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DisCos consider offering consumers free electricity for 2 months

DisCos have expressed their willingness to align with the proposal of the National Assembly that Nigerians should get free power supply for 2 months.

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Electricity consumers to get 2 months free power supply from DisCos

Electricity Distribution Companies (DisCos) in Nigeria have expressed their willingness to align with the proposal of the National Assembly that Nigerians should get free power supply for two months.

This was disclosed in a press statement issued by the Executive Director of Association of Nigerian Electricity Distributors (ANED), Sunday Oduntan, and seen by Nairametrics.

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While making the announcement, which is expected to be a succor or palliative for consumers, Oduntan stated that the modalities for the supply of free power would be worked on and made available to the public shortly.

The ANEP boss said,The Electricity Distribution Companies recognize the challenging effects of the coronavirus (COVID-19) on the economic and daily lives of our customers.

“In fulfilment of our commitments to the nation, we hereby align ourselves with the efforts of the National Assembly and the Federal Executive to mitigate the hardships that are currently being borne by our customers and other citizens all over the country.

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‘’We commend the Federal legislators, the Executive arm and the Nigerian Electricity Regulatory Commission (NERC) for their initiative and we are committed to working with them to ensure more efficient power supply within this difficult period, as the nation battles with the ravages of COVID-19.”

[READ MORE: DisCos earn N473 billion in 2019, reveal reason for metering gap)

NERC, license, notice, FG owes DisCos over N500 billion to electricity Subsidy - PwC , Power: DisCos remain the weakest link, NERC Issues 8 DisCos notice for cancellation of License , DisCos respond to NERC’s threat to cancel operating license of eight DisCos, DisCos earned N473 billion in 2019, reveal reason for metering gap

Going further, he added that the DisCos completely aligned with the plans to ensure palliative measures, including free electricity supply to all Nigerians for two months, to make life easier, during the lockdown period and the details of the implementation to come soon.’

ANEP, while recognizing the fact it is a key player in the power sector, assured Nigerians of its commitment to improving service delivery to the country during this pandemic period and thereafter.

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Meanwhile, Nairametrics had reported over a week ago that Ikeja Electricity Distribution Company (Ikeja Electric), suspended disconnection operations for about month, pending the lockdown and movement restriction as a cautionary measure for the containment of COVID-19, will be lifted.

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This was to act as some form of palliative for their consumers who are going through the hardship caused by disruptions to the economy as a result of the outbreak of the coronavirus disease.

Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- chike.olisah@nairametrics.com.

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Business News

Global oil market to re-balance in 2 months’ time

In the meantime, OPEC+ wants to keep the existing production output cuts beyond the June expiry date as part of efforts to rebalance the market. Countries like Saudi Arabia, the United Arab Emirates (UAE) and Iraq, have all reaffirmed their commitment to this effect.

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Crude oil prices, bonny light

With the uncertainty that still prevails in the global oil market due to the prevailing coronavirus pandemic, analysts have been coming up with different forecasts on the future of the market. The latest forecast is that the market will most likely recover by July 2020.

Crude oil prices and oil demand plunged over the past few months as a result of the pandemic. However, with the lifting of global lockdowns and gradual reopening of global economies, oil prices are expected to rebound. Russia’s energy minister, Alexander Novak, said the global oil supply and the oil demand will most likely rebalance by July.

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In the meantime, OPEC+ wants to keep the existing production output cuts beyond the June expiry date as part of efforts to rebalance the market. Countries like Saudi Arabia, the United Arab Emirates (UAE) and Iraq, have all reaffirmed their commitment to this effect.

In his analysis earlier today, OPEC’s Secretary-General, Mohammed Barkindo, urged OPEC+ members not to flout the output cut. According to him, OPEC+ members must remain committed to production cuts despite signs that oil demand is beginning to recover.

(READ MORE: Oil price gains likely to halt over demand uncertainty, as US-China tension intensifies)

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Global oil market to rebalance in 2 months’ time

On its part, Russia had agreed to cut down its oil production to 8.5 million barrels of crude per day in May and June, down from 10.5 million barrels.  There is a possibility that the country could extend the current level of output cut beyond June, a situation that is expected to serve as a major boost in the rebalancing of the oil market.

Last week, the International Energy Agency (IEA) said that it had seen signs that the oil market would rebalance quicker than originally expected after the United States and OPEC implemented the agreed output cut. The development came as a big relief to Nigeria because the rebound of oil prices and the rebalancing forecast will help reduce the country’s fiscal pressure and boost its revenue.

Note that the Brent crude and Bonny light crude sold for about $36 per barrel and over $33 per barrel respectively. These are above the revised budget oil benchmark of $25 per barrel for the 2020 budget.

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LIRS further extends deadline for filing annual tax returns by one month

“We constantly debated what other measures could be taken as an organization to support individuals and businesses at this time, hence, the additional one-month extension from June 1, to June 30, 2020.” – Ayodele Subair

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LIRS further extends deadline for filing annual return by one month

The Lagos State Internal Revenue Service (LIRS) has again extended the deadline for filing of Annual Tax Returns from May 31 2020 to June 30, 2020.

This is part of the state government’s effort to provide relief to taxpayers in light of the economic impact of the Covid-19 pandemic. With this development, annual returns for individuals, both employees and self-employed persons, can be filed anytime before June 30, 2020.

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In a press release signed by Monsurat Amasa, the head of LIRS’ Corporate Communications Department, the agency urged taxpayers to take advantage of the magnanimity of the government and file their returns. The LIRS’ Executive Chairman, Mr. Ayodele Subair, explained the extension thus:

“As the Lagos State Government keeps abreast of global best practices in containing the Covid-19 pandemic and eases the effects of an economic downturn on taxpayers and residents of the State, LIRS had initially extended the deadline for filing annual tax returns for two months, from the statutory March 31st of every fiscal year to May 31, 2020.  

“We constantly debated what other measures could be taken as an organization to support individuals and businesses at this time, hence, the additional one-month extension from June 1, to June 30, 2020.”

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(READ MORE: COVID-19: Lagos issues new guidelines, considers full reopening of economy)

He further explained that taxpayers can file the annual returns from the comfort of their homes and offices using the LIRS eTax platforms. They can also generate assessment and payment schedule, and other tax administration matters on the same platform. Updates on business operations and alternative payment platforms are to be found on the verified handles, and the LIRS website.

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Podcast: How Covid-19 has birthed a new, vibrant digital economy

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Does Nigeria have a debt problem?, EMM podcasts

Join Adetayo Adesola, Lawretta Egba and Emmanuel Abara as they dicuss what sectors and industries will succeed and fail in a covid-19 world.

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