains strongly rooted in Africa s energy transition complemented by elements of local content economic diversification and universal access to power Just three months later the continent s heads of state will meet in Egypt for COP27 knowing that their respective nations will be in the spotlight and that commitments from last year s COP26 still limit warming to 2 4 degrees which which represents an annual loss of 5 to the GDP of these African nations So as we approach the end of this pivotal year here s what you need to know about Africa s key position and leadership in the global energy transition and the transformative effect this change is having on the continent First we look at investment the latest differentiator in climate action and Africa s historic stumbling block in development but now a well of fresh innovation To date the continent continues to attract just 3 of climate finance from the global private sector yet the African Development Bank estimates that African countries Nationally Determined Contributions to mitigate climate change require significant investment of more than 3 trillion dollars by 2030 How will this be achieved Through local incentives combined with globalization In 2020 Senegal eliminated all VAT on solar panels and associated technologies The following year its adoption of solar power peaked passing a 1 3 share of renewables in its power grid Last year Mauritania signed two memorandums of understanding with global transition energy mega companies Chariot and CWP In doing so it unlocked some 43 5 billion in foreign direct investment creating 40 GW of renewable energy And with Senegalese President HE Macky Sall flaunting the title of chairman of the African Union this year foreign heads of state are flocking to West Africa By attracting global funders from across Africa Europe Asia the Americas Australia and the Middle East MSGBC 2022 has the power to leverage green energy funding from the MSGBC basin and the African continent for adoption ahead of COP27 Next we look at energy access an area where a strong recovery and ecological transition has enabled each of the MSGBC Basin nations to commit to universal electrification goals by 2025 or 2030 raising thousands of million dollars of public capital for the cause Here diversification is key gas supports a backbone power network while being supplemented by a more variable but ever increasing share of solar and wind power Next year Senegal expects 9 billion in gas developments to come online generating power generation potential of up to 840MW Solar and wind potential are each in the hundreds of gigawatts MSGBC 2022 will feature several highly anticipated sessions that will follow the region s key energy transition innovators and megaprojects to this end providing not only funding opportunities but also strategic insight from the field with speakers from the ministries and heads of state of the featured basin Last but not least along with world class natural resource reserves and smart investment strategies the advantage of Africa s energy transition stems from simple political will The Glasgow COP26 agreed to an annual global climate finance target of 100 billion 20 billion more than is currently being achieved However African negotiators called for a target of 700 billion acknowledging the need for urgent action For perspective the humanitarian crisis of the COVID 19 pandemic saw around 25 billion raised worldwide to help control and flatten the curve Renewables are already the main source of electricity for almost half of Africa and as a result the continent that is home to 17 of the world s population generates just 4 of global emissions The fact is that renewable energy generates better returns for communities and economies and the African continent uniquely recognizes this striving to reach ambitious adoption targets ahead of the SDGs and driving green development with a glocal model According to the United Nations Economic Commission for Africa investment in green sectors mainly energy but also climate smart agriculture and ecotourism produces a 420 higher return on gross value added and a 250 higher return on in job creation than investing in fossil fuels The numbers speak for themselves and as HE Macky Sall who will give the keynote address at MSGBC 2022 frequently comments Africa is a field that cannot be someone else s party To join Africa s energy ministries and NOCs international mega corporation executives investors and analysts at this year s landmark West Africa event writing a strong future for Africa s energy transition ahead of COP 27 visit https MSGBCOilGasandPower com
    Africa leads energy reform and generates a wave of green energy before COP27
    Africa4 months ago

    Africa leads energy reform and generates a wave of green energy before COP27

    This September, the main stakeholders in the energy sector from the African continent will gather at the world-renowned CICAD headquarters in Dakar for the MSGBC Oil, Gas & Power Conference 2022.

    However, despite the headline appearances, the programming for the pivotal event remains strongly rooted in Africa's energy transition, complemented by elements of local content, economic diversification and universal access to power.

    Just three months later, the continent's heads of state will meet in Egypt for COP27, knowing that their respective nations will be in the spotlight and that commitments from last year's COP26 still limit warming to 2.4 degrees, which which represents an annual loss of 5% to the GDP of these African nations.

    So, as we approach the end of this pivotal year, here's what you need to know about Africa's key position and leadership in the global energy transition and the transformative effect this change is having on the continent.

    First, we look at investment, the latest differentiator in climate action and Africa's historic stumbling block in development, but now a well of fresh innovation.

    To date, the continent continues to attract just 3% of climate finance from the global private sector, yet the African Development Bank estimates that African countries' Nationally Determined Contributions to mitigate climate change require significant investment.

    of more than 3 trillion dollars by 2030.

    How will this be achieved?

    ?

    Through local incentives combined with globalization.

    In 2020, Senegal eliminated all VAT on solar panels and associated technologies.

    The following year, its adoption of solar power peaked, passing a 1/3 share of renewables in its power grid.

    Last year, Mauritania signed two memorandums of understanding with global transition energy mega-companies Chariot and CWP.

    In doing so, it unlocked some $43.5 billion in foreign direct investment creating 40 GW of renewable energy.

    And with Senegalese President HE Macky Sall flaunting the title of chairman of the African Union this year, foreign heads of state are flocking to West Africa.

    By attracting global funders from across Africa, Europe, Asia, the Americas, Australia and the Middle East, MSGBC 2022 has the power to leverage green energy funding from the MSGBC basin and the African continent for adoption ahead of COP27.

    Next, we look at energy access, an area where a strong recovery and ecological transition has enabled each of the MSGBC Basin nations to commit to universal electrification goals by 2025 or 2030, raising thousands of million dollars of public capital for the cause.

    Here, diversification is key: gas supports a backbone power network while being supplemented by a more variable but ever-increasing share of solar and wind power.

    Next year, Senegal expects $9 billion in gas developments to come online, generating power generation potential of up to 840MW.

    Solar and wind potential are each in the hundreds of gigawatts.

    MSGBC 2022 will feature several highly anticipated sessions that will follow the region's key energy transition innovators and megaprojects to this end, providing not only funding opportunities but also strategic insight from the field with speakers from the ministries and heads of state of the featured basin.

    Last but not least, along with world-class natural resource reserves and smart investment strategies, the advantage of Africa's energy transition stems from simple political will.

    The Glasgow COP26 agreed to an annual global climate finance target of $100 billion, $20 billion more than is currently being achieved.

    However, African negotiators called for a target of $700 billion, acknowledging the need for urgent action.

    For perspective, the humanitarian crisis of the COVID-19 pandemic saw around $25 billion raised worldwide to help control and flatten the curve.

    Renewables are already the main source of electricity for almost half of Africa, and as a result, the continent that is home to 17% of the world's population generates just 4% of global emissions.

    The fact is that renewable energy generates better returns for communities and economies and the African continent uniquely recognizes this, striving to reach ambitious adoption targets ahead of the SDGs and driving green development with a glocal model.

    According to the United Nations Economic Commission for Africa, investment in green sectors, mainly energy, but also climate-smart agriculture and ecotourism, produces a 420% higher return on gross value added and a 250% higher return on in job creation than investing in fossil fuels.

    The numbers speak for themselves, and as HE Macky Sall, who will give the keynote address at MSGBC 2022, frequently comments: “Africa is a field that cannot be someone else's party”.

    To join Africa's energy ministries and NOCs, international mega-corporation executives, investors and analysts at this year's landmark West Africa event, writing a strong future for Africa's energy transition ahead of COP 27, visit https:/ /MSGBCOilGasandPower.com/.

  •  This week the African Platform for Nature Based Tourism NatureBasedTourism Africa published a new case study at the IUCN Africa Protected Areas Congress APAC detailing how collaboration and resilience were key to survival of the Kenyan and Namibian conservation and tourism industries from COVID 19 pandemic The study was conducted by Maliasili on behalf of the African Nature Based Tourism Platform and was launched in a session that focused on a central theme of sustainability and resilience APAC is the first conference of its kind to take place in Africa bringing together key stakeholders from across the continent including community members NGOs and governments Recovering from the pandemic and building resilience to future shocks and stressors is the key objective of the African Nature Based Tourism Platform and one of the main themes of the congress says Dr Nikhil Advani Project Leader of the African Nature Based Tourism Platform Although Kenya and Namibia have very different political economies approaches and trajectories together they provide important lessons on how to establish and sustain community based conservation and natural resource management Losses from the collapse of tourism in Kenya were estimated at KES 5 billion US 45 5 million Kenya s conservation areas represent approximately 11 of the country s total land area and directly impact approximately 930 000 households 100 000 people in the main conservation areas of the Maasai Mara alone As a result of the COVID 19 pandemic between 80 and 90 of Namibia s conservation areas lost revenue equivalent to around US 4 1 million per year in addition to US 4 4 million N 65 million in salaries for tourism staff living and working in these conservancies Both Kenya and Namibia successfully mobilized emergency relief funds to keep community conservation areas intact during the pandemic by designing recovery strategies for constellations of conservation areas and nature based tourism businesses In Kenya key relief efforts included the government stimulus program which provided a total of US 9 1 million in support of 160 community conservancies and a further US 9 1 million to pay the salaries of 5 500 newly recruited community explorers under the Kenya Wildlife Service KWS In addition the government offered US 18 2 million in soft loans to tour operators to carry out the renovation of their facilities and the restructuring of their businesses The government has also reduced the value added tax VAT from 16 to 14 and adjusted other policies to help ensure that businesses can return to normal after the impacts of the COVID 19 pandemic have subsided In Namibia a total of more than US 2 4 million was dispersed supporting more than 3 600 individuals and 129 entities within the country s tourism and conservation sectors The COVID 19 Fund in Namibia was able to quickly transfer money to all conservancies thanks to the existing structure the Community Conservation Fund of Namibia CCFN says Richard Diggle Coordinator of WWF Namibia This program was established in 2017 and its mandate is to develop long term sustainable finance These efforts were successful due to strong leadership and collaboration Built over the past 30 years the two countries have established strong partnerships between government NGOs and private sector actors and created enabling environments to support community conservation and natural resource management efforts Kenya and Namibia have vibrant communities of practice between communities conservation NGOs private operators and government all of whom have been heavily invested in the conservation and tourism sectors for many years says Dr Nikhil Advani project leader for African Nature Based Tourism Platform Their separate but successful experiences have shown how to establish sustain and make successful and resilient community based natural resource management and conservation efforts while maintaining tangible benefits for those communities that established and manage them Access the full case study here https bit ly 3v2kUUz
    The Secret to Survival: How Collaboration Helped Kenya and Namibia Get Through the Pandemic
     This week the African Platform for Nature Based Tourism NatureBasedTourism Africa published a new case study at the IUCN Africa Protected Areas Congress APAC detailing how collaboration and resilience were key to survival of the Kenyan and Namibian conservation and tourism industries from COVID 19 pandemic The study was conducted by Maliasili on behalf of the African Nature Based Tourism Platform and was launched in a session that focused on a central theme of sustainability and resilience APAC is the first conference of its kind to take place in Africa bringing together key stakeholders from across the continent including community members NGOs and governments Recovering from the pandemic and building resilience to future shocks and stressors is the key objective of the African Nature Based Tourism Platform and one of the main themes of the congress says Dr Nikhil Advani Project Leader of the African Nature Based Tourism Platform Although Kenya and Namibia have very different political economies approaches and trajectories together they provide important lessons on how to establish and sustain community based conservation and natural resource management Losses from the collapse of tourism in Kenya were estimated at KES 5 billion US 45 5 million Kenya s conservation areas represent approximately 11 of the country s total land area and directly impact approximately 930 000 households 100 000 people in the main conservation areas of the Maasai Mara alone As a result of the COVID 19 pandemic between 80 and 90 of Namibia s conservation areas lost revenue equivalent to around US 4 1 million per year in addition to US 4 4 million N 65 million in salaries for tourism staff living and working in these conservancies Both Kenya and Namibia successfully mobilized emergency relief funds to keep community conservation areas intact during the pandemic by designing recovery strategies for constellations of conservation areas and nature based tourism businesses In Kenya key relief efforts included the government stimulus program which provided a total of US 9 1 million in support of 160 community conservancies and a further US 9 1 million to pay the salaries of 5 500 newly recruited community explorers under the Kenya Wildlife Service KWS In addition the government offered US 18 2 million in soft loans to tour operators to carry out the renovation of their facilities and the restructuring of their businesses The government has also reduced the value added tax VAT from 16 to 14 and adjusted other policies to help ensure that businesses can return to normal after the impacts of the COVID 19 pandemic have subsided In Namibia a total of more than US 2 4 million was dispersed supporting more than 3 600 individuals and 129 entities within the country s tourism and conservation sectors The COVID 19 Fund in Namibia was able to quickly transfer money to all conservancies thanks to the existing structure the Community Conservation Fund of Namibia CCFN says Richard Diggle Coordinator of WWF Namibia This program was established in 2017 and its mandate is to develop long term sustainable finance These efforts were successful due to strong leadership and collaboration Built over the past 30 years the two countries have established strong partnerships between government NGOs and private sector actors and created enabling environments to support community conservation and natural resource management efforts Kenya and Namibia have vibrant communities of practice between communities conservation NGOs private operators and government all of whom have been heavily invested in the conservation and tourism sectors for many years says Dr Nikhil Advani project leader for African Nature Based Tourism Platform Their separate but successful experiences have shown how to establish sustain and make successful and resilient community based natural resource management and conservation efforts while maintaining tangible benefits for those communities that established and manage them Access the full case study here https bit ly 3v2kUUz
    The Secret to Survival: How Collaboration Helped Kenya and Namibia Get Through the Pandemic
    Africa5 months ago

    The Secret to Survival: How Collaboration Helped Kenya and Namibia Get Through the Pandemic

    This week, the African Platform for Nature-Based Tourism (NatureBasedTourism.Africa) published a new case study at the IUCN Africa Protected Areas Congress (APAC) detailing how collaboration and resilience were key to survival. of the Kenyan and Namibian conservation and tourism industries from COVID-19. pandemic.The study was conducted by Maliasili on behalf of the African Nature-Based Tourism Platform and was launched in a session that focused on a central theme of sustainability and resilience.“APAC is the first conference of its kind to take place in Africa, bringing together key stakeholders from across the continent, including community members, NGOs and governments. Recovering from the pandemic and building resilience to future shocks and stressors is the key objective of the African Nature-Based Tourism Platform and one of the main themes of the congress”, says Dr. Nikhil Advani, Project Leader of the African Nature-Based Tourism Platform. .Although Kenya and Namibia have very different political economies, approaches and trajectories, together they provide important lessons on how to establish and sustain community-based conservation and natural resource management.Losses from the collapse of tourism in Kenya were estimated at KES 5 billion (US$45.5 million). Kenya's conservation areas represent approximately 11% of the country's total land area and directly impact approximately 930,000 households, 100,000 people in the main conservation areas of the Maasai Mara alone.As a result of the COVID-19 pandemic, between 80% and 90% of Namibia's conservation areas lost revenue, equivalent to around US$4.1 million per year, in addition to US$4.4 million (N$65 million) in salaries for tourism staff living and working in these conservancies.Both Kenya and Namibia successfully mobilized emergency relief funds to keep community conservation areas intact during the pandemic by designing recovery strategies for constellations of conservation areas and nature-based tourism businesses.In Kenya, key relief efforts included the government stimulus program which provided a total of US$9.1 million in support of 160 community conservancies and a further US$9.1 million to pay the salaries of 5,500 newly recruited community explorers. under the Kenya Wildlife Service (KWS). In addition, the government offered US$18.2 million in soft loans to tour operators to carry out the renovation of their facilities and the restructuring of their businesses. The government has also reduced the value added tax (VAT) from 16% to 14% and adjusted other policies to help ensure that businesses can return to normal after the impacts of the COVID-19 pandemic have subsided.In Namibia, a total of more than US$2.4 million was dispersed, supporting more than 3,600 individuals and 129 entities within the country's tourism and conservation sectors. “The COVID-19 Fund in Namibia was able to quickly transfer money to all conservancies thanks to the existing structure: the Community Conservation Fund of Namibia – CCFN,” says Richard Diggle, Coordinator of WWF Namibia. “This program was established in 2017 and its mandate is to develop long-term sustainable finance.”These efforts were successful due to strong leadership and collaboration. Built over the past 30 years, the two countries have established strong partnerships between government, NGOs, and private sector actors and created enabling environments to support community conservation and natural resource management efforts.“Kenya and Namibia have vibrant communities of practice between communities, conservation NGOs, private operators and government, all of whom have been heavily invested in the conservation and tourism sectors for many years,” says Dr. Nikhil Advani, project leader for African Nature. Based Tourism Platform.“Their separate but successful experiences have shown how to establish, sustain and make successful and resilient community-based natural resource management and conservation efforts, while maintaining tangible benefits for those communities that established and manage them.”Access the full case study here: https://bit.ly/3v2kUUz

  •  The Manufacturers Association of Nigeria MAN has called on the Federal Government to provide an integrated support system to reduce the impact of increasing cost of diesel on manufacturing Director General MAN Mr Segun Ajayi Kadir made the call in a statement issued in Lagos on Saturday The News Agency of Nigeria reports that MAN represents the interests of more than 3 000 manufacturers spread across 10 sectors 76 sub sectors and 16 industrial zones The manufacturing sector which dominates export trade in the West African sub region employs more than five million workers directly and indirectly and contributes 8 46 per cent to the nation s GDP Ajayi Kadir stated that the call was pertinent during times of crisis to enhance the performance of the sector through a pro manufacturing policy that would encourage scale up and lower unit cost of production He added that the manufacturing sector had been battered by many familiar challenges that had plummeted the number of industries and converted industrial hubs to warehouses of imported goods and event centres The MAN president also stated that top on the list of challenges confronting the sector was high operating cost caused by the twin problem of inadequate electricity supply and the high cost of alternative energy sources He added that the more than 200 per cent increase in the price of diesel had become a major constraint with spiral effects MAN is greatly concerned about the implications of the over 200 per cent increase in the price of diesel on the Nigerian economy and the manufacturing sector in particular More worrisome is the deafening silence from the public sector as regards the plight of manufacturers he stated Ajayi Kadir urged government to strengthen the nation s economic absorbers from external shocks to reduce the myriad challenges the manufacturing sector was already beguiled with He stated that by the time the current domestic reserve of manufacturing inputs was exhausted prices of manufactured products would soar in the face of acute shortfall in supply Ajayi Kadir added that government should continue to support manufacturing to accelerate the process of recovery from the aftermath of COVID 19 and previous bouts of recession This he explained would avert a complete shutdown of factories nationwide He urged government to issue licenses to manufacturing concerns and operators in the aviation industry to import diesel and aviation fuel directly to avert the avoidable monumental paralysis of manufacturing Ajayi Kadir also called for the removal of VAT on diesel as instant stimulus for immediate reduction in price and expedite action in reactivating or privatising petroleum products refineries in the country As a matter of urgency government should address the challenge of repeated collapses of the national grid which is causing acute electricity shortage especially for manufacturers he stressed NewsSourceCredit NAN
    Manufacturers lament ever increasing cost of diesel, challenge government
     The Manufacturers Association of Nigeria MAN has called on the Federal Government to provide an integrated support system to reduce the impact of increasing cost of diesel on manufacturing Director General MAN Mr Segun Ajayi Kadir made the call in a statement issued in Lagos on Saturday The News Agency of Nigeria reports that MAN represents the interests of more than 3 000 manufacturers spread across 10 sectors 76 sub sectors and 16 industrial zones The manufacturing sector which dominates export trade in the West African sub region employs more than five million workers directly and indirectly and contributes 8 46 per cent to the nation s GDP Ajayi Kadir stated that the call was pertinent during times of crisis to enhance the performance of the sector through a pro manufacturing policy that would encourage scale up and lower unit cost of production He added that the manufacturing sector had been battered by many familiar challenges that had plummeted the number of industries and converted industrial hubs to warehouses of imported goods and event centres The MAN president also stated that top on the list of challenges confronting the sector was high operating cost caused by the twin problem of inadequate electricity supply and the high cost of alternative energy sources He added that the more than 200 per cent increase in the price of diesel had become a major constraint with spiral effects MAN is greatly concerned about the implications of the over 200 per cent increase in the price of diesel on the Nigerian economy and the manufacturing sector in particular More worrisome is the deafening silence from the public sector as regards the plight of manufacturers he stated Ajayi Kadir urged government to strengthen the nation s economic absorbers from external shocks to reduce the myriad challenges the manufacturing sector was already beguiled with He stated that by the time the current domestic reserve of manufacturing inputs was exhausted prices of manufactured products would soar in the face of acute shortfall in supply Ajayi Kadir added that government should continue to support manufacturing to accelerate the process of recovery from the aftermath of COVID 19 and previous bouts of recession This he explained would avert a complete shutdown of factories nationwide He urged government to issue licenses to manufacturing concerns and operators in the aviation industry to import diesel and aviation fuel directly to avert the avoidable monumental paralysis of manufacturing Ajayi Kadir also called for the removal of VAT on diesel as instant stimulus for immediate reduction in price and expedite action in reactivating or privatising petroleum products refineries in the country As a matter of urgency government should address the challenge of repeated collapses of the national grid which is causing acute electricity shortage especially for manufacturers he stressed NewsSourceCredit NAN
    Manufacturers lament ever increasing cost of diesel, challenge government
    Economy5 months ago

    Manufacturers lament ever increasing cost of diesel, challenge government

    The Manufacturers Association of Nigeria (MAN) has called on the Federal Government to provide an integrated support system to reduce the impact of increasing cost of diesel on manufacturing.Director-General, MAN, Mr Segun Ajayi-Kadir, made the call in a statement issued in Lagos on Saturday.The News Agency of Nigeria reports that MAN represents the interests of more than 3,000 manufacturers spread across 10 sectors, 76 sub-sectors and 16 industrial zones.The manufacturing sector, which dominates export trade in the West African sub-region, employs more than five million workers, directly and indirectly and contributes 8.46 per cent to the nation’s GDP.Ajayi-Kadir stated that the call was pertinent during times of crisis to enhance the performance of the sector through a pro-manufacturing policy that would encourage scale-up and lower unit cost of production.He added that the manufacturing sector had been battered by many familiar challenges that had plummeted the number of industries and converted industrial hubs to warehouses of imported goods and event centres.The MAN president also stated that top on the list of challenges confronting the sector was high operating cost caused by the twin problem of inadequate electricity supply and the high cost of alternative energy sources.He added that the more than 200 per cent increase in the price of diesel had become a major constraint with spiral effects.“MAN is greatly concerned about the implications of the over 200 per cent increase in the price of diesel on the Nigerian economy and the manufacturing sector in particular.“More worrisome is the deafening silence from the public sector as regards the plight of manufacturers,’’ he stated.Ajayi-Kadir urged government to strengthen the nation’s economic absorbers from external shocks to reduce the myriad challenges the manufacturing sector was already beguiled with.He stated that by the time the current domestic reserve of manufacturing inputs was exhausted, prices of manufactured products would soar in the face of acute shortfall in supply.Ajayi-Kadir added that government should continue to support manufacturing to accelerate the process of recovery from the aftermath of COVID-19 and previous bouts of recession.This, he explained, would avert a complete shutdown of factories nationwide.He urged government to issue licenses to manufacturing concerns and operators in the aviation industry to import diesel and aviation fuel directly to avert the avoidable monumental paralysis of manufacturing.Ajayi-Kadir also called for the removal of VAT on diesel as instant stimulus for immediate reduction in price and expedite action in reactivating or privatising petroleum products refineries in the country.“As a matter of urgency, government should address the challenge of repeated collapses of the national grid which is causing acute electricity shortage, especially for manufacturers,’’ he stressed.NewsSourceCredit: NAN

  •  The Federal Executive Council FEC has approved N22 billion for the construction of a conference hostel facility for the Nigeria Content Development and Monitoring Board The facility is to be located opposite the National Content building in Yenegoa capital of Bayelsa The Minister of State Petroleum Resources Mr Timipre Sylva made this known when he briefed State House Correspondents at the end of Wednesday s meeting of the council presided by President Muhammadu Buhari He said The Federal Executive Council today approved the award of contract procurement for the provision of a conference hostel facility in Yenegoa adjacent the Nigerian Content Towers for the sum of N22 billion and it is to be constructed in 24 months Sylva who also spoke on current queues witnessed at petrol stations in Abuja the nation s capital blamed the selfish attitude of some marketers of petroleum products as reason behind the persistent queues He said Only in the Abuja metropolis you continue to have these queues So is it that there is less supply to Abuja than to the rest of the country It is not so If you go out of Abuja they can afford to sell at higher prices and I am sure a lot of persons are buying at those higher prices But within Abuja because of the watchful eyes of the government they cannot sell at those prices So we will have to live with that for some time until we fully deregulate That actually is the problem it is not a supply problem from us but it is the marketers But we are engaging the marketers and will continue to engage them In fact before now the Nigerian Association of Road Transport Owners NARTO said Oh because diesel prices were now going up and of course you know that diesel is deregulated already So because diesel prices have gone up the cost of their moving product has also gone up and therefore we must try to do something about the bridging cost We did that with them we were able to respond to that and they were able to do something for NARTO And of course the rest of the marketers are also saying oh no we must try to add a few things for them here and there But we can t continue as a government to increase the subsidy we cannot continue to do that Because of that they are now saying Okay in this Abuja metropolis where they feel it is right at the centre they are not probably supplying the product as they are supplying to other places But you will agree with me that there are no queues outside Abuja The Minister of Environment Mr Mohammed Abdullahi who also addressed the correspondents on the outcome of the meeting disclosed that the council approved N449 million as consultancy and design fee for a centre of excellence for environmental restoration for Ogoni people of Rivers He said The Ministry of Environment based on clear instructions of the President in fulfilling his promise to the Ogoni people towards the remediation objectives and the livelihood programme took a very major step today by approving the award of contract for consultancy services and the design of Centre of Excellence for environmental restoration with an integrated contaminated soil management Centre The contract was given at the sum of N449 250 040 50 of course inclusive of 7 5 VAT and it is unexpected that this project completed within three months The minister said the construction of the centre would help address the problem of unemployment in the affected area This centre is very epochal because it is meant to impact in terms of employment generation in terms of laboratory tests for land remediation efforts on the site that contaminated So that it can be made easily cultivatable by the people for their fisheries activities for their farming activities and access to water he added While giving further details on what will be the benefits of the project when completed Abdullahi said The design is supposed to incorporate an oil spill emergency response department self assessment department soil and groundwater cleanup and remediation technologies waste management health safety and laboratory department entrepreneurship development library student hostels for male and female staff quarters sport complex and a demonstration arena for integrated contaminated management centre NewsSourceCredit NAN
    FEC approves N22bn for Nigeria Content Devt Board
     The Federal Executive Council FEC has approved N22 billion for the construction of a conference hostel facility for the Nigeria Content Development and Monitoring Board The facility is to be located opposite the National Content building in Yenegoa capital of Bayelsa The Minister of State Petroleum Resources Mr Timipre Sylva made this known when he briefed State House Correspondents at the end of Wednesday s meeting of the council presided by President Muhammadu Buhari He said The Federal Executive Council today approved the award of contract procurement for the provision of a conference hostel facility in Yenegoa adjacent the Nigerian Content Towers for the sum of N22 billion and it is to be constructed in 24 months Sylva who also spoke on current queues witnessed at petrol stations in Abuja the nation s capital blamed the selfish attitude of some marketers of petroleum products as reason behind the persistent queues He said Only in the Abuja metropolis you continue to have these queues So is it that there is less supply to Abuja than to the rest of the country It is not so If you go out of Abuja they can afford to sell at higher prices and I am sure a lot of persons are buying at those higher prices But within Abuja because of the watchful eyes of the government they cannot sell at those prices So we will have to live with that for some time until we fully deregulate That actually is the problem it is not a supply problem from us but it is the marketers But we are engaging the marketers and will continue to engage them In fact before now the Nigerian Association of Road Transport Owners NARTO said Oh because diesel prices were now going up and of course you know that diesel is deregulated already So because diesel prices have gone up the cost of their moving product has also gone up and therefore we must try to do something about the bridging cost We did that with them we were able to respond to that and they were able to do something for NARTO And of course the rest of the marketers are also saying oh no we must try to add a few things for them here and there But we can t continue as a government to increase the subsidy we cannot continue to do that Because of that they are now saying Okay in this Abuja metropolis where they feel it is right at the centre they are not probably supplying the product as they are supplying to other places But you will agree with me that there are no queues outside Abuja The Minister of Environment Mr Mohammed Abdullahi who also addressed the correspondents on the outcome of the meeting disclosed that the council approved N449 million as consultancy and design fee for a centre of excellence for environmental restoration for Ogoni people of Rivers He said The Ministry of Environment based on clear instructions of the President in fulfilling his promise to the Ogoni people towards the remediation objectives and the livelihood programme took a very major step today by approving the award of contract for consultancy services and the design of Centre of Excellence for environmental restoration with an integrated contaminated soil management Centre The contract was given at the sum of N449 250 040 50 of course inclusive of 7 5 VAT and it is unexpected that this project completed within three months The minister said the construction of the centre would help address the problem of unemployment in the affected area This centre is very epochal because it is meant to impact in terms of employment generation in terms of laboratory tests for land remediation efforts on the site that contaminated So that it can be made easily cultivatable by the people for their fisheries activities for their farming activities and access to water he added While giving further details on what will be the benefits of the project when completed Abdullahi said The design is supposed to incorporate an oil spill emergency response department self assessment department soil and groundwater cleanup and remediation technologies waste management health safety and laboratory department entrepreneurship development library student hostels for male and female staff quarters sport complex and a demonstration arena for integrated contaminated management centre NewsSourceCredit NAN
    FEC approves N22bn for Nigeria Content Devt Board
    General news5 months ago

    FEC approves N22bn for Nigeria Content Devt Board

    The Federal Executive Council (FEC) has approved N22 billion for the construction of a conference hostel facility for the Nigeria Content Development and Monitoring Board.

    The facility is to be located opposite the National Content building in Yenegoa, capital of Bayelsa.

    The Minister of State Petroleum Resources, Mr Timipre Sylva, made this known when he briefed State House Correspondents at the end of Wednesday’s meeting of the council presided by President Muhammadu Buhari.

    He said: “The Federal Executive Council today approved the award of contract procurement for the provision of a conference hostel facility in Yenegoa, adjacent the Nigerian Content Towers for the sum of N22 billion and it is to be constructed in 24 months.”

    Sylva, who also spoke on current queues witnessed at petrol stations in Abuja, the nation’s capital, blamed the selfish attitude of some marketers of petroleum products as reason behind the persistent queues.

    He said: “Only in the Abuja metropolis you continue to have these queues. So, is it that there is less supply to Abuja than to the rest of the country? It is not so.

    “If you go out of Abuja, they can afford to sell at higher prices and I am sure a lot of persons are buying at those higher prices.

    “But within Abuja, because of the watchful eyes of the government, they cannot sell at those prices. So we will have to live with that for some time until we fully deregulate. That actually is the problem, it is not a supply problem from us, but it is the marketers.

    “But we are engaging the marketers and will continue to engage them.

    “In fact, before now the Nigerian Association of Road Transport Owners (NARTO) said, Oh, because diesel prices were now going up and of course, you know that diesel is deregulated already.

    “So, because diesel prices have gone up, the cost of their moving product has also gone up and therefore we must try to do something about the bridging cost.

    “We did that with them, we were able to respond to that and they were able to do something for NARTO.

    “And of course, the rest of the marketers are also saying oh no, we must try to add a few things for them here and there.

    “But we can’t continue as a government to increase the subsidy; we cannot continue to do that. Because of that, they are now saying ‘Okay’, in this Abuja metropolis where they feel it is right at the centre, they are not probably supplying the product as they are supplying to other places.

    “But you will agree with me that there are no queues outside Abuja.”

    The Minister of Environment, Mr Mohammed Abdullahi, who also addressed the correspondents on the outcome of the meeting, disclosed that the council approved N449 million as consultancy and design fee for a centre of excellence for environmental restoration for Ogoni people of Rivers.

    He said: “The Ministry of Environment, based on clear instructions of the President, in fulfilling his promise to the Ogoni people towards the remediation objectives, and the livelihood programme, took a very major step today by approving the award of contract for consultancy services, and the design of Centre of Excellence for environmental restoration with an integrated contaminated soil management Centre.

    “The contract was given at the sum of N449,250,040.50, of course inclusive of 7.5% VAT, and it is unexpected that this project completed within three months.”

    The minister said the construction of the centre would help address the problem of unemployment in the affected area.

    “This centre is very epochal, because it is meant to impact in terms of employment generation in terms of laboratory tests for land remediation efforts on the site that contaminated.

    “So, that it can be made easily cultivatable by the people for their fisheries activities, for their farming activities and access to water,” he added.

    While giving further details on what will be the benefits of the project when completed, Abdullahi said:

    “The design is supposed to incorporate an oil spill emergency response department, self-assessment department, soil and groundwater cleanup and remediation technologies, waste management, health, safety and laboratory department, entrepreneurship development, library, student hostels for male and female, staff quarters, sport complex and a demonstration arena for integrated contaminated management centre.’’ (

    NewsSourceCredit: NAN

  •  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
    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
    FEC approves projects to shore up power supply
    General news5 months 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 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
    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
    Soludo says Anambra diversifying to agric-driven economy
    General news6 months 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 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
    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
    EEDC, MOJEC partner to extend Mobile MAP metering in Enugu
    Economy6 months 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 further reduction in the value added tax VAT on electricity bills from 10 per cent to 5 per cent is planned S nchez 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 S nchez 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 D az 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
    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 further reduction in the value added tax VAT on electricity bills from 10 per cent to 5 per cent is planned S nchez 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 S nchez 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 D az 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
    Spanish govt looks to halve VAT on electricity as prices climb
    Foreign6 months 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 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
    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
    IMF Management Completes Third Review of the Staff-Monitored Program and IMF Executive Board Concludes 2022 Article IV Consultation with Guinea-Bissau
    Africa6 months 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.

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