The Nation Newspaper

Tag: Electricity

  • EU, Germany launch Nigeria access to electricity initiative

    EU, Germany launch Nigeria access to electricity initiative

    The European Union (EU) and Germany on Tuesday launched the Nigeria Country Window initiative In Lagos State .

    The initiative is part of efforts to address Nigeria’s electricity access challenges,particularly in rural areas.

    The initiative is expected to  accelerate investments in renewable energy solutions  by unlocking finance for sustainable energy projects and businesses, specifically tailoring them to the Nigerian context, is being implemented by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ).

    Besides, it  will closely cooperate with other donor-funded initiatives in Nigeria, particularly the Nigerian Energy Support Programme (NESP), which has been co-funded by the EU and the German Federal Ministry for Economic Cooperation and Development (BMZ) since 2013.

    Speaking at the launch of the Nigeria Country Window initiative, organised by GET.invest Nigeria, Team Leader for Green and Digital Economy at the EU Delegation to Nigeria and ECOWAS, Inga Stefanowicz, highlighted the importance of the initiative.

    Stefanowicz said :” “The EU remains committed to supporting Nigeria’s energy transition and sustainable economic growth. Reliable electricity is essential for economic development, and unlocking finance for renewable energy solutions is a critical step toward bridging Nigeria’s energy access gap.

    “Through GET.invest Nigeria, we aim to facilitate access to finance for renewable energy projects that will benefit businesses and communities across the country.”

    The Permanent Secretary, Federal Ministry of Power, Temitope Dina, who represented the  Minister, emphasised Nigeria’s commitment to a brighter and more sustainable future, signalling the arrival of GET.invest Nigeria at a critical time in the nation’s journey toward achieving sustainable development.

    She said: “With the right investments, policies and technologies, we can create a cleaner, greener and more resilient energy system. This transformation is not just a goal; it is a necessity for ensuring energy access for all Nigerians, reducing our dependence on fossil fuels, and enhancing our environmental stewardship.”

    The Speaker of the House of Representatives, Tajudeen Abbas called on investors “to see the launch as an opportunity to invest wisely and strategically, because the return on investment promises to be very high.” He added that “GET.invest Nigeria is our answer to some of the country’s challenges. It is also part of our commitment to innovation, sustainability, and resilience.”

    Read Also: Nigeria’s real estate market: What to expect in 2025

    In his remarks, Consul General at the German Consulate General in Lagos, Weert Börner, highlighted Germany’s commitment.

     “Germany is proud to co-fund GET.invest Nigeria as part of our broader partnership with Nigeria in fostering sustainable economic development. By supporting private sector investment in renewable energy, we aim to strengthen Nigeria’s clean energy ecosystem and contribute to long-term economic growth. We look forward to seeing this initiative help unlock new opportunities for businesses and communities alike,” he said.

    GET.invest Nigeria Coordinator, Lawrence Efanga Edeke, while underscoring the role of the New Country Window in driving energy investment, noted that GET.invest Nigeria is not a silver bullet, but it is an essential part of the solution to scaling up investments in the renewable energy sector.

    He said, “By working closely with project developers, financiers and policymakers, we aim to mobilise the level of investment required to meet Nigeria’s ambitious energy and climate commitments, ultimately fostering a sustainable and inclusive energy transition.”

    Through the initiative, GET.invest Nigeria will also provide market intelligence, industry mobilisation and capacity development support to local stakeholders, equipping them with the tools needed to expand clean energy solutions across the country.

     Also, the initiative is set to accelerate investments that will enhance energy security, drive economic growth and improve the quality of life for millions of Nigerians.

    Together with its donors – the European Union, Germany, Norway, the Netherlands, Sweden and Austria – GET.invest has established a series of country windows that allow the programme to focus on selected national sustainable energy markets.

  • Electricity workers kick against sack of colleagues

    Electricity workers kick against sack of colleagues

    • Protest in Ibadan

    Aggrieved electricity workers yesterday staged a peaceful protest against the sack of 17 of their colleagues and casualisation of workers without formal employment.

    The workers, who occupied Ibadan Electricity Distribution Company (IBEDC) office in Ring Road area, alleged that some employees had worked as casual workers for years, receiving meagre salaries without prospects of full employment.

    The protesters also expressed concerns about deductions from workers’ salaries without remittance.

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    They claimed that the sack of their colleagues by IBEDC was done without due consultation, adding that it violated labour laws, which required union members to be consulted before downsizing.

    The protesters carried placards and sang solidarity songs.

    The Head of Branding and Corporate Communication, Angela Olanrewaju, denied the use of casualisation of workers, saying such duties had been outsourced.

    She said the action of the workers did not affect business operations, noting that the picketing was organised by NUEE.

  • ‘Fed Govt subsidising electricity with N200b monthly’

    ‘Fed Govt subsidising electricity with N200b monthly’

    The Federal Government is subsidising electricity supply by N200 billion monthly, Special Adviser to the President on Energy, Mrs. Olu Verheijen, said yesterday.

    She spoke as the government explores ways to improve supply and ensure the subsidies are delivered to the most vulnerable households.

    The special adviser dismissed insinuations in some quarters that the government was considering a 65 per cent increase in electricity tariffs.

    Mrs. Verheijen clarified that even with the increase in tariffs for Band A electricity consumers last year, the government still provides about 35 per cent electricity subsidy, equivalent to N200 billion monthly.

    She said in a statement: “It is a misrepresentation of what I actually said in a recent press interview. I highlighted the fact that, following the increase in Band A tariffs in 2024, current tariffs now cover approximately 65 per cent of the actual cost of supplying electricity, with the Federal Government continuing to subsidise the difference.”

    The special adviser bemoaned the situation where much of the N200 billion subsidy “benefits the wealthiest 25 per cent of Nigerians rather than those who truly need assistance”.

    She said the government was implementing a multi-faceted programme to ensure effective pricing and metering of electricity, reduce general cost of electricity supply and ensure that the most vulnerable segment of the society have access to electricity supply.

    According to her, while the government is committed to ensuring fairer pricing over the long term, the immediate focus is on taking decisive actions to deliver more electricity to Nigerians, ensure fewer outages, and guarantee the protection of the poorest and most vulnerable Nigerians.

    Verheijen outlined government’s power sector priorities to include mass rollout of prepaid meters, targeted subsidy regime that focuses on the most vulnerable, settlement of legacy debt and reduction in costs for alternative power generation.

    She stressed: “The government fully understands the economic realities facing citizens and is committed to ensuring that reforms in the power sector lead to tangible improvements in people’s daily lives.

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    “Every policy is designed with the Nigerian people in mind-eliminating unfair estimated billing, ensuring that subsidies benefit the right people, and creating the conditions for stable, affordable electricity.

    “These reforms are laying the foundation for better service delivery, expanded access to electricity for homes and businesses, and unlocking prosperity for all Nigerians.”

    Verheijen explained that under the Presidential Metering Initiative (PMI), the government plans to accelerate nationwide rollout of seven million prepaid meters, starting this year.

    Mrs. Verheijen noted that the mass rollout of prepaid meters would “finally put an end to the practice of estimated billing, giving consumers confidence in what they are paying for and ensuring transparency in electricity charges”.

    She added that metering would also improve revenue collection across the sector and thus attract the investments needed to strengthen Nigeria’s power infrastructure.

    According to her, a new subsidy regime template is underway to ensure that electricity subsidies get more to the most vulnerable in the society.

    She said: “To address this, the Federal Government is working towards a targeted subsidy system to ensure that low-income households receive the most support. This approach will make electricity more affordable and accessible for millions of hardworking families.”

    The special adviser pointed out that the settlement of legacy power debt is a top priority for the government as mounting debts owed to power generation companies have been part of the major roadblocks to improved service in the sector.

    Verheijen added: “For years, these debts have prevented investments in new infrastructure and hampered efforts to improve electricity supply. By clearing these outstanding obligations, the government is ensuring that power companies can reinvest in better service delivery, stronger infrastructure, and a more stable electricity supply for all Nigerians.”

    She said through a range of fiscal incentives, including the Value Added Tax (VAT) and Customs Duty waivers, the government is working to lower the cost of alternative power sources such as Compressed Natural Gas (CNG) and Liquefied Petroleum Gas (LPG).

    Mrs. Verheijen emphasised that these priorities reflect the President Bola Ahmed Tinubu administration’s recognition of the economic realities facing Nigerians and its commitment to ensuring that power sector reforms deliver tangible benefits to citizens.

  • WBG, AfDB plan $56b package for electricity in Nigeria, others

    WBG, AfDB plan $56b package for electricity in Nigeria, others

    International lenders and partners this week committed another $8 billion in financing to a $48-billion project by the World Bank and African Development Bank (AfDB) to connect a total of 300 million people in Nigeria and the other African countries to electricity by 2030.

    AfDB Group and the World Bank Group plan to allocate $48 billion in financing for Mission 300, which may evolve to fit implementation needs, AfDB at the end of a summit on the so-called Mission 300, an initiative to connect 300 million people to electricity in Sub-Saharan Africa by 2030, according to Oilprice.com.

    In Africa, nearly 600 million people live without electricity, which represents 83per cent of the global energy deficit, the World Bank said.

    Together with multi-national partners and lenders, the World Bank and the AfDB seek to raise money to expand access to electricity. Many African nations lack the funds to do this themselves.

    This week’s summit in Dar es Salaam, Tanzania, included pledges from Agence Francaise de Development (AFD), the French development agency, for $1 billion.

    Read Also: AFC gets $30m new AfDB equity funds

    Asian Infrastructure Investment Bank (AIIB) committed $1 billion to $1.5 billion to support Mission 300. Islamic Development Bank (IsDB) Group pledged $2.65 billion in support of Mission 300 and energy access in Africa from 2025-2030.

    The OPEC Fund for International Development also announced an initial commitment of $1 billion in support of Mission 300, with additional financing to follow.

    Speaking on the importance of access to electricity, President of the World Bank Group, Ajay Banga, said: “Access to electricity is a fundamental human right. Without it, countries and people cannot thrive. To succeed, we must embrace a simple truth: no one can do it alone. Governments, businesses, philanthropies, and development banks each have a role—and only through collaboration can we achieve our goal.”

    Also, President of AfDB Group, Dr. Akinwumi Adesina, said: “We can do megawatts of talk all we want, but it’s going to be the megawatts of power that we deliver that make this an action-driven summit.”

  • Electricity transmission tower vandals deserve the death penalty

    Electricity transmission tower vandals deserve the death penalty

    “The Transmission Company of Nigeria (TCN) yesterday announced that vandals plunged 60 per cent of the Federal Capital Territory (FCT) into darkness. This followed the vandals’ removal of the 132kV transmission line and underground cables conveying electricity to the Central Area and its environs.

    They did not only destroy cables, they carted away 40 meters of 1x500mm XLPE conductor on the 132KV transmission lines.

    The ICIR reports that Millennium Park is a stone’s throw from the Presidential Villa, housing  the President, the National Assembly, the Supreme Court and other prominent government institutions” – TCN in a public announcement published in several Nigerian newspapers on Saturday, 18 January, 2025.

    I am by no means a lover, or  fan of the death penalty, but one day soon Nigeria, not only Abuja and Lagos, will  wake up into utter and complete darkness. Avarice, misdemeanours – corruption in general – has so deeply eaten into the Nigerian fabric that while the big ogas are stealing with their biro pens, the supposedly poor, the hoi polloi,  probably as agents of the  rich, are either vandalising electricity transmission towers, carrying away huge transmission cables, scooping highly inflammable fuel from distressed petrol – bearing tankers to their peril or, in major Nigerian  cities, shamelessly removing giant sewage manhole covers with narry a thought to the probable  consequences of  their heinous  crimes.

    As things stand in our country today, I haven’t the slightest doubt some Nigerians can  attempt to steal daylight itself. That is how rotten – please pardon the language – things have become in our beloved country that one can say, with all the agony, that there was,  indeed, a country!

    We keep abusing our political leaders whereas, given the opportunity, literally every Nigerian will fail the integrity test. That exactly is how bad things have become in a, once upon a time, land of honour

    May God help us. 

    Please let nobody tell me these are the results of oil subsidy removal or currency floatation because for ages, some Nigerians have deliberately dismantled NEPA infrastructure, carrying away the cables or paving way for generator sellers, while some ensured that  our refineries hardly ever worked for any substantial length of time, despite the billions spent on turnaround maintainance. 

    The Nigerian power sector has been plagued by various challenges, including inadequate infrastructure, little or even negligible generation over the years, as well as inefficient transmission   systems, and rampant vandalism among others.

    Vandalism has become a major threat to the country’s power infrastructure with transmission towers and other critical installations being literally uprooted in several parts of the country. The consequences  are incalculable –  power outages, economic losses, even loss of lives.

    Vandalism has become so bad the Federal government must now ensure, working with the National Assembly, that our laws are given the needed teeth to deal with these national economic wreckers. It now appears quite obvious that only the death penalty can serve as adequate deterrent to these nihilists. Unfortunately, as we saw in the case of armed robbery, the death penalty will not completely eradicate vandalism but without a scintilla of doubt it will very substantially reduce this new drag on the Nigerian economic development.

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    Vandalism in the Nigerian power sector is a pervasive problem that has been ongoing for years. Transmission towers, substations, and other critical infrastructure have always been targeted by vandals, resulting in disruption to power supply.

    The motivations for these attacks vary, but are mostly driven by a desire for financial gain. Vandals steal critical components such as copper wire and transformers, which they then sell to their collaborators in the black market. It is believed to be  used also  as a means of extorting money from power companies.

    The consequences of vandalism in the power sector are severe and extremely  far-reaching. Power outages, which can last for days,  weeks or months, will naturally, adversely impact  businesses, hospitals, and other critical  organisations.

    SME’s are usually the worst hit, resulting in stoppage of their operations, and causing significant economic losses.

    It is believed that Nigeria loses billions of naira each year due to vandalism-related power outages.

    Vandalism, and the attendant power outages also have  considerable human cost as they result in increased mortality rates in hospitals where surgeries, as well as the maintainance of critical medical equipments, depend on stable power supply. These are beside the fact that consistent power outages facilitate increased criminalities and insecurity.

    It must be noted that government, at various levels, is trying to moderate, if not completely eradicate vandalism in the power sector

    For instance, the Electricity and Gas Regulations Commission (NERC) has established rules to prevent, and detect vandalism while the Nigeria Police Force has established a special task force to investigate and prosecute cases of vandalism.

    All these, sad to say, have proved so ineffective that  the Nigerian national grid has collapsed severally in the past  leading to almost zero power, nationally, on many occasions.

    As a result of vandalism combined with other reasons like poor infrastructure and paucity of funds, the grid collapsed 12 times in 2024, including on October 16, 2024, when it collapsed twice in 24 hours.

    The grid’s frequent collapses have raised concerns about the stability of Nigeria’s power infrastructure to correct which, the government, regulatory bodies, and the power sector need to work together to improve infrastructure, enforce maintenance protocols, and ensure financial viability.

    These frequent collapses  is the reason one fears that the country may, very soon, experience a sustained period of ZERO POWER, even for days, and we yet won’t hear that any of the fat cats in charge has been fired. It has always been business as usual.

    Indeed, current penalties for vandalism, which include fines and imprisonment, are so inadequate they have no capacity to deter any would-be vandal – the reason it is time the National Assembly does its bounden duty of putting in place, appropriate laws to check the terrorism these vandals daily visit on hapless Nigerians.

    Needless to say,  the lack of effective prosecution, and punishment, for those found guilty has further  aggravated the  culture of impunity that if things remain as they currently are, Nigerians may not have seen anything yet.

    Concluding, the imposition of the death penalty will certainly serve as a strong deterrent to would-be vandals, fully aware that engaging in vandalism could result in the ultimate penalty. It would also reflect the severity of the crime which, as we have shown,  can have incalculable economic and human costs.

    The imposition of the death penalty would be a strong statement of intent, demonstrating the government’s commitment to protecting critical infrastructure and ensuring reliable supply of power to the citizenry.

  • We are working to eliminate grid collapse- FG

    We are working to eliminate grid collapse- FG

    The Federal Government said it is working to eliminate grid collapse from the power sector in the long term.

    The Minister of Power, Adebayo Adelabu, who stated this during a budget defence session before the Senate Committee on Power in Abuja, however said that in short term, efforts are is geared towards reducing the frequency of collapses.

    He said the plan is to achieve a 24-hour restoration of power in the event of any such occurrence.

    According to him: “We are proud to say that we almost met all our targets for 2024 with the meagre budget that was approved for 2024 and our hope that 2025 will be a better year for us and we will be able to address all the existing issues in the sector, which are the gas infrastructure issue, which still exists in terms of the supply of gas, in terms of volumes and in terms pipelines that are also vandalised, that actually supply poor quality of gas to the power generation companies, in terms of the old dilapidated transmission infrastructures that we inherited.

    “Like I mentioned about partial or full collapses, as it is today, we cannot write it off that it will not happen. What we do is to ensure that we manage it and ensure that we reduce the frequency of collapses and when it happens, we have a very short turnaround time for us to bring it up. The target is 2024 hours and the grid must be up again.

    “As it is, we are trying to manage but in 2025, the focus of the Presidential Power Initiative and other activities of the Transmission Company of Nigeria is to ensure that the grid does not collapse as frequent as it did in 2024 and the issue of vandalization which was also a major reason for the grid disturbances.

    “We are collaborating and cooperating with the security agencies to ensure that we actually attack these issues and we nip it in the board to ensure that we don’t experience such in 2025.”

    He also announced power generation improved by 30% in 2024, adding that the Ministry has set a target of acquiring 10 million prepaid electricity metres in the next five years to bridge the shortfall of the essential equipment in the country.

    Read Also: Fed govt confident of achieving N36.35trn revenue target for 2025

    He lamented that the Ministry was confronted with funding issues in 2024 while calling on the Senate to intervene through its power of appropriation.

    He said: “We all know that the power sector is a very expensive and fund guzzling sector across the world. Outside food security, energy security has been an issue all over the world, not just in Nigeria. Go to Europe, go to Asia, go to Middle East, South America, North America, it is food security, and energy security and we all know what are the causes of these.

    “So, each country is actually struggling to ensure that they reduce as much as possible the negative impact of this energy security. So, we need to pump so much funds into it. We may look at the budget in terms of billions of naira, but by the time we translate this into foreign currency as 90% of items used on the power sector, they are imported. You will find out that our budget for 2024, will barely be sufficient to establish two substations.

    “Yes, two substations and the one for this year
    too, in as much as it is much higher than what we had in 2024, in fact it is the highest so far in the history of the Federal Ministry of Power and that shows the seriousness of Mr. President and his team to ensure that the Renewed Hope Agenda of Mr. President touches on delivering stable electricity, functional electricity, reliable and affordable electricity to Nigerians.

    “So we are still owing the generating companies. The last time I was here, I said it was about N1.3trillion. We paid about N180 or N200 billion a few months back. Since then, we have not paid and this is really affecting the activities of the generating companies.

    “They have to pay their gas suppliers too. They have to service their machines, and they have to pay their staff. So we must be very reasonable and considerate in ensuring that fund is provided to pay the debts we are owing the GenCos.”

  • Aba Power hikes electricity tariff by over 50%

    Aba Power hikes electricity tariff by over 50%

    Following the Nigerian Electricity Regulatory Commission (NERC) approval, Aba Power Limited Electric, (APLE), yesterday announced over 50 per cent tariff hike for its customers.

    The electricity Distribution Companies (DisCo) operates a ring- fenced area in Aba, Abia State.

    The company disclosed this in a notice to customers shared through its official X handle yesterday.

    The power company attributed the hike to macroeconomic realities it faced.

    According to the Disco, the hike comes after the Nigerian Electricity Regulatory Commission, (NERC), granted approval.

    The new tariff regime kicked off on 1st January, 2025.

    According to the increment, customers categorised under Band A feeders will now pay between N219.70 and N241.45 per kilowatt-hour.

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    Electricity customers under Band B are to pay between N180.77 and N203/kWh, while Band C feeders will pay between N145 and N205/kWh.

    “We also wish to inform you that we have recently received an approval order from the Nigerian Electricity Regulatory Commission (NERC) for an adjustment of electricity tariffs, effective January 1, 2025.

    “This adjustment will enable us to cushion the effects of recent macroeconomic developments in Nigeria on our ability to continue to deliver a high quality of service to our customers in compliance with regulatory standards,” the power firm said.

    Recall that APLE, had in December, applied to the Nigerian Electricity Regulatory Commission, NERC, to increase electricity in its franchise area by 123.33 per cent from January 1, 2025.

    The company had at a public hearing organised by NERC in Abuja on Tuesday blamed inflation, rising exchange rate and high operational cost in its quest for the extra ordinary tariff review.

  • Whitney Adeniran: Defendants not in charge of stadium’s electricity

    Whitney Adeniran: Defendants not in charge of stadium’s electricity

    A prosecution witness in the ongoing case on the death of Whitney Adeniran, a student of Chrisland Schools,  has told a Lagos State High Court sitting in Ikeja that his investigations did not reveal that any of the defendants were responsible for electricity in the stadium where the school held its interhouse sports competition.

    The witness, Wahab Ariyo, stated this while giving evidence before Justice Oluwatoyin Ogala.

    Ariyo, an officer with the Lagos State Safety Commission, said this while being cross-examined by the counsel to the third defendant, Olukayode Enitan (SAN) in the case filed by Lagos State Government against Chrisland School and its staff over alleged negligence on the death of its student, Whitney Adeniran who died during the sport at Agege Stadium.

    Ariyo  said  that nobody told him Whitney died from electrocution, adding that he made the discovery during the investigation.

    He stated that his agency’s report on the cause of death of Whitney Adeniran, a student of Chrisland Schools, was based on interrogation and pictures taken after her demise at the Agege Stadium.

    He further stated that Chrisland Schools was not present at the stadium on the day of inspection.

    He, however,  insisted that the inspection of the premises revealed infractions.

    According to the witness: “The report is a reflection of what we observed on the day of the inspection.

    “In our report, a reassessment was said to have been conducted, but we were not there because we were not called upon.

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    “I am not aware that reassessments were conducted on two occasions, specifically on January 13, 2023, and February 8, 2023.

    “I do not know the role the 3rd defendant played because I was not at the stadium on the day of the inter-house sports.

    “The accident report was not presented to the Safety Commission before the final report was sent to the Ministry of Education.”

    Ariyo admitted that he did not request for the medical report of the deceased student, Whitney, nor did he visit her parents to obtain her medical history.

     “I did not, before now, see the medical report issued by Inland Specialist Hospital on the late Whitney.

    “Our investigation did not indicate that the 3rd defendant was responsible for electricity at the stadium, and none of the defendants were found to be in charge of electricity at the stadium”, he said

    Justice Ogala adjourned until December 11, 2024 for trial to continue.

  • Electricity: Vandals strike again, destroy 31 transmission towers

    Electricity: Vandals strike again, destroy 31 transmission towers

    • 330KVA Benin-Egbin, Benin-Omotosho lines affected
    • Disrupt repair work on Ahoada-Yenogoa line

    Electricity supply across the country, which has suffered severe hiccups in the last few  weeks, is being further threatened following fresh attacks on transmission lines by vandals.

    Thirty-one transmission towers have been destroyed in the latest attack carried out by the unknown vandals in Okada and Ofosu communities along the 330kV Benin-Egbin and Benin-Omotosho transmission lines.

    The incessant grid collapse in the country is partly caused by attacks on electricity facilities

    The Transmission Company of Nigeria (TCN) confirmed yesterday that the vandalized towers, which suffered significant damage with critical components removed earlier in November, were discovered by TCN linesmen during a routine patrol.

    Spokesperson for the company, Ndidi Mbah, said engineers from the Benin Sub-Region “have initiated repairs to prevent the collapse of the affected towers and to avoid disruption of bulk power supply.”

    Also attacked afresh by vandals, according to him, was the TCN Ahoada-Yenagoa 132kV line.

    The hoodlums stole approximately one-third of the conductor, affecting towers 29 to 31.

    That particular line had been under repair following an attack in August, which the TCN said would spark a prolonged power outage in Bayelsa State.

    Towards the end of last month, the company said it had achieved 65 per cent in the repairs of the damaged transmission towers with 17 transmission towers successfully erected only for the latest vandalism to occur.

    Mbah said: “A team of TCN engineers, led by Engr. Emmanuel Akpa, General Manager of the Port Harcourt Region, has conducted an inspection of the site.”

    Efforts are underway to replace the stolen 250mm conductor.

    Following the recent spate of national grid collapse, the TCN had targeted a minimum of three weeks to solve the problem and stabilise electricity supply.

    It identified three hubs said to be the main sources of the grid collapse: Shiroro, Jebba and Gomo.

    They were said to have been recording negative activities including high frequency.

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    Power Minister Adebayo Adelabu said last week that repairs of the electricity installations and equipment recently vandalized in parts of the north by unknown men have so far gulped N9 billion of public funds.

    The amount is besides the billions of naira worth of goods, services and man hours wasted by the blackout resulting from the vandalism.

    The minister had earlier received the report on the national grid from a six-man committee in Abuja.

    He said owing to the financial implications of the recommendations he would request funding through a supplementary budget or in the 2025 Appropriation Bill.

    “There will be an amended report after this meeting, which will help me to submit to Mr. President,” Adelabu said.

    “Because all these have financial implications, it must be so recognised for inclusion in the 2025 budget.

    “We will not wait until then for it to start implementation. Whatever we can actually cover within our 2025 budget now, and even if it is possible, a supplementary budget. Because it is a national issue, and must be so addressed.”

  • Business stakeholders to FG: address multiple taxation, increasing cost of electricity

    Business stakeholders to FG: address multiple taxation, increasing cost of electricity

    Stakeholders in the business sector have decried the lack of Micro, Small and Medium Enterprises, MSMEs friendly policies such as multiple taxation, access to finance and free interest loans as well as ease of doing business in the country.

    They made this known during an International Summit and Exhibition in Abuja with the theme: “Economic Reforms and MSME Development for Maximizing Diversification, Opportunities for Indigenous Businesses.”

    The Chairman, Board of Trustees of the National Association of Small and Medium Enterprises, NASME, Mr. Ubadigbo Okonkwo called on the Association to work with the Bank of Industry to ensure that MSMEs benefit from available government interventions.

    Okonkwo also urged CBN to stop what he described as being a referee and a player in the same field.

    He said: “I believe that all their development finance functions should be transferred to the DFIs in the country particularly the Bank of Industry, DBN NEXIM, BOI and the rest of them.

    “The theme of this year’s Summit: “economic reforms and MSME development for maximizing classification opportunities for indigenous businesses”, is a highly important theme. What I want to say is where we are as a country, what reforms we have implemented, and the way, going forward.

    “In May, last year, the Bola Ahmed Tinubu administration made a very strong start by adopting two bold policy reforms that his predecessors had brushed under the carpet. Namely, fuel subsidy removal, and unification of official exchange rates. The government also took measures to improve the fiscal performance of the economy by spending more on health and education. A new team in the central bank of Nigeria, has I believe, rightly decided to focus on its core mission of price stability and fighting inflation and to exit from development finance.”

    He called on the National Association of Small and Medium Enterprises to collaborate with SMEDAN to ensure an enabling business environment in the Country.

    The President, Nigeria Association of Small and Medium Enterprises, NASME, Dr. Abdulrashid Yerima said apart frNASME distributing machines and equipment to its members in the rural areas, the organization was also facilitating one million Naira loans for SMEs in the 774 Local Government areas.

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    “I was the special guest of honour at the unveiling of the 300 billion naira to manufacturers last week by the office of the Vice President of the Federal Republic of Nigeria.

    “We have done quite a lot this year alone we have given sewing machines, vulcanizer equipment, welding machines, salon equipment, and others to MSMEs in the rural area in the 774 local governments, we also facilitated 50 thousand naira grants, currently we’re also facilitating the 1 million Naira no loan at 9 percent interest rate in all the 774 local governments because we have been accepted as the national Association of Small and Medium Enterprises”.

    Dr. Yerima urged the government to increase its finances, provide free interest loans, and address issues related to the cost of transportation and power which affects the ease of doing business.

    He advised SMEs not to lose hope but to support the government.

    The Chairman of NASME in Rivers State, Dogara Sakpege, said the State component had commenced activities to empower Small business owners and gave an assurance that messages from the Summit would be conveyed to members at the State and rural areas.

    He said: “The event falls in line with what they at Rivers State were trying to do, which is identifying micro/small business owners in grassroots areas and onboard them into things that are happening in the state. This way, they’ll be able to impact a higher number of MSMEs at the grassroots level, more effectively which will in turn create more jobs at that level in the state, and since this is what the summit is focusing on, it’ll be easier for them to replicate same when they return to tell the much they’ve learned from the summit.

    “Some of the key areas they onboard MSME people into are tailoring, processing, production etc.

    “What we do is that, since some of them are afraid of producing due to lack of NAFDAC, S.O.N., and other regulatory agencies registration, we (Rivers State NASME) rather encourage them to go ahead as we help them attain the requisite standards to get approval from relevant agencies to enable their products compete favourably in the markets”.

    The Director General of Small and Medium MEDEN, Mr Charles Odii, represented at the summit by the Director, Engineering, Technology and Infrastructure, Engineer Anthony Igba, described the summit as an avenue to share information, to ensure MSMEs’ growth, and work together to address economic challenges and develop a model for local content.

    A representative of the Director General of NAFDAC, Hajiya Gire Aisha said the agency was collaborating with a lot of SmMEs. She explained that the agency had rolled out different measures to cushion the effect of the current economic challenges faced in the business sector.