Economy News Extra Latest News Power/Electricity

Amid Consumers’ Complaints, FG Reviews Electricity Tariffs Upward

Despite complaints by customers about the current tariff regime, the Federal Government has increased tariffs by about 50 percent for electricity consumers nationwide. The Nigerian Electricity Regulatory Commission (NERC) in its latest order copied all the distribution companies (Discos), stated that the upward hike in tariffs was necessitated by rising inflation rate, foreign exchange, generation […]

Economy News Extra Latest News Power/Electricity

FG To Construct Power Plants In 15 Universities, Teaching Hospitals

The Federal Government said it had concluded arrangements to embark on design and construction of captive hybrid power plants across a total of 15 universities and two Teaching Hospitals in the country. The Managing Director of Rural Electrification Agency, REA, Ahmad Salihijo Ahmad, who disclosed this while speaking at the commissioning of the solar hybrid […]

Economy News Extra Latest News Oil & Gas Political Economy Power/Electricity Revenue

Reps Passed PIB For 2nd Reading, 18 Yrs After Submission

The Petroleum Industry Bill (PIB) on Tuesday passed through for second reading at the House of Representatives after being dogged by controversies among lawmakers several years after its submission by the Executive for passage. Precisely, the PIB was initiated by the Executive Arm of government about 18 years ago to promote transparency in the nation’s […]

Budgeting Economy News Extra Latest News National Assembly Power/Electricity

Reps Reject TCN’s 2021 Budget Proposal, As MD Rues ‘Imposed Projects’

The House Committee on Power on Tuesday turned down the 2021 budget proposal for the Transmission Company of Nigeria (TCN). This is even as the company’s Managing Director, Mallam Suleiman Abdulaziz, lamented the inclusion of projects by some powerful authorities in the company’s projects’ portfolio for the fiscal year. The Chairman House Committee on Power, […]

Economy News Extra Infrastructure & Capital Projects Latest News Power/Electricity Transportation

COREN Seeks PPP Synergy To Standardize Nigeria’s Infrastructure

The Council for Regulation of Engineering in Nigeria (COREN) has advocated public and private sector partnership (PPP) arrangement to ensure professional supervision and access to infrastructure projects in the country as a strategic option of ensuring high standards and timely completion of the projects. The President of the Council, Engr. Ali Rabiu, made the appeal […]

Budgeting Economy News Extra Latest News National Assembly Power/Electricity

Reps Flaw Proposed Transfer Of NBET To Finance Ministry

The House of Representatives Committee on Power on Wednesday described as illegal President Muhammadu Buhari’s directive that the Nigeria Bulk Electricity Trading Company, NBET should become an agency under the Ministry of Finance. The Chairman of the House Committee on Power, Hon. Magaji D’au Aliyu, pointed out during the 2021 budget defence session at the […]

Economy News Extra Latest News Power/Electricity Revenue Tax

NERC Reports 57% Revenue Increase In Q1, 2020

The Nigerian Electricity Regulatory Commission (NERC) has reported that its total revenue increased by 57 per cent in the first quarter of 2020. It attributed the improved revenue accruals to operating levies and Internally Generated Revenue (IGR) sources During the quarter, the power sector regulatory agency disclosed that its total expenditure rose to N1.94 billion, […]

Budgeting Economy News Extra Infrastructure & Capital Projects Latest News Oil & Gas Political Economy Power/Electricity Revenue

FEC Approves N13.08Trn Budget Estimate For 2021

The Federal Executive Council (FEC) has approved a budget estimate of N13.08 trillion for the 2021 fiscal year. The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, who disclosed this to State House correspondents at the end of the council’s meeting on Wednesday, explained that the budget proposal was designed to enable the […]

Economy News Extra Latest News Manufacturing Political Economy Power/Electricity

GE, NDPHC Restore 360MW To National Grid

General Electric (GE) on Monday announced the successful rehabilitation of three 9E.03 gas turbines, at three Niger Delta Power Holding Company’s (NDPHC) power plants in Calabar and Sapele, enabling the plants to reliably secure and restore the supply of up to 360 megawatts (MW) of electricity to the national grid. A news report sourced from […]

Economy News Extra Latest News Power/Electricity

GenCos Sold N294.16bn Electricity In 5 Months

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 […]