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N500m invested by Ikeja Electric to boost power supply

The management of Ikeja Electric recently invested N500million in injection substation to boost electricity supply to its customers in Obawole, Fagba and Iju in Ifako-Ijaiye Local Government Area of Lagos State.

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Ikeja Electric, through its Management, recently disclosed that it would be investing N500million to boost electricity to consumers in Obawole, Fagba, and Iju in Ifako-Ijaiye Local Government Area of Lagos State.

The company noted that residents in those areas were witnessing an improved power experience after the commissioning of the Obawole 15MVA transformer Injection Substation by Ikeja Electric Plc.

The Injection Substation was commissioned during the weekend and residents of the areas are now able to enjoy power supply for up to 18 hours daily.

[READ ALSO: Value Added Tax modification order to change the face of power sector]

According to Anthony Youdeowei, the Managing Director and Chief Executive of Ikeja Electric Plc, who spoke during the commissioning, the new injection substation would facilitate vast improvement in the quality of electricity supply to customers within the area, bringing to an end the epileptic supply of electricity hitherto experienced by residents.

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“We embarked on this laudable project, which has gulped about N500 million, with the aim of strengthening our network, as well as enhancing improved electricity supply to residents of the area. This move has increased the supply of power from the usual two hours daily to 18 hours, with a view to finding a lasting solution to critical supply issues facing the community. This is in line with our commitment to our vision of the provision of quality and reliable services to our customers.”

A second project: The managing director further disclosed that the company was embarking on a second project that would see to radiating two feeders, which would further improve power supply to New Oko-Oba, Unity Estate, Fagba, Babatunde Hassan, Awobona and Iju Road.

Youdeowei also explained that Ikeja Electric is all about customers’ satisfaction as they have even set up a dispute resolution panel to look into customers’ complaints, especially issues of estimated billing.

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He urged customers to continue to partner with the company as they are working tirelessly to improve its services. He also urged partners to keep up with regular payment of electricity bills, noting that payment of the huge outstanding debt owed Ikeja Electric by the community would go a long way in assisting the company to fulfill other obligations to its esteemed customers.

[FURTHER READ: Power generation drops, as GENCOs now operate below capacity]

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Economy & Politics

Senate approves issuance of N148bn promissory notes to Bayelsa, 4 others

Promissory notes worth N148,141,969,161.24 has been approved by the Senate as refund to Bayelsa, Cross River, Ondo, Osun and Rivers States

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Senate approves issuance of promissory notes worth N148 billion as a refund to five states

Promissory notes worth N148.141billion have been approved by the Senate as a refund to Bayelsa, Cross River, Ondo, Osun, and Rivers States for projects executed on behalf of the Federal Government.

The approval which was given by the Senate at the plenary on Tuesday, 24th November 2020, came after the presentation of a report by the Committee on Local and Foreign Debts, led by Senator Ordia Clifford (PDP-Edo).

READ: Banks to lose interest on petrol subsidy-induced loans

According to a news report by NAN, this is a go-ahead to the Federal Government, who had sought the approval of the Senate for issuance of promissory notes for a refund on federal projects executed by State governments.

The request was contained in a letter addressed to President of Senate, Dr. Ahmad Lawan by President Muhammadu Buhari, and read at plenary. The Senate referred the matter to the Committee on Local and Foreign Debts for further legislative input.

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(READ MORE: FG inaugurates steering committee on Covid-19 economic recovery)

Senator Ordia Clifford, while presenting the report of the committee, said the Permanent Secretary, Federal Ministry of Finance; Federal Commissioners of Finance and Works in the five states, had briefed the committee on details of the projects.

He said the Committee was presented with documents relating to the approvals of the Federal Government through the Federal Ministry of Works and Housing for the execution of the projects and certificates of completion, amongst other documents.

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READ: Boosting IGR; A necessity for states to avoid total dependence on FAAC allocations

At the plenary today, Senator Ordia moved the motion that the Senate approves the Committee’s recommendations by approving the issuance of the promissory notes to the State governments.

According to him, the amount due to the five states is N148.14billion.

  • Bayelsa was allotted N38.40billion
  • Cross River was allotted N18.39billion
  • Ondo was allotted N7.82billion
  • Osun was allotted N4.57billion
  • Rivers was allotted N78.95billion

What they are saying

The President of the Senate, Ahmad Lawan, disclosed that records showed PDP states had the highest refund, he said: “If you look at the list of states, only two are APC states and they have the least in terms of refund, this is fantastic and a mark of leadership by the Federal Government. This shows tolerance and leadership by this administration.”

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Economy & Politics

CBN retains MPR at 11.5%, holds other parameters constant

The Central Bank of Nigeria (CBN), voted unanimously to keep the Monetary Policy Rate (MPR), at 11.5%.

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Nigeria’s manufacturing sector contracts for 5th consecutive month – CBN , To test FX market, CBN pumps $50 million, CBN issues guidelines to Finance Institutions on establishment of Subsidiaries and SPVs, CBN injects $2.63 billion to defend naira in one month, CBN’s COVID-19 N50 billion targeted credit facility, CBN’s heterodox policies buoys credit growth, These industries drove business activities in September, Credit to Nigerian economy falls to N38.67 trillion as private stagnates at N30 trillion, Availability of secured credit to businesses and households increases as unsecured credit to households dips in Q3 2020 - CBN

The Monetary Policy Committee (MPC), of the Central Bank of Nigeria (CBN), has voted unanimously to keep the Monetary Policy Rate (MPR), at 11.5%.

This was disclosed by Governor, CBN, Godwin Emefiele while reading the communique at the end of the MPC meeting on Tuesday. Other parameters such as Cash Reserve Ratio (CRR), Liquidity ratio, and asymmetric corridor remain unchanged.

READ: Central Bank says monetary policy not to blame for rising food cost

Highlights of the Committee’s decision

  • MPR was kept at 11.50%
  • The asymmetric corridor of +100/-700 basis points around the MPR
  • CRR was retained at 27.5%
  • While Liquid Ratio was also kept at 30%

READ: Polaris Bank: Back from the dead

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The Committee noted that inflation continued to be driven by supply-side disruptions arising from the COVID-19 pandemic and other legacy factors. Key amongst these are the security challenges in parts of the country; the increase in food prices; and the recent hike in the pump price of PMS and electricity tariff.

READ: Our view on CBN’s revision of SDF guidelines by CSL Capitals

The MPC emphasized the need to address structural supply-side issues putting upward pressure on costs of production and unemployment.

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Meanwhile, to address the public health crisis associated with the COVID-19 pandemic, the Committee urged the Federal Government to make relentless effort to procure a substantial quantity of the COVID-19 vaccines to surmount the public health crisis and pave the way for a broader macroeconomic recovery.

READ: CBN reviews minimum interest rates on savings deposit to 1.25%

The Governor highlighted that the current economic recession had been anticipated by the monetary and fiscal authorities, which prompted them to put measures in place to quicken the reversion.  The Committee, however, noted that the economic contraction had bottomed out in Q3 2020 since it moderated significantly from -6.1% recorded in Q2 2020 to -3.62%.

What this means

The decision of the Central Bank to retain the monetary policy, despite a rise in inflationary pressure, indicates that the apex bank aims to expand credit to the real sector at low-interest rates.

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This action will hope to boost production, increase business activities in the country, and also increase consumer spending.

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Economy & Politics

Gov. Makinde presents N266 billion budget to Oyo State House of Assembly

Governor Seyi Makinde has presented a ₦266.64billion budget proposal to the Oyo State House of Assembly.

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Gov. Makinde presents N266 billion budget to Oyo State House of Assembly

The Oyo State Governor, Seyi Makinde, presented the Budget Proposal for the 2021 Fiscal Year to the Oyo State House of Assembly. The total budgeted sum is ₦266.64billion, with education expected to receive N56.35billion – 21% of the budget and a rise from N12 billion budgeted in 2019.

This was disclosed by Governor Makinde in a social media post on Monday.

READ: Oyo State IGR increased by over 26% without increasing tax burden – Gov Makinde

According to NAN, Mr. Makinde disclosed on social media that the ‘Budget of Continued Consolidation’ was prepared with input from stakeholders in all seven geopolitical zones of the state.

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The total budgeted sum is ₦266.64billion The Recurrent Expenditure is ₦136.26billion, while the Capital Expenditure is ₦130.38billion. We are again, aiming for at least 70% implementation of the budget,” he said.

READ: Edo State to build Museum, set for more Benin Bronze returns in 2021

The News Agency of Nigeria also disclosed that infrastructure spending in the budget would be N46.06billion – representing 17.27% of the total budget and an increase of N33.66 billion over that of last year.

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Other sectors include Agriculture which represents 3.6% valued at N9.58billion and Healthcare taking 4.9% of the budget with an N13.29billion allocation.

(READ MORE: #EndSARS: Nothing wrong with social media bill – Ali Ndume)

The Governor disclosed that Oyo has reduced its infrastructure deficit and made improvements in the areas of healthcare, education, and others.

We have been able to lower our infrastructural deficit, make improvements in healthcare delivery, improve the quality of education, and achieve milestones in our security systems,” he said.

He also added that the state had recorded a 26% increase in IGR at N25.6 billion and hopes to increase IGR to over N100 billion for the 2021 budget.

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READ: Restructuting: Plans must pass through legal process from the National Assembly – Tambuwal

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As of September, we had recorded an IGR of N25.6 billion. And using the half-year figures, it represented a 26.4% increase in IGR year-on-year. Oyo State’s IGR is presently about 32% of actual aggregate revenue.

“We still have not achieved a total dependence on the state’s income outside of the federal allocation to fund the budget. Slowly, but surely, we are getting there.

READ: Snap to pay video creators $1 million daily

“For the 2021 budget, our plan is to increase our annual IGR to N102.82billion. We hope to achieve this by widening the tax net to bring in more taxpayers into the system,”  he added.

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