Friday, February 22, 2019

Tag "Electricity"

    FG to halt bailout for power firms, asks GenCos to find more customers

FG to halt bailout for power firms, asks GenCos to find more customers

The federal government has asked power generation companies (GenCos) to find eligible customers for its product as the payment for shortfalls might end soon.Speaking at a workshop on eligible customer regulation in Abuja on Tuesday, Louis Edozien, permanent secretary of the ministry of power, works and housing, said it is no longer sustainable for GenCos to complain of stranded power [...]

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    ‘We’ll recover $16bn wasted on power’ — again Buhari hints at probing Obasanjo

‘We’ll recover $16bn wasted on power’ — again Buhari hints at probing Obasanjo

President Muhammadu Buhari has vowed to recover the $16 billion dollars allegedly wasted on the power sector when the Peoples Democratic Party (PDP) was in power.Speaking at the All Progressives Congress (APC) presidential rally in Yenagoa, Bayelsa state capital, on Tuesday, the president vowed to go after the people who mismanaged the money meant for the development of the sector.In [...]

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    Buhari inaugurates Ariaria power plant,  says ‘electricity has no political colour’

Buhari inaugurates Ariaria power plant, says ‘electricity has no political colour’

President Muhammadu Buhari says his administration will continue to inaugurate completed projects nationwide irrespective of party differences.According to a statement by Garba Shehu, presidential spokesman, Buhari said this during the inauguration of the Independent Power Plant (IPP) in Ariaria market in Aba, Abia state.The president, who has been accused of having no original project and only inaugurating and taking glory for the [...]

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    ANALYSIS: Why electricity generation may plunge further in 2019

ANALYSIS: Why electricity generation may plunge further in 2019

With the latest data from the advisory power team in the office of Vice-President Yemi Osinbajo revealing that the power sector lost a total of N530 billion in 2018, the industry is set to experience tougher times in 2019.Operational constraints from the shortage of gas, poor transmission, weak distribution network, and water reserves factor have become permanent issues to reckon [...]

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    Fashola: 108 firms approved to supply electricity meters

Fashola: 108 firms approved to supply electricity meters

Babatunde Fashola, minister of power, works, and housing, says 108 firms have been approved to supply electricity meters.The minister said this in Lagos on Sunday during a neighborhood campaign for the re-election of President Muhammadu Buhari.Speaking to voters at his ward, Fashola said the deployment of the firms for the meter asset providers (MAPs) scheme will end estimated billing and [...]

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    Blackout looms as GenCos threaten to shut power plants nationwide

Blackout looms as GenCos threaten to shut power plants nationwide

Electricity generation companies have threatened to shut down power plants across the county if the federal government fails to intervene in the challenges troubling them.In a statement on Monday, Joy Ogaji, executive secretary of the Association of Power Generation Companies (APGC), the umbrella body for the GenCos, said the decline in available generation is due to various challenges experienced by [...]

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    GenCos: Abysmal performance of DisCos responsible for challenges in power sector

GenCos: Abysmal performance of DisCos responsible for challenges in power sector

The Association of Power Generation Companies (APGC) says the abysmal performance of electricity distribution companies (DisCos) is responsible for the challenges in the power sector.In a statement on Tuesday, Joy Ogaji, executive secretary of APGC, said the generation companies are being short-changed as they don't receive full payment for the amount of power generated.Ogaji said this in response to a [...]

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    Tinubu: It’d have been better if PDP focused on just electricity for 16 years

Tinubu: It’d have been better if PDP focused on just electricity for 16 years

Bola Tinubu, a national leader of the All Progressives Congress (APC), says it would have been better if the Peoples Democratic Party (PDP) used its 16 years in power to develop only electricity.Tinubu said this on Friday while speaking at the flag-off campaign of the APC in Uyo, Akwa Ibom state capital.The former governor of Lagos asked Nigerians to vote [...]

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    Stranded power, stranded promise

Stranded power, stranded promise

Nigerians have for long languished under debilitating incompetence of the power sector. And we are now better informed that the government should by no means be held responsible for the crisis. Rather, whiners should direct their angst at privately owned electricity Distribution Companies (DisCos) and Generation Companies (GenCos) that are operators of the seemingly jinxed sector.We have no less to [...]

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    FG secures fresh $200m loan from AfDB to fund electrification project

FG secures fresh $200m loan from AfDB to fund electrification project

The federal government has secured a $200 million loan from the African Development Bank (AfDB) to fund electrification projects in the country.In a statement on Monday, the bank said its board of directors approved the sovereign loan to finance the Nigeria Electrification Project (NEP).While AfDB approved $150 million, the Africa Growing Together Fund (AGTF), a $2 billion facility sponsored by [...]

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    PDP ‘mocking our fallen heroes’ over Boko Haram attacks

PDP ‘mocking our fallen heroes’ over Boko Haram attacks

A civil society group, the Coalition Against Terrorism and Extremism in Nigeria (CATE), has accused the Peoples Democratic Party (PDP) and its presidential candidate Atiku Abubakar of playing politics with fallen national heroes.The group said this following the comments which trailed the killings of over 100 soldiers by insurgents in the north-east.Gabriel Onoja, national coordinator of the group, said PDP [...]

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    Lai claims 7,000MW, Adesina says 4,500MW… what’s the truth about Nigeria’s power generation?

Lai claims 7,000MW, Adesina says 4,500MW… what’s the truth about Nigeria’s power generation?

Within 24 hours, two prominent figures have churned out conflicting figures on Nigeria's current power generation capacity. On Tuesday, Lai Mohammed, minister of information, said the country now generates 7,000 megawatts of electricity. A day after, Akinwumi Adesina, president of the African Development Bank (AfDB), pegged the figure at "around 4,500 megawatts".While speaking at a News Agency of Nigeria (NAN) [...]

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    FG to increase power generation to 9000MW by December

FG to increase power generation to 9000MW by December

The federal government says it will increase power generation to 9,000 megawatts by the end of 2018.Lai Mohammed, minister of information, made this known on Tuesday while speaking at a NAN Forum in Abuja.The minister said the government will add 2,000 megawatts to the current 7,000 capacity.Mohammed said the government will also embark on 90 power transmission projects nationwide to [...]

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    Ogaji: DisCos owing power generation firms N500bn

Ogaji: DisCos owing power generation firms N500bn

Joy Ogaji, executive secretary of Association of Power Generation Companies (APGC), says the Nigerian Bulk Electricity Trading (NBET) is yet to pay the N500bn debt owed by electricity distribution companies (DisCos).Speaking with reporters in Abuja on Sunday, Ogaji said power firms have been taking loans from banks to be able to generate electricity.She said the federal government has only paid 80 [...]

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    FG to add 4200MW to national grid in 18 months

FG to add 4200MW to national grid in 18 months

The federal government is set to add 4200 megawatts of electricity to the national grid in 12 to 18 months.Bisi Daniels, strategy and communications adviser to Okechukwu Enelamah, minister of industry, trade and investment, said it will be coordinated by the Nigeria Industrial Policy and Competitiveness Advisory Council (NIPCAC).Daniels said the government has commenced moves to deploy underutilised power assets [...]

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    Fashola: The problems of electricity can’t be solved by magic

Fashola: The problems of electricity can’t be solved by magic

Babatunde Fashola, minister of power, works and housing, says the problems of electricity are slowly being solved as no one can do it by magic.Fashola said this on Thursday while inaugurating the 2x100MVA, 132/33kV power transformers at the Ejigbo Transmission Substation in Lagos.The minister said out of the 800 containers of power equipment abandoned at the port for about 10 [...]

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Exchange Rates

February 22, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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