Connect with us

News

Benin, Togo owe Nigeria $5.7m electricity debt — NERC

Published

on

International bilateral electricity customers in Benin Republic and Togo owe Nigeria $5.79m for the energy consumed in the second quarter of 2024.

The Nigerian Electricity Regulatory Commission revealed this in their latest second-quarter 2024 report analysed by our correspondent on Sunday.

Out of the $15.60m invoice issued by the market operator between April and June, the international customers remitted $9.81m.

The foreign companies off-taking power from Nigeria are Para-SBEE in Benin Republic ($1.23m), Transcorp-SBEE in Benin, Mainstream-NIGELEC in Togo ($1.09m), and Odukpani-CEET in Togo ($3.47m).

Advertisement

Para-SBEE in Benin Republic remitted 71.21 per cent of the $4.29m billed, Transcorp-SBEE in Benin remitted 100 per cent of the $4.25m it was billed; Mainstream-NIGELEC in Togo paid 69.72 of $3.59m, and Odukpani-CEET did not remit anything during the period.

In the first quarter, The PUNCH reported that none of the four international bilateral customers being supplied by the power generation companies made payments against the cumulative invoice of $14.19m issued by the market operator for services rendered.

In the Q2 report, it was noted that some bilateral customers (both domestic and international customers) made payments for outstanding invoices from previous quarters.

“Cumulatively, the international bilateral customers paid a total of $16.65m; Transcorp-SBEE and Mainstream-NIGELEC have made payments towards all outstanding invoices from previous quarters,” the report disclosed.

Advertisement

It added, “The four international bilateral customers being supplied by Gencos in the NESI made a payment of $9.81m against the cumulative invoice of $15.60m issued by the MO for services rendered in 2024/Q2, translating to a remittance performance of 62.88 per cent.”

The NERC noted that the domestic bilateral customers made a payment of N1.30bn against the cumulative invoice of N1.99bn issued to them by the MO for services rendered in 2024/Q2 translating to 65.07 per cent remittance performance.

The market operator received N1.30bn from domestic bilateral customers towards outstanding invoices from previous quarters.

Mainstream Energy Solutions was said to have made payments towards all outstanding invoices from previous quarters.

Advertisement

On electricity subsidy, it was disclosed that between 2024/Q1 and 2024/Q2, the Federal Government’s subsidy obligation was reduced by N253.24bn from N633.30bn (90.57 per cent of the total Genco invoice) to N380.06bn (52.51 per cent of the total Genco invoice).

“The significant decrease in the subsidy obligation of the Federal Government is a result of the policy directive of the government to implement reviews of tariffs charged to Band A customers while the tariffs for Band B-E customers remain frozen at the rates payable since December 2022,” it was explained.

The commission revealed that the total revenue collected by all Discos in 2024/Q2 was N431.16bn out of the N543.64bn that was billed to customers. This translates to a collection efficiency of 79.31 per cent.

In comparison, the total revenue collected by all Discos in 2024/Q1 was N291.62bn out of the N368.65bn billed to customers which translated to a 79.11 per cent collection efficiency. The 79.31 per cent collection efficiency recorded in 2024/Q2 is 0.20pp higher than the collection efficiency recorded in 2024/Q1.

Advertisement

Ikeja and Eko Discos reportedly recorded the highest collection efficiencies of 94.67 per cent and 88.03 per cent respectively. Conversely, Yola Disco recorded the lowest collection efficiency of 55.67 per cent.

Credit: PUNCH

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Trump Replies Episcopal Bishop’s Call for Mercy on LGBTQ+ Community and Migrant Workers

Published

on

By Kayode Sanni-Arewa

During the inaugural prayer service, Right Reverend Mariann Budde, the Episcopal Bishop of Washington, delivered a poignant message urging President Donald Trump to extend mercy to the LGBTQ+ community and undocumented migrant workers.

Her powerful appeal was made in front of a congregation gathered for the historic event, calling on the president to embrace compassion and understanding toward marginalized groups.

Following the service, President Trump was asked about the sermon and the bishop’s remarks.

Advertisement

In a brief interaction with the press, the president remarked that he did not believe the service had been “a good service,” without further elaborating on his stance.

Bishop Budde’s remarks have sparked a range of reactions, with advocates for LGBTQ+ rights and immigrant communities expressing hope that her call would resonate with the president, while others have criticized the president’s response.

The appeal for mercy and inclusion comes as the new administration begins its term, and its stance on issues of social justice and human rights remains closely watched.

Advertisement
Continue Reading

News

Inflation, Rising Costs Behind 50% Telecom Tariff Increase – Minister

Published

on

 

 

…FG to invest ₦6bn in fibre optic expansion

 

Advertisement

By Gloria Ikibah

 

The Minister of Communication, Innovation, and Digital Economy, Dr. Bosun Tijani, has attributed the recent 50 percent increase in telecommunication tariffs to inflation and rising operational costs.

 

Advertisement

The Minister disclosed this during the 2025 budget defense session held by the joint House of Representatives and Senate Committees on Communication, on Tuesday in Abuja.

 

Explaining the rationale behind the tariff hike, Dr. Tijani stated that the move aligns with broader economic trends where increased tariffs lead to higher consumer prices due to added costs on imported goods.

 

Advertisement

The Minister also revealed plans by the Federal Government to invest ₦6 billion in the deployment of 90,000 kilometers of fiber optic cables, increasing Nigeria’s current coverage from 35,000 kilometers to 125,000 kilometers, and he described this initiative as a critical step towards boosting communication infrastructure and fostering growth in key sectors of the economy.

 

“Tariffs act as a sales tax, causing a one-off price increase rather than sustained inflation.

 

Advertisement

“Outside of South Africa and maybe Egypt or Tunisia, many African countries face a significant deficit in fiber optic cable coverage.

 

“This is going to become a big business. We want Nigerian companies not only to lay cables within Nigeria but also to provide these services for neighboring countries. And we want our people to be the workforce driving this transformation,” he said.

 

Advertisement

Dr. Tijani who emphasised the importance of communication infrastructure in ensuring security and economic development, highlighted the historical reliance on private investment for telecommunications infrastructure, which has often prioritized profitable urban areas over rural communities.

 

“Private companies only invest where they see potential returns.

“They use tools like night-time satellite data to identify economic activity, represented by lights, and focus their investments in those areas. This has left many underserved regions without proper infrastructure. Addressing this disparity is a priority for us,” he explained.

Advertisement

 

The Minister, however, lamented the inadequate funding of the Ministry, which he said hampers its ability to fulfill its mandate effectively.

 

“The Ministry is underfunded compared to agencies like the NCC. We lack the necessary resources and software to track revenue-generating activities efficiently. With better funding, the Ministry could generate significantly more revenue and enhance its impact,” he said.

Advertisement

 

In his remarks, Senator Shuaib Salisu, Co-Chairman of the Senate Committee on Communication, acknowledged the critical contributions of the communication sector to Nigeria’s economic growth. He called for a review of the Ministry’s 2025 proposed budget to ensure it is adequately equipped to deliver on its mandate.

 

Following discussions, the Committee adopted a motion urging the Committees on Appropriation to consider an upward revision of the Ministry’s budget for 2025.

Advertisement
Continue Reading

News

Kalu Calls On UK Govt to Support Nigeria’s War Against Corruption

Published

on

 

 

…praised diplomatic ties between the two countries

 

Advertisement

By Gloria Ikibah

 

The Deputy Speaker of the House of Representatives, Rep. Benjamin Kalu, has called on the government of United Kingdom (UK) to support Nigeria’s fight against corruption.

 

Advertisement

The Deputy Speaker made the call during his speech in an event tagged “UK-Nigeria Collaboration: A Parliamentary Strategic Dialogue” which attracted the presence of the Deputy Leader of the British House of Lords, Rt. Hon. Lord Collins among other members of parliament from Nigeria and UK in London on Wednesday.

 

Kalu emphasized the importance of collaboration between the two countries in tackling corruption amongst other challenges.

 

Advertisement

He commended the diplomatic ties between Nigeria and the United Kingdom, highlighting the potential for deepened economic relationships.

 

Referencing the partnership between Nigeria and the UK as a testament to shared values and mutual interests, Kalu added that by deepening collaboration across these sectors, both countries will unlock the  opportunities for sustainable growth and development.

 

Advertisement

He said: “The UK-Nigeria Strategic Partnership establishes a comprehensive framework for deepening bilateral relations and achieving shared objectives. This collaboration spans six pillars: Growth and Jobs: Through the Enhanced Trade and Investment Partnership (ETIP), both nations will drive mutual economic growth by addressing market barriers, boosting two-way trade, and fostering sustainable investments in manufacturing, agriculture, and energy.

 

“Both nations commit to facilitating safe migration, tackling visa abuse, and operationalizing prisoner transfer agreements while advancing reforms in global financial systems.

 

Advertisement

“I wish to call on the UK Government to intensify its efforts towards supporting Nigeria’s war against corruption in all its facets. One of the ways the UK can support this fight is to ease the process of repatriation of monies seized from Nigerian officials that are trapped in the UK financial system. Incidentally, I am here with the Chairman of the Nigerian Parliament Committee on Financial Crimes and he will be happy to continue the conversation with relevant officials.

 

“Nigeria seeks the UK’s continued support in recovering illicit funds. Enhanced collaboration should focus on: Setting up mechanisms to curb illicit financial flows. Strengthening institutions to combat  corruption. Facilitating asset recovery processes through bilateral agreements”.

 

Advertisement

Kalu who is the Chairman,  Nigeria’s House Committee on Constitution Review and an advocate for political inclusion also called on the UK’s Foreign, Commonwealth & Development Office (FCDO) to support the work of the panel.

 

“As Chair of the House Committee on Constitution Review, I acknowledge the monumental task of refining Nigeria’s constitutional framework to reflect the evolving needs of its people. Key issues under deliberation—such as the creation of special status seats for women in legislative assemblies, the enactment of more gendersensitive legislation, and the potential introduction of sub-national policing—are pivotal to fostering inclusive governance and addressing the nation’s security challenges.

 

Advertisement

“Thus, I implore the UK’s Foreign, Commonwealth & Development Office (FCDO) to extend tailored support to the Committee’s critical work. By providing technical assistance, research expertise, and capacity-building programs, the FCDO can help ensure that these constitutional reforms are comprehensive, evidence-based, and aligned with international best practices.

 

“Such support would not only strengthen Nigeria’s democratic institutions but also reinforce shared values of equity, justice, and security, which underpin the UK-Nigeria Strategic Partnership. This collaboration would demonstrate a profound commitment to empowering marginalized groups, ensuring safer communities, and fortifying Nigeria’s legislative framework for future generations”, he said.

 

Advertisement
Continue Reading

Trending

Copyright © 2024 Naija Blitz News