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Business News

COVID-19: House of Reps considers 2-months free electricity supply bill for Nigerians

The lower chamber of the National assembly is considering a bill that will allow Nigerians to enjoy electricity for two months without any charges.  

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CBN Cashless Policy: Reps eye reversal, Finance Bill: Reps to hold separate hearing today , 40% of Nigeria’s national budget must be voted to capital expenditure - Gbajabiamila , Why Reps will probe Glo, 9mobile, others, House of Representatives postpones President Buhari’s $22.79 billion loan request indefinitely,COVID-19: House of Reps to consider bill for 2-months free electricity supply
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Amid the economic effects of the lockdown and the COVID-19 pandemic, the lower chamber of the National assembly is considering a bill that would allow Nigerians to enjoy electricity supply for two months without any charges.

This was disclosed by the Speaker of the House, Femi Gbajabiamila. According to him, the issue had been raised during the meeting of the National Assembly and the special ministerial task force set up by President Muhammadu Buhari. The task given to the group was to give advice on the general economic outlook, stimulus plans and packages to save the Nigerian economy.

In a tweet on his official handle @femigbaja, he noted that engagements are ongoing with the electricity distribution companies to work out the details of this stimulus package, which is expected to touch every household in Nigeria.

“At a meeting today, between @nassnigeria and the minister of finance, @ZShamsuna and her team, I disclosed that @HouseNGR is considering a second stimulus bill that will provide Nigerians with free electricity supply for two months to mitigate the effects of the COVID-19 pandemic,” he wrote.

(READ MORE: Reps to probe Telcos’ CEOs over alleged $30 billion foreign exchange fraud)

He stated that the bill, which will be considered by the House of Representatives immediately after the break, will boost the economy through the informal sector and benefit all Nigerians.

The proposed Stimulus Bill, which will be the second to be considered by the Green Chamber, is to be tabled immediately the House reconvenes from its ongoing break, declared due to the pandemic, he noted.

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The resumption date of the National Assembly, earlier slated for April 7, was extended by one week in compliance with the government’s 2-week stay-at-home policy.

READ MORE: Power: Liquidity crisis, same old story in 2020?

Why is this necessary

Explaining the necessity for the proposed stimulus bill during the meeting, the Speaker said electricity, being a commodity consumed by every household, has a greater effect on the people and that since more Nigerians are in the informal sector, the effects would be more felt by the economy.

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“It is one thing that will touch every household. As I said earlier, when we engaged, I discussed with the electricity Distribution Companies (DisCos) that packaged whatever they would require, if the government can give them, for us to allow for two months free electricity for Nigerians, they would be able to guarantee it. 

“When you are saving people their electricity and the fact that they now have stable electricity for two months, you are also saving the monies that would go into the payment of those bills at least for two months.

The task force headed by the Minister of Finance, Zainab Ahmad, met with the National assembly on Saturday, the second time in 10 days, to discuss more stimulus packages for Nigerians.

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Ruth Okwumbu has a MSc. and BSc. in Mass Communication from the University of Nigeria, Nsukka, and Delta state university respectively. Prior to her role as analyst at Nairametrics, she had a progressive six year writing career.As a Business Analyst with Narametrics, she focuses on profiles of top business executives, founders, startups and the drama surrounding their successes and challenges. You may contact her via [email protected]

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    Business

    Hyundai and Kia to set up an assembly plants in Ghana by 2022

    The automobile giants will join Toyota-Suzuki, Nissan, Kantanka, Volkswagen, and Sinotruck who already have plants in Ghana.

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    Hyundai to invest $87 billion into producing 44 new electric vehicles, Hyundai partners Kia to invest €100m in electric vehicles 
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    Few weeks after Twitter announced its plans to open its first African office in Ghana, Hyundai and Kia have also concluded plans to set up an assembly plants in Ghana by 2022. The automobile giants will join Toyota-Suzuki, Nissan, Kantanka, Volkswagen, and Sinotruck who already have plants.

    Ghana’s Minister for Trade and Industry, Alan Kyerematen announced this on Twitter.

    READ: This is the New Tarrif Structure For Importing Tokunbo & Brand New Cars

    Pleased to announce that Hyundai & KIA are set to establish assembly plants in Ghana by the end of 2022 to join Toyota-Suzuki, Nissan, Kantanka, Volkswagen & Sinotruck. The Ghana Auto Development program = 3,600 assemblies & 6,600 manufacturing parts jobs in Ghana.

    The local assembly of vehicles, 3,600 direct and indirect jobs would be created in Ghana, and the addition of components and parts manufacturing will also add about 6,600 direct and indirect jobs.”

    READ: Toyota snubs Nigeria as it moves to establish assembly plants in Ghana, Ivory Coast 

    Why this matters

    More foreign companies are shunning Nigeria in favour of Ghana. Recently, Nairametrics reported that Amazon is set to situate its African Headquarters in South Africa, a multi-billion dollar investment that is projected to create over 20,000 jobs both directly and indirectly.

    Following its move to Ghana, Twitter CEO, Jack Dorsey cited a number of human rights-related reasons for the choice of Ghana over Nigeria. Added to this are rising insecurity, stifling government regulations and the gapping infrastructural deficit bedevilling Nigeria. Consequently, our nation is steadily losing opportunities to attract foreign companies that could be very instrumental in bridging its unemployment gap which is currently over 30%.

    SSKOHN

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    Business

    Passports: Backlog of undelievered passports to be fixed before May 31st – Minister

    The government also announced the launch of a new passport application system, which would be aided by fast track services nationwide.

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    The Federal Government disclosed that all backlogs of undelivered passport requests would be fixed before May 31st, and announced the launch of a new passport application system, which would be aided by fast track services nationwide.

    This was disclosed by Minister of Interior, Rauf Aregbesola, in a press briefing with newsmen on Thursday.

    What the Minister said

    “On or before May 31st, all backlogs of undelivered requests for passports will be totally met, unless such applications have a problem,” he said.

    “But before the deadline, the problematic application would be contacted, so that we know what’s wrong with the applications. Assuming there would be no problem, every successful application for a passport would be given a passport on or before May 31st,” he added.

    READ: Canada invites 3,900 new PR candidates, introduces new programme to attract Nigerians

    The new passport process

    The Minister disclosed that the FG will launch a new passport application process which would come into effect soon.

    “When you finish your application process, there would be a waiting period of six weeks to collect your passport, however, if you want an express service, there would be fast track centres nationwide, to meet requests for express passport users,” he said.

    What you should know 

    • Recall Nairametrics reported last month that the Federal Government inaugurated the Nigeria Immigration Service Passport Express Centre, which is a partnership with the private sector to enable the government offer passport services to Nigerians and make passports available in a maximum of 72 hours of a successful application.
    • The FG also launched the Electronic Temporary Passport to cater for Nigerians desirous of returning home but whose national passport is not available.

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