News

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

Published

3 days ago

October 14, 2024

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).

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.

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.

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.

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

News

Impeachment Plot: Akpabio Cautions Nigerians To Disregard Media Report

Published

2 hours ago

October 16, 2024

Gloria Ikibah

By Gloria Ikibah

The President of the Senate, Senator Godswill Akpabio, has admonished Nigerians to disregard stories of his planned impeachment, even as he described it as an illusion.

Naijablitznews.com recalled that an online publication, (Name withheld on Wednesday, published a story titled “DSS Takes Over National Assembly Amid Impeachment Speculations Against Senate President Akpabio”, which has since been republished by other media outlets.

The Special Adviser on Media and Publicity to the President of Senate, Hon. Eseme Eyiboh in a statement on Wednesday said the report was a figment of the reporters imagination.

He said: “Distinguished Senator Godswill Akpabio, President of the Senate of the Federal Republic of Nigeria, wishes to state without equivocation that the speculation and misinformation circulating about an alleged impeachment plot against him is the handiwork of fifth columnists who are perpetual merchants of misinformation and purveyors of mischief.

“As a Head of one of the Arms of government, the President of the Senate categorically denies these baseless claims and reaffirms his commitment to transformational leadership of the Senate particularly and effectively collaborates with the other arms of government. There is no crack in the Upper Chamber and no Senator or Caucus is plotting any impeachment against the President of the Senate. Every Senator is focused on raising the bar of Legislative Agenda and Nation building.

“The allegations are nothing but a desperate attempt to create division and discord among the esteemed senators. It’s unfortunate that some individuals would resort to spreading falsehoods to promote the invidious reins of their blackmail enterprise.

“Senator Godswill Akpabio remains focused on the implementation of the 10th Senate’s Legislative Agenda and working tirelessly to address the pressing National issues of growth and prosperity.

“The Senate President will not be distracted by these unfounded rumours and wants to assure the public that his commitment to Nigeria’s progress remains unwavering.

“We therefore urge the public to disregard these baseless claims and instead focus on the meaningful work being done by the Senate to improve the lives of all Nigerians”.

News

BREAKING! FG delegation in meeting with NLC, TUC

Published

3 hours ago

October 16, 2024

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

The Federal government delegation is currently meeting with the leaders of organised labour at the Presidential Villa in Abuja.

The meeting is centred on the state of the nation, especially the petrol pricing system.

The meeting is taking place at the Secretary to the Office of the Government of the Federation, SGF, George Akume.

At the meeting are Mallam Nuhu Ribadu, the National Security Adviser, NSA; Nkeiruka Onyejeocha, the Labour Minister; and Wale Edun, Minister of Finance and Coordinating Minister of the Economy.

Others are the Information Minister, Petroleum Minister, State Minister of Gas, and representatives of the Nigerian National Petroleum Corporation, NNPC, Limited.

News

Reps Ask FG To Reverse Petrol Pump Price Hike, Cooking Gas Price

Published

3 hours ago

October 16, 2024

Gloria Ikibah

…urge NNPCL, others to expedite repairs of refineries

By Gloria Ikibah

The House of Representatives has urged the Federal Government to reverse the recent Pump Price hike and take immediate steps to stabilise petrol and cooking gas prices through targeted interventions such as temporary price relief measures, tax reductions, or subsidies on LPG for low-income households.

The House also called on the Nigerian National Petroleum Corporation (NNPC), Ministry of Petroleum Resources and other relevant agencies to expedite the repair/maintenance of domestic refineries and increase local refining capacity as a stop-gap measure to reduce thedependence on imported refined petroleum products.

The lawmakers furtwhr urged the Central Bank of Nigeria (CBN) to implement monetary policies that will mitigate the adverse effects of fuel price hikes on inflation, particularly with regards to essential goods and services.

These resolutions was sequel to the adoption of a motion of urgent public importance on the “Urgent need to suspend the increased cost of petrol and cooking gas in the country and provide a stop-gap”, moved by the House Minority Leader, Rep. Kingsley Chinda and 111 other lawmakers.

Debating the motion, the Deputy Minority Leader, Rep. Aliyu Madaki, said that Nigeria, as an oil-producing nation, has historically relied on petroleum products and cooking gas (LPG) as essential sources of energy for both domestic and industrial purposes.

He expressed concern that in recent months, the prices of petrol and cooking gas have skyrocketed and continue to so do, creating an unsustainable financial burden on ordinary Nigerians and exacerbating the cost of living:

According to Madaki, the removal of fuel subsidies, coupled with global oil price volatility and the depreciation of the Naira, has contributed significantly to the rising cost of petrol at the pump and cooking gas for households.

The motion reads: “Worried that the escalating fuel and gas prices are impacting the cost of transportation, food, essential goods and healthcare, further increasing inflation and pushing many families into deeper financial hardship.

“Further concerned that businesses, particularly small and medium-sized enterprises (SMEs), are struggling to manage their operational costs due to increased fuel prices, threatening economic stability and job security.

“Acknowledging that the Federal Government has previously announced plans to repair domestic refineries and boost local refining capacity to address some of these issues but has yet to deliver significant results in this regard;

“Mindful that the rising cost of petrol and cooking gas poses a significant threat to the livelihood of millions of Nigerians and unchecked inflationary pressure caused by the increased prices can lead to social unrest, increased poverty rates, and negative long-term economic effects; Also worried that unless urgent and pragmatic steps are taken to control the rising cost of petrol and cooking gas, the Nation will go into economic crisis leading to negative outcomes like increased crime rate and mortality rate.

The House unanimously adopted the motion urging the Federal Government to explore alternative energy sources and diversify the country’s energy mix to reduce reliance on petrol and gas, promoting renewable energy solutions that are more sustainable and affordable in the long term.

The lawmakers also encourage State Governments to adopt policies that alleviate the financial burden on their citizens, such as waiving taxes or levies on transportation and goods affected by high fuel costs.

The House further mandated its special adhoc committee investigating fuels price increase to investigate and report back within two week for further legislative action.