FG Directs NERC To Halt Implementation Of Reviewed Tariff

The minister of power, Saleh Mamman on Thursday ordered the Nigerian Electricity Regulatory Commission (NERC) to stall implementation of the reviewed tariff. The commission had earlier approved an increase in electricity tariffs across the country. The minister in a statement said the tariff review will be on hold until the conclusion of the joint ad hoc committee’s work at the end of January. He mentioned that the government had initially subsidised the tariff of all...

Lagos Govt. Pegs 2021 Budget at N1.164 trn

The Lagos State Year 2021 Appropriation Budget named ” Budget of Rekindled Hope”  has been pegged at  N1.164 trillion. Mr. Sam Egube, the Commissioner for Economic Planning and Budget, Lagos State, made the disclosure in Lagos on Thursday at a media briefing of the Year 2021 Analysis. Egube said that the budget was made up of  N702.93 billion and N460.58 billion for both capital expenditure and recurrent expenditure respectively. This, he explained, represented a 60:40...

FG Directs Reversal of Electricity Tariff Adjustment

The Minister of Power, Mr. Saleh Mamman, has directed the Nigerian Electricity Regulatory Commission (NERC) to inform all Electricity Distribution Companies (DISCOs) to revert to tariffs that were applicable in Dec. 2020. Mr. Aaron Artimas, Senior Special Adviser, Media and Communications to the Minister of Power, made this known in a statement in Abuja on Thursday. He said that the reversal to the old tariff was to promote a constructive conclusion of the dialogue with...

SMEDAN Trains Over 10,000 Young Entrepreneurs in North East in 2020

The Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) trained more than 10, 000 young entrepreneurs in the North East region in 2020 on how to manage small businesses profitably. Mr. Isa Doguwa, the Zonal Coordinator, SMEDAN North East Region, disclosed this in an interview with the News Agency of Nigeria (NAN) on Wednesday in Bauchi. Doguwa said that compared to 2019, SMEDAN recorded huge success in terms of training and empowerment in the...

Again, FG Increases Electricity Tariff, Breaks Agreement with Labour

The Federal Government has again increased the electricity tariff that power consumers across the country are expected to be paying. The new hike in the electricity tariff was approved by the Nigerian Electricity Regulatory Commission (NERC). The increase varies. It was based on different consumer classes and took effect from January 1, 2021. The tariff hike was announced by the NERC in its December 2020 minor review of the Multi-Year Tariff Order (MYTO) and Minimum...

Sen. Ndume asks Buhari to Establish a Budget Impact Assessment Office

Sen. Ali Ndume, (APC-Borno) has called on President Muhammadu Buhari to establish a Budget Implementation and Impact Assessment office so that he could monitor the releases of funds and performance of his cabinet members. Ndume, Chairman of the Senate Committee on Nigerian Army, made the call while fielding questions from journalists on Monday, in Maiduguri. “Buhari is a good leader but quite a number of his cabinet members are not doing enough to reposition the...

Gov. Zulum Signs Borno N248bn 2021 Budget into Law

Gov. Babagana Zulum of Borno on Monday signed the state N248 billion 2021 budget into law. Speaking at the ceremony in Government House, Maiduguri, Zulum charged all government ministries, departments and agencies to comply strictly with the provisions of the budget. The governor expressed appreciation to the state House of Assembly for the speedy passage of the budget. Zulum said that his administration would continue to place a priority on security, education, healthcare, agriculture and...

Former Vice President Atiku Accuses Buhari’s Government. of Destroying his ‘Legitimate Business

Former Vice President, Atiku sold off his shares in Integrated Logistics Services Limited(Intels) accused Buhari’s led government of destroying his ‘legitimate business. Former Vice President, Atiku Abubakar has sold off his shares in Integrated Logistics Services Limited (Intels), just as he accused President Muhammadu Buhari’s led government of destroying his ‘legitimate business that employed thousands of Nigerians. Founded in 1982 as Nicotes Services Ltd, Intels Nigeria Limited is regarded as Nigeria’s largest logistics company. In...

CBN Defends Naira with $4.37bn in the Third Quarter of 2020

The Central Bank of Nigeria injected $4.37bn in the foreign exchange market in the third quarter of 2020 as part of efforts to ensure the stability of the naira. This was disclosed in the third-quarter economic report. The bank added that through its periodic interventions in the forex market, it continued to boost the supply side of the market, as the private sector supply chain segment of the market is weakened by the COVID-19 crisis....

African Nations Begin Trading Under AfCFTA Pact

African Union (AU) Chairperson Cyril Ramaphosa and Ethiopian Prime Minister Abiy Ahmed have congratulated Africans for starting trading under the African Continental Free Trade Area (AfCFTA). Abiy tweeted: “Congratulations to our continent for the beginning of trading under AfCTA. The new frontier for Africa is indeed regional integration, where minds are open to ideas and markets are to trade. Trade defuses the most fraught relations and integrated markets generate prosperity.” South African President Ramaphosa said:...

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