Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

President Buhari’s office to spend N46m to fuel generators this year

Damilare Famuyiwa by Damilare Famuyiwa
September 24, 2019
in Business News
President Buhari’s office to spend N46m to fuel generators this year
Share on FacebookShare on TwitterShare on Linkedin

President Muhammadu Buhari’s office is expected to spend N46 million in fueling generators this year (2019). This disclosure was made in a report by Bloomberg.

The report also indicated that in the country’s 2019 budget, there are 1,358 generator-related expenses. According to Bloomberg, business owners and individuals in Nigeria spend about $12 billion fueling generators on yearly basis.

Referencing a research by NOI Polls, the Bloomberg report has it that households with access to on-grid electricity had an average power supply of only 9.2 hours a day in the first half of 2019.

RelatedPosts

Buhari again urges ASUU to call off strike, says it’s counterproductive

Buhari disburses N100 billion loan to indigenous pharmaceutical firms

The report read in part, “To keep out the darkness, households own and operate an estimated 22 million small gasoline generators, whose combined generating capacity is eight times higher than on-grid supply, according to a June 2019 presentation by Dalberg, a global policy and advisory firm. Businesses and individuals spend about $12 billion a year, twice the country’s annual infrastructure budget, fueling these generators.”

[READ MORE: DPR allay fears of looming fuel scarcity]

News continues after this ad


Facts: According to the International Monetary Fund (IMF), lack of access to electricity and unreliable power supply are key constraints to doing business in Nigeria. The IMF, however, estimated the annual economic loss at about $29 billion.

Similar to IMF’s stance, a 2014 World Bank survey has it that 27% of Nigerian firms identified electricity as the main obstacle to doing business. World Bank was also quoted to have stated that “power outages and deficient power infrastructure in Sub-Saharan Africa had a measurable negative impact on economic growth over the period of 1995−2007.”

IMF raises Nigeria’s growth forecast, Globat trade tension, US-China trade war, International Monetary Fund IMF, IMF, Christine Lagarde resigns
IMF building

What you should know: Electricity is a very necessary and important ingredient required for businesses to function properly and to expand. Higher electricity costs drive business costs higher and reduce business competitiveness. This is because as costs of electricity rises, businesses look for alternative power sources like generators leading to reduced output and productivity thereby rendering them less competitive.

News continues after this ad


Upshot: Aside from being Africa’s largest economy, Nigeria is blessed with large oil, gas, hydro and solar resource. Thus, the country has virtually all that it needs to meet her electricity needs. All that is missing is the political will.

[READ MORE: Fuel subsidy gulps N771 bIllion in NNPC’s spending over 13 months]

Related

Tags: bloombergInternational Monetary Fund IMFPresident Muhammadu Buhari

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

inq
avatrade
Stanbic bank
Mega Millions
UBN
Hot forex
Access Bank
Bankers Committee
First bank






    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Apple discovers security flaws in iPhones, iPad, Macs, urges users to update software
    • List of media houses with licenses revoked by NBC on August 19, 2022
    • Concern for the continued rise of bank loans to the power sector

    Follow us on social media:

    Recent News

    Apple iPhone 11

    Apple discovers security flaws in iPhones, iPad, Macs, urges users to update software

    August 19, 2022
    List of media houses with licenses revoked by NBC on August 19, 2022

    List of media houses with licenses revoked by NBC on August 19, 2022

    August 19, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com