Electricity generation companies (GenCos) in the country sold electricity worth N294.16bn between January and May this year to the Nigeria Bulk Electricity Trading Plc (NBET), the bulk purchaser of generated power, for subsequent sale to distribution companies (DisCos). By the power sector regulatory regime, NBET, which is owned by the government, purchases electricity in bulk […]
Apparently concerned by the growing complaints against the recently introduced electricity tariff plan by millions of electricity consumers, the Nigerian Electricity Regulatory Commission (NERC) on Friday maintained that electricity Distribution Companies (DisCos) must not increase tariffs of customers enjoying less than 12 hours power supply daily. The NERC Commissioner, Legal Licensing and Compliance, Mr. Dafe […]
President Muhammadu Buhari on Friday directed the Minister of Labour and Productivity, Chris Ngige, to meet with the leadership of the organised labour with a view to making government understand their grievances over the recent hike in fuel pump price and the revised electricity tariffs. While disclosing this to journalists after he met the president, […]
As the controversy over the adjusted electricity tariff regime continues to elicit reactions from consumers nationwide, most of the consumers have accused electricity distribution companies (DisCos) of fraudulent antics in the implementation of the recently adjusted tariffs. A news report by the News Agency of Nigeria (NAN) indicated that some consumers alleged that the electricity […]
The Central Bank of Nigeria (CBN) has directed deposit money banks (DMBs) providing bank guarantees to Nigeria Bulk Electricity Trading (NBET) Plc and the Transmission Company of Nigeria (TCN) on behalf of the electricity distribution companies (Discos) to take over electricity bill collections from customers. Similarly, the apex bank also charged the DMBs to ensure […]
The Federal Government on Tuesday announced one-year deferment of the 35 percent import adjustment tax (levy) imposed on the fully built unit (FBU) electricity meters HSCode 9028.30.00.00 under the 2019 fiscal policy measures. The announcement was contained in a statement issued by Mr Abdullahi Tanko, the special adviser communication to the Minister of Finance, Budget […]
The Senate has urged the Federal Government to re-position the Nigerian Nuclear Regulatory Authority with a view to ensuring safety, security safeguards and physical protection of nuclear materials, including hazardous wastes in Nigeria. Similarly, the upper chamber also charged the executive arm of government to re-engineer and recognize the Nigerian Atomic Energy Commission, while calling […]
Despite the prevailing air of uncertainty in the international oil market and its potential negative implications for oil exporting countries, the Nigerian National Petroleum Corporation (NNPC) has predicted that oil and gas would continue to contribute significantly to economic growth in countries worldwide in the years ahead. The corporation’s Operating Officer, Upstream, Mr. Roland Ewubare, […]
The African Development Bank’s (AfDB’s) Board of Governors has approved the conversion of the Bank-administered multi-donor trust fund, the Sustainable Energy Fund for Africa (SEFA), into a “special fund”, to catalyse the development finance institution’s impact by allowing it to access a wider range of financial instruments beyond the current scope of technical assistance. Currently, […]
President of the Senate, Senator Ahmad Lawan, has said that the Ninth National Assembly would demand for accountability and transparency in the power sector funding, especially in the application of funds that would be allocated in the 2020 budget. The lawmaker made this remark when the Managing Director of the Niger Delta Power Holding Company, […]