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House Approves President Tinubu’s N1.767trn Loan Request

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By Gloria Ikibah
The House of Representatives has granted approval for the implementation of the new external borrowing of N1,767, 610, 321, 779.00 (USD 2.209B).
The approval was sequel to the adoption of the recommendations of the House Committee on Aids, Loans and Debt Management Chaired by Rep. Abubakar Nalaraba, and presented at the Committee of the Whole on Thursday.
Presenting the report, the Committee Chairman, Rep. Nalaraba said the committee met and made the following recommendations, which he entreated the House to approve.
He said: “Approve the implementation of the New External Borrowing of one trillion, seven hundred and sixty seven billion, six hundred and ten million, three hundred twenty-one thousand, seven hundred and seventy-nine Naira (₦1,767, 610,321,779.00) (equivalent of USD2, 209, 512, 902. 22b) at the Budget
Exchange rate of USD1.00/800 in the 2024 Appropriation Act and that the amount should be raised from one or more sources. Namely; issuance of Eurobonds in the ICM, Issuance of debut sovereign Sukuk in the ICM, Bridge/syndicated loans, subject to market conditions;
“That based on availability and cost, to issue Eurobonds in the sum of USD1.70 billion or more, but not more than USD2,209,512,902,.22b, approved as New External Borrowing in the 2024 Act;
“Given the significant increase in the official exchange rate from USD1.00/₦800 to approximately ₦1,640, it is recommended that the exchange rate excess resulting from this adjustment be exclusively utilised for implementation of capital projects in 2024, to ensure that additional funds are
directed to impactful infrastructure & developmental projects that will contribute to the Nation’s long term growth and stability;
“Approve the Promissory Note Programme and Bond Issuance to settle outstanding claims and liabilities of the federal government. This approval prioritizes the issuance of Promissory Notes to address outstanding reimbursement debts owed to States, high-priority judgment debts, and other liabilities incurred by Federal Ministries, Departments, and Agencies. This measure is critical to preventing additional interest costs, mitigating further increases in the Federal Government’s debt profile, and reducing the debt-to-GDP ratio;
“That the Hon. Minister of Finance and Coordinating Minister of the Economy, working with the Debt Management Office are authorised to take all necessary actions required to give effect to this.”
The lawmakers unanimously adopted and passed the recommendations.
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Kanji, Jebba power plants lose N30bn

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Kanji and Jebba power plants recorded about N30.5bn as losses caused by grid failures between 2022 and 2024.

The amount incurred as external losses was occasioned by the incessant collapse of the national grid.

Recall that the national grid experienced its latest disturbance last Thursday, making it the 11th collapse in 2024, affecting both business activities and livelihoods.

Consumers, the Transmission Company of Nigeria, and other stakeholders have lamented the effect of the collapse on economic activity.

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The Federal Government has blamed the serial collapses of the national grid on the destruction of electricity infrastructure like transmission towers and transformers as well as obsolete equipment in the transmission substations.

It added that many factors, including aged and ageing facilities, lack of maintenance and requisite investment, as well as alleged sabotage by unarmed forces, had contributed significantly to the embarrassing situation.

Similarly, power generation companies in Nigeria have decried the adverse impact of incessant grid collapse on their activities, which, according to them, has resulted in huge commercial and technical losses over the years.

A document obtained by our correspondent on Thursday revealed that two of the highest-generating plants in the country had accumulated a loss of N30.55bn, with the highest loss recorded in the current year.

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An analysis of the document showed that the losses were caused by system collapse, system instability or high frequency, ramp-down and unplanned outages.

It disclosed that the power plants lost 149,524 megawatts per hour amounting to N2.38bn in 2022. The figure increased by 164.7 per cent to N6.3bn in 2023 following a loss of 229,370 megawatts per hour.

In the first 11 months of 2024, the amount has increased by a staggering 247.14 per cent or N15.57bn to N21.87bn due to energy loss of 356,759 megawatts per hour.

The document further stated that the impact of the grid collapse on the hydropower infrastructure includes the destruction of critical equipment, misalignment of shafts, contamination of lubrication oil, as well as potential damage to turbines, loss of power generation capacity, disruption of maintenance schedules, increased operational costs due to the need for repairs and replacements.

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It added that the major causes of the collapse include grid instability and overload, transmission line overload, inadequate system protection, failure of critical equipment, ageing infrastructure, poor maintenance practices, lack of timely upgrades to the grid, and insufficient capacity planning. Additionally, factors such as unforeseen environmental conditions, human error, and inadequate response protocols during peak demand periods may have further contributed to the failure.

“When the electricity demand exceeds the capacity of the transmission lines, they can become overloaded. This may lead to overheating, equipment failure, or cascading outages,” the document noted.

Reacting to the issue, the Chief Executive Officer of the Association of Power Generation Companies Joy Ogaji, said that the grid collapse poses a significant threat to Nigeria’s power sector, resulting in frequent disruptions, equipment damage, and substantial revenue losses for GenCos.

Ogaji, who spoke at a media training on Thursday in Abuja, stressed that the multiple grid collapse has seriously impacted Gencos.

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She said, “While we certainly need a huge jump in our electricity supply projection, it is imperative to preserve lives and equipment to sustain our rapid economic growth and meet the growing demand, we therefore need to make every effort to efficiently manage all stages of value chain with intentional focus on maximizing efficiency in the entire electricity chain.

“Grid collapse poses a significant threat to Nigeria’s power sector, resulting in frequent disruptions, equipment damage, and substantial revenue losses for GenCos. Technically, grid collapse can cause catastrophic damage to generators, transformers, and other critical infrastructure, leading to prolonged downtime and costly repairs.

“Commercially, the impact is equally severe, as GenCos face reduced power sales, penalties for non-delivery (in bilateral and cross border trades), and increased operational expenses. The dwindling resources exacerbate these challenges, making it difficult for GenCos to maintain, repair, and replace damaged equipment, ultimately compromising the reliability and efficiency of the power supply.

“Addressing these challenges requires coordinated efforts from government, regulatory bodies, and the power sector to improve infrastructure, enforce maintenance protocols, and ensure financial viability for GenCos.”

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An industry expert, Stephen Ogaji said, “The current operational parameters of the grid are not healthy for thermal power plants, especially when one tries to be fully grid code compliant, that is:

“All generators on the grid should be on primary frequency response. If all the market participants in the Nigeria grid strictly play by the Grid Code, the current system parameters will have a lesser impact on any one individual.”

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OUTREACH: Senator Manu concludes 2-day ICT program for constituents, distributes over 500 laptops to students (Video/Photos)

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The Senator representing Taraba Central Senatorial District, Manu Haruna has concluded a two-day ICT training for students across his constituency.

The two-day intensive program finally came to an end on Thursday with all the participants smiling home with over 500 laptops distributed by representatives of the Senator across three local governments areas in Taraba Central.

Speaking at the closing ceremony, Commissioner for Science and Technology, Hon Usman Aruwa encouraged the students to embrace ICT as it’s the leading light worldwide.

He said, “the entire exercise is to prepare the beneficiaries for the proposed Taraba State’s technology village being championed by the governor, Dr Agbu Kefas.

“You’re here today as beneficiaries of the Senator Manu’s sponsored program in preparation for the proposed Taraba Technology Village.

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” I want you to be prepared because you have been adequately prepared for this massive project.

He explained all that the technology village entails and how they can further empower themselves with it in the near future.

Also speaking in the same vein, Honourable Veronica Alhassan, Member House of Assembly Bali 1 Constituency Taraba State encouraged the students and advised them to see the Senator Manu move to empower themselves in future and become role models to others.

The outreach was carried out in the following locations: The program was held at Gassol local Government at C2C event Centre Jalingo

Bali and Kurmi local Government at Camp View Jalingo

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Sardauna and Gashaka LGA at TUJ Jalingo.

Recall that Senator Manu had embarked on a similar exercise in his constituency where over 1000 benefited with starter packs as displayed on Thursday at the closing ceremony.

See more photos below:

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Tension In Edo Over List Of Commissioner-nominees

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There is a palpable tension in Esan West Local Government Area (LGA) as members of the All Progressives Congress (APC) has sent a petition to governor Monday Okpebholo through the secretary to the state government over the list of commissioner nominees alleged to have been singlehandedly submitted by Hon. Thomas Okosun, Col David Imuse, rtd and the party council chairman.

According to the leaders drawn from the ten wards of Esan West LGA who appended their signature in the petition complained that the list submitted is not a reflection of what they agreed and an aberration from the tradition.

“The list submitted was done without the knowledge or consulting other leaders in the local government. And the names on the list are mainly relatives of the three ‘leaders’ which is the wife of the party chairman among others.

We are calling on the governor to immediately discard the and use his discretion to choose capable hands to stir the affairs of his government rather than relying on people without the know-how to contribute meaningfully to the success of his administration.

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Effort to get reactions from Thomas Okosun as at the time of filling this report prove abortive as call to his phone was unsuccessful.

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