₦airaland Forum

jiz:
Ok

Limitednow:
Source: https://politicstimesng.com/el-rufai-north-benefit-most-restructuring/

tucoz:
and you are talking?

softheart4love:
You can get the quantum of electricity needed to give light 24/7 in Nigeria if we have a responsible government (Fashola's quote), why not do the rocket science miracle now that you have used 3yrs in power? When you are a governor, Lagos generate close to 40b as IGR but monthly infrastructure in the state is not up to 10bn yet your government borrowed more than any state in the country and no one is talking bcs Lagos is used in Nigeria to measured as standard forgotten 30 other states put together cant generate 40bn and when it comes to comparison, one APC has performed so well compared to other state not minding bogus IGR in Lagos.

VERQUEST111:
The Nigerian electricity supply industry is losing an estimated N24 bn monthly as a result of the importation of fuel such as diesel for alternative sources of energy, the Minister of Power, Works and Housing , Babatunde Fashola , has said.

According to Fashola , Nigerians consume about 300 million litres of diesel every month and 75 per cent of this volume is imported , while about 40 per cent is used in generators to produce electricity .

The minister stated these at the 24 th monthly power sector stakeholders’ meeting hosted by the Transmission Company of Nigeria in Abuja on Monday, and explained that about N 24 bn was being lost by the sector as a result of the importation of fuel on a monthly basis .

Fashola , who was represented by the Minister of State II for Power, Works and Housing , Suleiman Hassan , said, “ Many power consumers use diesel . Diesel importation has been declining over the last two years . Many are reporting that they ran their generators for noticeably few hours .
This is progress . However , Nigerians still consume about 300 million litres of diesel every month and most of this is used to power generators.
“ About 75 per cent is imported , putting pressure on scarce foreign exchange . Assuming 40 per cent of the consumption is used for power generation at an average of price of N200 per litre, the electricity industry is losing N 24 bn every month largely to imported energy. ”

He also stated that the amount used in importing fuel as an alternative source for generating power could be channelled for use in the electricity supply industry , as about 2 , 000 megawatts of power remained unutilised in the sector .

Fashola said, “ There is about 2 ,000 MW of electricity generating capacity that is unutilised. Therefore , the challenge of the moment before the industry is how to deliver the unutilised capacity to consumers , who are willing to pay for it and are already paying dearly for alternatives .

“ Problems like this require creative solutions and we don’ t have any time to waste . The N701 . 9 bn payment reassurance programme is a creative solution that appears to be having the desired effect for stabilising the gas and generation end of the electricity industry .

“ If we can creatively and constructively focus on specific win- win projects , four policies provide effective tools to quickly resolve the challenges we now face. The first two , the eligible customer regulation and the meter service provider regulation, are already subjects of detailed discussions and NERC regulatory action . ”

Fashola added that the eligible customer regulation allowed large consumers to buy their power directly from the generation companies and then enter into contracts with the Transmission Company of Nigeria and distribution companies to have the power delivered to them .

“ To plan an orderly win - win implementation of this policy , the ministry is hosting a discussion with the Manufacturers Association of Nigeria and other interested large consumers of the policy on Tuesday ( today) , ” the minister said .

He stated that the meter service provider regulation could unlock investments in metering , which was urgently needed to boost consumer trust and collection efficiency .

The minister added “Government seeks to apply that policy through private companies and local meter manufacturers to invest N39 bn in meters as settlement of a court judgement in favour of the government .

“ The distribution expansion programme aims to rapidly construct 2 , 500 MVA of dedicated 33 kV lines and packaged substations to deliver unutilised power to target consumers and Discos . It is our hope that we will all put our heads together to serve the public effectively . ”

lalasticlala


http://punchng.com/power-sector-losing-n24bn-monthly-to-imported-fuel-fashola/

chibuike67:
Sweet sixteen...dis one is good for strengthening of the nerves. Emir u will surely live more than 200 years

FvckShiT:
Just keep fůcking her bro...keep fůcking her

Islie:
http://www.dailytrust.com.ng/news/general/nigeria-buys-helicopters-vehicles-from-russia-uae-to-fight-boko-haram/187451.html

veekid:
Mama put is der now; Iya basira right now lld be like

Newshelm:
Lagos residents have expressed their displeasure following the recent development that popular fast food chain, KFC, will shut down operations across the State.



It was learnt that all KFC outlets in Lagos will shut down operations from tomorrow, Monday, February 20, 2017, except the ones operative in shoppong malls due to low patronage and high cost of power.


As a result, KFC Outlets in popular areas such as Ilupeju, Sabo, Ikeja, Ogba and other parts of Lagos metropolis will effectively close with residents unable to have their favourite meal at the outlets.


While one can’t rule out the current economic downturn in the country as a factor leading to the decision by the company, this development has however led to a myriad of Lagosians condemning the economic policies of the present administration in the country.



According to Muyiwa Olumide, “it is so sad businesses shut down due to low sales and high cost of power.” Another resident, Oluseun succinctly puts his thought as “the industry is so cold.”


Efforts to reach the management of KFC for comments proved futile as at press time.


It is however shocking that KFC is shutting down operations at a time when other fast food outlets such as Mega Chicken, The Place, Dominos and more are expanding operations in Lagos.


http://www.newshelm.com/2017/02/lagosians-groan-as-kfc-outlets-shut.html

cc lalasticlala

PatriotTemidayo:
Is Nigeria too poor to buy its president cloths? Its either that's the only cloth je took to London, or there's something fishy about Mr Presidents health. Someone is trying so hard to conceal a truth...............

TrumpDonald2:
call now

Amoyinoluwa24:
An armed group, suspected to be Boko Haram, attacked a U.N. technical team working along the border between Nigeria and Cameroon, killing five persons and wounding several,

According to the United Nations Office for West Africa, the attack occurred on Tuesday at around 1400 local time near the Cameroonian border town of Kontcha.


“The victims were one U.N. independent contractor, three Nigerian nationals and one Cameroonian national,” it added.

Mohamed Ibn Chambas, U.N. Special Representative for West Africa and the Sahel, condemned the attack.

While the attackers have not been identified, the area is within a region where fighters from Islamist militant group Boko Haram are active.

The insurgents have killed more than 15,000 people since 2009 and have recently stepped up suicide bombings.

The U.N. team was working on demarcating the more than 2,000 km (1,200 mile) land border which has been a source of friction between the neighbouring countries in the past.

http://www.cambellsblog.com/2017/02/boko-haram-kills-5-un-staff-near-nigeria.html

energywatchng:
The Nigerian Electricity Regulatory Commission on Wednesday declared that without an increase in electricity tariff payable by consumers or an intervention in form of subsidy from the Federal Government to the power firms, the country would not be able to get the steady power supply.

But NERC’s position was rejected by members of the Senate Committee on Privatisation, who were at the commission’s headquarters in Abuja on an oversight visit.

The committee also called for the investors in order to break the monopoly of the current operators, and insisted that the government should not provide any form of subsidy to the sector.

In his presentation to the committee, the Acting Chairman/Chief Executive of NERC, Dr. Tony Akah, said there was no miracle that the commission could do to ensure steady power supply, stressing that this was particularly due to the liquidity problem in the sector.

To address the financial shortfall, he said a cost-reflective tariff or subsidy must be provided for operators in the power business.

Citing an instance, Akah stated that the power regulator in Ghana increased the country’s electricity tariff after a new technology was acquired and that since then, the power situation there had improved.

He said, “So, the challenge we have as regulator here is that we don’t know which other miracle to do, because in the absence of subsidy coming in, in the absence of other mechanism coming in, we are bound under the law to provide a tariff that will recover the cost of investments.

“And in the absence of that, there is no incentive for the players in the market to come up and give you power.”

He stated that the destruction of gas pipelines was also causing a huge loss to the power sector, as the financial performances of many electricity firms had been badly affected due to this menace.

The NERC boss said, “I always say that private players are there to provide services and at the same time make a fair return on investment. This is fair return on investment either via the right tariff, or tariff that is highly subsidised by the government, or through other incentives that can reduce the cost of investment.

“This can be through gas, tax holidays and many more. But I know that the Federal Government at this point in time is considering various options to see how it can mitigate any possible rate hike.”

Akah stated that the petroleum sector was still enjoying subsidy and that it would not be out of place if an all-important industry like power was allowed to enjoy similar benefits from the government.

“If we can have subsidy in the petroleum sector even up till today why can’t we figure out a mechanism to support the power sector?” he said.

He noted that the major trigger to the liquidity problem in the power sector was foreign exchange scarcity occasioned by the fall in the value of the naira against the United States dollar.

The NERC boss said most of the facilities in the power sector were imported, adding that the current tariff was no longer suitable for the industry.

Akah advocated cheap bonds to be provided for the power firms in order to forestall the passage of high electricity bills to consumers, particularly when the firms borrowed high interest loans from Deposit Money Banks.

He, however, noted that the commission would always protect the interest of consumers and that it had commenced work on policies that would ensure the sale of electricity to willing customers as a result of complaints that some power distribution companies were rejecting electricity load allocated to them.

Rejecting calls for increased tariff and subsidy, the Chairman, Senate Committee on Privatisation, Senator Ben Murray-Bruce, said most salary earners in Nigeria had not had their wages increased in the past one year, yet the power firms were calling for 200 per cent hike in rates because of forex challenges and inflation.

“But the same factors affect me as a businessman; they are not exclusive to the power sector. I’ve not been able to increase my rates but I’ve been able to survive. So also many other businesses in Nigeria,” he said.

http://www.energywatchng.com/tariff-increase-solution-improve-power-supply-nerc/

undecidedYoruba:
http://www.vanguardngr.com/2016/09/konduga-boko-haram-spokesman-rearrested-ndumes-house/

eyeview:
http://www.criticaltimesnews.com/2016/09/we-didnt-vote-you-to-blame-jonathan-President-today-kukah-buhari.html?

striker9:
Pls remove BRF from the list

TANTUMERGO007:
great news coming from Edo state, more to come....




simple as ABC, go meet your APC member to give you house to live. its like working in shell and you want cheveron to pay you

Firefire:
If true, this is bad.


How many Borno elders were killed to disclose the location of their Boko Haram children and the kidnap Chibok girls?

How many, just tell me how many elders in the NE were killed in order to curb the activities of the terrorist group in their domain.

Rather, NE elders gave the FG ultimatum.

I want to believe, this story is false. If not, this is not fair.

Symphony007:
He's back!! And presidential as always!

See how buhari dey frown for that first pic, shebi you wan be president? Enjoy!!

ercel:
Were there no other ways to compel those banks to remit order than this ban? It has now added pressure for FX on the other remaining banks who have not been faring well!
A step forward and two backward won't do us good in this country!

Propropro:
Rich marry rich while the old fool called pastor Fraudster Adeboye was busy advising his herds of gullible poverty infested followers not to marry someone who cannot pray for one hour as if been a prayer warrior will make marriage a success. Religion is the greatest scam oyinbo used to decieve Africans

masterpiece86:
N115bn expected from Switzerland, UK, UAE, US

Abimbola Akosile in Lagos and Olawale Ajimotokan in Abuja

In line with the promise President Muhammadu Buhari made on May 14 in London to give details of looted funds recovered by the administration during the first anniversary of his presidency, the federal government yesterday released an interim report specifying the recovered cash and assets. The report contained in a statement in Lagos by the Minister of Information and Culture, Alhaji Lai Mohammed, said the cash recoveries made between May 29, 2015 and May 25, 2016, including recoveries under interim forfeiture (cash and assets), totalled over N3. 4 trillion. It said about N115 billion was being awaited from the Switzerland, United Kingdom, United Arab Emirates, and the United States.



Cash recovery within the period included N78,325,354,631.82 (Seventy eight billion, three hundred and twenty-five million, three hundred and fifty-four thousand, six hundred and thirty one Naira and eighty two kobo) and varying sums in other currencies, namely, $185,119,584.61 (One hundred and eight five million, one hundred and nineteen thousand, five hundred and eighty four US dollars, sixty one cents); 3,508,355.46 Pounds Sterling (Three million, five hundred and eight thousand, three hundred and fifty-five Pounds and 46 Pence), and 11, 250 Euros (Eleven thousand, two hundred and fifty Euros) from 29 May 2015 to 25 May 2016. These total about N144.9 billion.

Recoveries under interim forfeiture (cash and assets) during the period included N126,563,481,095.43 (One hundred and twenty six billion, five hundred and sixty three million, four hundred and eighty one thousand, and ninety five Naira, forty three Kobo) and the following amounts in other currencies: $9,090,243,920.15 (Nine billion, ninety million, two hundred and forty three thousand, nine hundred and twenty Dollars, fifteen cents); 2,484,447.55 Pounds Sterling (Two million, four hundred and eighty four thousand, four hundred and forty seven Pounds, fifty five Pence), and 303,399.17 Euros (Three hundred and three thousand, three hundred and ninety-nine Euros, 17 cents ). These come to about N3. 3 trillion.

Funds awaiting return from foreign jurisdictions included $321,316,726.1 (Three hundred and twenty one million, three hundred and sixteen thousand, seven hundred and twenty six Dollars, one cent); 6,900,000 Pounds (Six million, nine hundred thousand Pounds), and 11,826.11 Euros (Eleven thousand, eight hundred and twenty six Euros, 11 cents).

The recovered funds and assets were listed under four broad categories, namely, cash recoveries; recoveries under interim forfeiture; funds awaiting return from foreign jurisdictions, and non-cash recoveries.

The report also showed that there were non-cash recoveries (farmlands, plots of land, uncompleted buildings, completed buildings, vehicles and maritime vessels) totalling 239 items.

About N39,169,911,023.00 was recovered through the Economic and Financial Crimes Commission, which also secured $128,494,076.66, £2,355 and 11,250 Euros.

In addition, the sums of N5,665,305,527.41 and $8,000,000.00 were recovered from the on-going searchlight on the Office of the National Security Adviser (ONSA), while the loots recovered by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and lodged with CBN were put at N2,632,196,271.71. Also N47.7 million, $1.94 million and £3.50 million in cash were recovered through the Department of State Services (DSS).

Under the report, cash recoveries involving royalty and tax payments to the federal government in JP Morgan account in New York was put at N4,642,958,711.48 (four billion, six hundred and forty-two million, nine hundred and fifty-eight thousand, seven hundred and 11 naira, forty-eight kobo), and $40,727,253.65 (forty million, seven hundred and twenty-seven thousand, two hundred and fifty-three dollars, sixty-five cents).

The office of the Attorney-General of the Federation also recovered N5,500,000,000 (five billion, five hundred million naira) and $5,500,000 (five million, five hundred thousand dollars) in cash.

Buhari had said in an interview during the global anticorruption summit in London, “So far, what has come out, what has been recovered in whatever currency from each ministries, departments and individuals, I intend on the 29th to speak on this because all Nigerians are getting from the mass media because of the number of people arrested either by the EFCC, DSS. But we want to make a comprehensive report on the 29th.”

The president faced widespread criticism when in his Democracy Day speech on May 29 he failed to disclose the recovered funds as promised.

http://www.thisdaylive.com/index.php/2016/06/05/keeping-his-promise-buhari-announces-recovery-of-n3-4-trillion-in-one-year/