The Lagos State Government has revoked the 2018 land use charge.
This was disclosed by the Lagos Commissioner for Finance, Dr Rabiu Olowo, on Wednesday. According to him, the government reverted to pre-2018 land use charges.
He said, “The penalties for land use charges for 2017, 2018, and 2019 have also been waived, which translates to a loss of revenue amounting to N5.6billion.
“In 2018, there was an increase in the Land Use Charge rate as well as the method of valuation of properties, this shock had a sporadic increase in Land Use Charge payable by property owners. In view of the aforementioned, the current administration decided to review the Land Use Charge law by reversing the rate of Land Use Charge to pre-2018 while upholding the 2018 method of valuation.
“The reform also considered multiple Land Use Charge payment channels and efficient customer service management by setting up a call centre in other to ensure prompt issue resolution.”
CBN has disbursed N14.35 billion to DisCos for meter procurement – FG
The CBN has disbursed a total of N14.35 billion to DisCos to cover the procurement of meters.
The Federal Government has announced that the Central Bank of Nigeria has disbursed a total of N14.35 billion to DisCos to cover the procurement of 263,860 meters under the National Mass Metering Programme (NMMP).
This was disclosed in a statement by the FG on Thursday.
“According to the CBN, the facility disbursed is a loan that must be repaid by the DisCos on the basis of the previously agreed amortisation schedule. The repayment is to be deducted from payments made by consumers into the DisCos accounts with Deposit Money Banks (DMBs),” the Federal Government added.
The maximum tenor of the facility is 10 years but not exceeding 2030, while the moratorium on the principal amount is for a period not exceeding 24 months from the date of loan disbursement.
What you should know
- Nairametrics reported in November 2020 that President Muhammadu Buhari had moved to make funding available for DisCos immediately, in a bid to roll out 1,000,000 meters in the first phase, of the Mass Meter Programme.
- The Ministry of Power said that the mass metering initiative of the Federal Government was paying off as one of the most ambitious packages in history.
- The Nigerian Electricity Regulatory Commission (NERC) revealed that one million meter units were earmarked for the initial phase of the implementation of the National Mass Metering Programme (NMMP) with Ikeja Disco (IKEDC) topping the list with the approved meter allocation of 106,701 units (10.7%). Others were IBEDC with 103,997 units (10.4%), AEDC with 101,186 units (10.1%). PHEDC got the least of 77,070 units (7.7%).
FG says Excess Crude Account balance now stands at $72.4 million
The Federal Ministry of Finance has told the NEC that the Excess Crude Account (ECA) now stands at $72.4 million as at January 20, 2021.
The Federal Government has announced that Nigeria’s Excess Crude Account (ECA) balance as at 20th January 2021 is $72,411,197.80.
This was disclosed by the Minister of Finance, Budget and National Planning, Zainab Ahmed at the first National Economic Council meeting of the year presided over by Vice President Yemi Osinbajo, SAN, with State Governors, Federal Capital Territory Minister, Central Bank Governor and other senior government officials in attendance.
The FG said, “the ECA balance as at 20th January, 2021, $72,411,197.80; Stabilization Account, balance as at 19th January, 2021, N28, 800, 711,295.37; Natural Resources Development Fund Account, balance as at 19th January 2021, N95, 830,729,470.82.”
What you should know
- In August 2015, during the early days of the Buhari administration, the ECA stood at $2.2 billion. It was $3.6 billion in February 2014, one of the highest balances on record.
- According to the Central Bank of Nigeria’s annual report for 2018, Nigeria’s excess crude account fell from $2.45 billion in 2017 to $480 million as of December 2018.
- In 2019, Nairametrics reported Nigeria’s Excess Crude Account had dropped to $480 million. This is as controversy continued to trail the $1 billion military spendings which was withdrawn from Nigeria’s Excess Crude Account.
- Nairametrics reported in July 2020 that the ECA had fallen by about 98% within the last 5 years to $72 million.
- Nigeria has two Sovereign Wealth Funds: the Excess Crude Account and the Nigeria Sovereign Investment Authority (NSIA). Note that these two are funded by the savings earned when oil prices are at their peak.
FG launches N900 million E-Ticketing platform for Abuja-Kaduna railway
The FG has launched an E-Ticketing platform for the Kaduna-Abuja rail services of the NRC.
The Federal Government has launched a N900 million E-Ticketing platform for the Kaduna-Abuja rail services of the Nigerian Railway Corporation.
This was disclosed in a social media statement by the Minister of Transport, Rotimi Amaechi on Thursday.
He said the platform would enhance efficiency, save time, and promote accountability, as well as reduce leakage and promote economic growth.
The Minister also disclosed that the platform was a PPP valued at N900 million, stating that the concessionaire, Secure ID Solutions, would provide and manage the system for 10 years in a bid to recoup its investment before handling the service over to the NRC.
The Chief Executive Officer, Secure ID Solutions, Kofo Akinkugbe, said the system, after a successful pilot programme on Thursday, had issued 25,000 tickets online.
The 3 ways to book are:
- 1. Mobile app
- 2. Website
- 3. POS or Cash at the station
“All automated. A validator is used to scan your ticket barcode before you board the train,” Amaechi said.
The FG urged citizens to check http://nrc.tps.ng to make their bookings.