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Economy

Why appropriate pricing of electricity is necessary-Group

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Mr Sunday Oduntan, Executive Director, Research and Advocacy,  Association of Nigerian Electricity Distributors (ANED), says  there is need for appropriate electricity pricing in order to ensure an effective power-sector driven economy.

Oduntan told the News Agency of Nigeria in Lagos on Wednesday that it would be mischievous to ask DisCos to recapitalise without appropriate electricity pricing of the products.

He advised the Federal Government to focus more on the alignment of the power sector value chain, adding that the Federal Government had tried as far as the power sector was concerned.

“There are two types of alignments-commercial and technical.

“Commercial alignment means that you must be able to have the appropriate pricing of the product using other indices like foreign exchange, lending rate, inflation rate and with a view to making the sector commercially viable.

“What has been wrong with the sector all along is liquidity crisis. As far as the government is concerned, I believe they have done their best in the last four years but they still need to do more in the next four years,” he said

The DisCos spokesperson said the transmission grid needed to be strengthened, adding that there was need for more investment to improve the grid.

He said that lots of equipment had been dilapidated and it was  good to mention that the current government was trying its best to invest more in TCN.

“Issues that have to do with system collapse is simply an issue of weak transmission grid. Those who blame DisCos for the collapse are mischievous.

“As far as ANED and the Discos are concerned, we didn’t have problem with the power generating companies. What we are saying is that anything we are going to do in the power sector must be done in accordance with the law and due process.

“The law allows the minister to declare eligible customers. The same law is very clear at what point the determination will take place.

“So, the issue then has to do with when it is  done and not whether it can be done.

“Yes, it can be done, but it should be done at a time when the sector matures  beyond where it is.

” We believe in cooperating with government, we are not out to blame anybody.

“We are saying that we all need to work together. Let us collaborate and cooperate to ensure that we improve the power sector.

“We are not in disagreement with anybody; we are not against the power generating companies, Transmission Company of Nigeria and the government,’’ he said.

Economy

Customs in Niger generates N306m revenue in July – Official

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The Niger Area Command of the Nigeria Customs Service (NCS)  said it has  generated N306 million as Internally Generated Revenue (IGR) in the month of July.

Mr Benjamin Lambo, Public Relations Officer (PRO) of the command which covers Niger, Kwara and Kogi states, disclosed this in an interview with the Nigeria News Agency in Minna on Wednesday.

”In the month under review, the command seized 17 different second hand vehicles, and 1,254 bags of rice with Duty Paid Value of N26.6 million,” he said.

He explained that the command was putting various security measures at the border posts to curtail illegal transactions and prevent illegal items coming into the country.

” We are fully prepared to end smuggling through our various strategies that will pave way for arrest and prosecution of smugglers”, Lambo added.

He solicited the support of stakeholders, traditional and religious leaders in mobilising residents to volunteer information that would aid in apprehending all those involved in the illegal trade.

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Economy

Zimbabwe’s mth/mth inflation falls to 21.04 % in July

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Inflation

Harare, Aug. 21, 2019 Zimbabwe’s month-on-month inflation rate fell to 21.04 per cent in July compared to 32.96 per cent the previous month as prices of basic goods increased at a slower pace, statistical agency ZIMSTATS said on Wednesday.

Finance Minister Mthuli Ncube on Aug. 1 suspended the publication of year-on-year inflation figures until February 2020 because adoption of a new currency had impacted the base for calculating the consumer price index.

Annual inflation hit 175.66 per cent in June, the highest rate since runaway money-printing and associated hyperinflation forced the country to abandon its currency in 2009. (Reuters/NAN)

JI/WOJ

 

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Economy

NDIC signs MoU with Korean counterpart to strengthen deposit insurance

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The Nigeria Deposit Insurance Corporation (NDIC) has signed an agreement with the Korea Deposit Insurance Corporation (KDIC) to strengthen the Deposit Insurance System (DIS) in their respective jurisdictions.

In a statement on Wednesday, the spokesman of NDIC, Mr Mohammed Ibrahim, said the signing was done at the KDIC headquarters in Seoul, the South Korean capital.

Ibrahim said the Memorandum of Understanding (MOU) covered a wide range of issues intended to enhance the protection of banks’ depositors.

He listed some areas covered by the MoU as promotion of communication, enhancement of existing cooperation, provision of support and mutual understanding as well as collaboration.

These, according to him,  is necessitated by the “increasing globalisation and complexity of large financial institutions and the unique challenges they pose for regulatory authorities.”

“The MOU also provides for effective international working relationship between both agencies along with the enhancement of their roles in financial regulatory initiatives and policy deliberations.

“There will also be periodic exchange of staff between both institutions and bilateral meetings on regular basis.

“This is to enhance mutual understanding that promotes development of the DIS in both Nigeria and South Korea,” he said.

Ibrahim said the Chairman of KDIC, Mr WI Seongbak, and the Managing Director of NDIC, Mr Umaru Ibrahim, signed for their respective bodies.

 

 

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Economy

Monarch urges Nasarawa Govt on devt of his community

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Alhaji Usman Abdullahi, the Ohimege Opanda in Nasarawa State, has appealed to the state government to provide Toto Local Government area with basic infrastructure to boost socio-economic and agriculture in the area.

This, he said, would enhance the standard of living of residents and overall development of the country.

Abdullahi, a first class traditional ruler, made the call on Wednesday during an interview with the Nigeria News Agency in his palace in Umaisha in Toto Local Government area of the state.

He said that provision of infrastructure was key to the development of every society, hence the need for the state government to provide  roads, schools, electricity and other amenities in  the area.

The Igbura traditional ruler said that the provision of basic amenities would also attract investments to the area, thereby creating jobs opportunities and boosting their revenue base.

“I want to use this medium to appeal to the state government to link our area with Kogi State with road to improve on our standard of living and to boost our socio-economic activities.

“Look at Toto Local Government, we are not developed; no electricity, no good portable water, no good roads, among other social amenities.

“We also want the government to establish a higher institution in this area in the interest of the education of our children and other Nigerians considering the importance of education to the development of the society.

“If these are done,it will go a long way in bringing in development, boosting agricultural activities, thereby improving on our standard of living,”  Abdullahi said.

Abdullahi also called on his subjects and other Nigerians to pray and support leaders at all levels to enable them succeed in the tasks ahead of them.

“I want my people and Nigerians at large to pray for leaders at all levels as prayer is key to success. Our leaders need our prayers and support to succeed while discharging their duties.

“So, I want my people to give their maximum support and cooperation to President Muhammadu Buhari, Engr.Abdullahi Sule and other leaders to succeed so that they will bring us more dividends of democracy, “he said .

The first class traditional ruler  enjoined his subjects and Nigerians to live in peace, be law abiding and respect constituted authorities for the overall development of the country.

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Economy

Gov. Ishaku disburses N500m for devt. projects in 50 communities

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