News
Company reduces Cooking Gas Price By 30percent
By Kayode Sanni-Arewa
An Enugu-based Liquefied Petroleum Gas (LPG) marketing company, Second Coming Nigeria Ltd has offered 30 per cent reduction in cooking gas to over 4,000 residents of Enugu state to celebrate Governor Peter Mbah’s one-year in office.
The company cut the prices of cooking gas from N960 to N672, which amounts to over N20 million subsidy, for 4,000 residents coming with their 12kg gas cylinders patronizing its four branches scattered within the state
Declaring the reduction of prices of cooking gas open at the company’s plant on yesterday in Abakpa-Nike, along Enugu-Nsukka Road, Governor Peter Mbah said that the gesture by Second Coming Nigeria Ltd was a testament of the striving business environment in Enugu state.
In a statement made available to the media, Mbah, represented by the state’s Commissioner for Information and Communication, Aka Eze Aka, said that the current administration had de-risked business environment and improved in all indices of ease of doing business in the state.
“Security for both investors and customers have been achieved as the state rank as one of the safest states in the country; where everybody move around and engage in their business endeavours freely not minding the hour.
“As a governor that understand business and its nature, having been a businessman himself, have gone ahead to remove all bottlenecks to business as well as invested massively in road, water, electricity and other infrastructure for business to flourish in the state.
“This administration is doing things differently as it carries a big vision to move the state forward in all sectors and ensure that the total Gross Domestic Product (GDP) is grown from the current $4.4 billion to $30 billion within eight years,” he said.
Collaborating, the Commissioner for Special Duties, Sunday Ajogwu, lauded the company for celebrating the modest achievements of the governor in the last one year as well as joining to herald the innovations and productivity been driven by Mbah’s administration.
“We thank Second Coming for this sound Corporate Social Responsibility (CSR), which entails giving back and joining Gov. Mbah to put smiles in the faces of thousands of residents in the state.
“We want more companies and investors to come in and take advantage of the progressive business environment and peace-loving people that Enugu State is blessed with courtesy of our amiable governor, Dr Peter Mbah,” he said.
Speaking, the Chief Executive Officer (CEO) of the company, Dr. Basil Ogbuanu, said that the gesture was for two celebrations, adding: “We are celebrating our result-oriented and hardworking governor, Dr Peter Mbah and celebrating our customers for standing with us.”
Ogbuanu said that Gov. Mbah, being a renowned oil and gas businessman before venturing into politics, had made those in the oil and gas sector proud with “his sterling performance, innovative ideas and passionate drive to achieve them. He also appreciated the customers of the company for their loyalty and ensuring faithful patronage in years past.
One of the beneficiaries of the 30 per cent subsidy, Anthony Nnaemezie, commended the company for such a wonder gesture coming at a time of economic difficult in many homes.
“I call on all companies and businesses to also join the state government in the bid to make life easier for residents as this company is doing here today,” Nnaemezie said.
Another beneficiary, Maria Ndubisi, thanked the management of the company for such a kind gesture; while praying for God’s blessings on the company to continue to witness progress.
“I want to sincerely thank the company as it is not common to see such free gestures these days. I pray God to continue
News
FEC approves ₦47.9tn 2025 budget
By Kayode Sanni-Arewa
The Federal Executive Council, FEC, has approved a proposed national budget of ₦47.9 trillion for the 2025 fiscal year.
Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this on Thursday while briefing State House correspondents after the FEC meeting presided over by President Bola Tinubu.
This was part of the Medium-Term Expenditures Framework, MTEF, for 2025 to 2027 and in line with the Fiscal Responsibility Act of 2007.
“And equally, the fiscal objectives were conservative, because we want to ensure that we study the course much as we believe the projections will be exceeded.
“The budget size that was approved for presentation to the National Assembly in the MTEP is ₦47.9 trillion, with new borrowings of ₦9.2 trillion to finance the budget deficit in 2025,” Bagudu said.
“We need to sustain the market deregulation, commendable market deregulation of petroleum prices and exchange rate, and to compel the Nigerian National Petroleum Corporation Limited to lower its oil and gas production cost significantly, and even to consider the need to amend the relevant sections of the petroleum industry act 2021 to address the significant risk to Federation.
“The Federal Executive Council approved the Medium Term Expenditure Framework and the physical strategy paper, and it will be submitted to the National Assembly.
“This is in addition to bills that are already at the National Assembly, the economic stabilization bills and tax reform bills, which we believe we will have a very, very strong growth in 2025.”
During the meeting, the FEC approved its submission to the National Assembly as required by the 2007 Fiscal Responsibility Act.
The framework projected a gross domestic product (GDP) growth rate of 4.6 percent, an exchange rate of $75 to the naira, and oil production of 2.06 million barrels per day. [Channels TV]
News
Nigeria to get 6,000 power generation by December-Power Minister vows
By Kayode Sanni-Arewa
The Minister of Power, Adebayo Adelabu, has expressed his unwavering optimism that the government will successfully meet its ambitious target of generating 6,000 megawatts of electricity by December 2024, despite the numerous challenges currently affecting the power sector.
The Special Adviser on Strategic Communication and Media Relations, Bolaji Tunji, conveyed this assurance at the fourth edition of the Power Correspondents Association of Nigeria’s annual workshop, themed “Ending the Talk, Moving the Action,” held on Thursday in Abuja.
Nigeria’s power generation currently ranges between 3,500 and 4,000 MW for a population of approximately 200 million people. For instance, on Thursday, the country’s power generation was 3,556.38 MW as of 8 am.
Earlier this year, Adelabu pledged that power generation in Nigeria would reach 6,000 MW by the end of the year, citing improvements in the sector over the past year.
However, the frequent collapse of the nation’s electricity grid and the vandalisation of towers have raised concerns about the stability of the Nigerian Electricity Supply Industry and its ability to achieve the target.
In his goodwill address, the Special Adviser emphasised that the minister’s primary focus remains on achieving the goal of increasing generation and ensuring its efficient distribution to consumers.
Tunji said, “The minister aims to achieve what seems to be an intractable goal—improving generation and ensuring that what is generated reaches the final consumers. There are challenges, but they are surmountable.
“The minister has promised that by December this year, we will reach 6,000 megawatts; yes, we still hope to get there.
“We are confident that we will get there, but we are aware of the current issues with grid collapse. Efforts are being made to resolve these problems. Day and night, teams are being dispatched to address the various issues, and we remain hopeful that we will achieve the 6,000 MW target by December.”
The Director of Renewable Energy, Sunday Owolabi, also reiterated that the government is committed to ensuring 24-hour power supply for Nigerians.
Owolabi, another representative of the minister, stressed that the government’s policies are focused on resolving the challenges facing the country’s electricity transmission, distribution, and generation sub-sectors.
“We are fully committed to transforming the country’s power sector. We are focused on ensuring that our policies are practical and sustainable. We are resolute in ensuring power supply for every Nigerian.
“The government remains fully committed to transforming Nigeria’s power sector through meaningful and actionable reforms.
“We are focused on ensuring that our policies are not only visionary but also practical, impactful, and sustainable. From the ongoing efforts to address infrastructure gaps, enhance power generation, and improve transmission networks, to vital reforms in distribution and the full implementation of the electricity market, we are resolute in our mission to improve power supply for every Nigerian.”
News
Just in: Wike sends FCDA Executive Director on indefinite suspension
By Kayode Sanni-Arewa
Minister of the Federal Capital Territory, Nyesom Wike has suspended the Executive Secretary, Federal Capital Development Authority (FCDA), Engr. Shehu Hadi Ahmad indefinitely.
According to a statement on Thursday, by Lere Olayinka, Senior Special Assistant on Public Communications and New Media to the Minister of Federal Capital Territory (FCT), the suspension of Engr Hadi Ahmad is with immediate effect.
The suspended Executive Secretary has consequently been directed to hand over to the Director of Engineering Services, in the FCDA.
Meanwhile, Nyesom Wike has revealed that President Bola Tinubu ordered the construction of houses for judges in Abuja.
The former Rivers State governor said the project is part of the government’s plan to provide secure housing for judges and strengthen the judiciary’s independence.
Speaking during a media chat on Wednesday, the former Rivers Governor clarified that the housing project is not his personal initiative.
Wike explained that the housing scheme was included in the 2024 budget, approved by the National Assembly, and is not his personal decision.
He added that judges currently live in rented homes, which could make them vulnerable.
He compared this to similar projects he carried out as Rivers State governor and expressed surprise at the criticism, especially from legal professionals.
Wike insisted the project is lawful and should be welcomed as a step in the right direction.
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