Connect with us
nairametrics

Energy

Buhari stops estimated billings as he directs mass metering of electricity consumers

NERC said President Buhari remains committed to protecting Nigerians arbitrary/estimated billings.

Published

on

FG orders Nigerians with bank accounts to fill, submit Self-Certification forms, Buhari orders payment of stranded NDDC scholarship students, commision gives reason for delay, President Buhari Democracy Day speech

President Muhammadu Buhari has directed that there should be a nationwide mass metering programme for electricity consumers in the country. This is an effort by the Federal Government to put an end to estimated and arbitrary billing for electricity.

This information is part of the press statement issued by the Nigerian Electricity Regulatory Commission (NERC) on Wednesday, August 26, 2020, and signed by its Executive Chairman, James Momoh.

Get finance and economic data from Nairametrics

The statement from NERC reads, “The President has directed that there should be a nationwide mass-metering program in an effort by the Federal Government to put a stop to estimated and arbitrary billing for electricity.”

The Presidency, in its tweet post on its official Twitter handle, stated that the Federal Government is working to ensure that Electricity Distribution Companies (DISCOs) commit to increasing the number of hours of electricity supply every day and also improve on their quality of service.

GTBank 728 x 90

READ: President Buhari approves N13.3 billion for Community Policing in Nigeria

It also stated that President Muhammadu Buhari remains committed to the protection of poor and vulnerable Nigerians from increased electricity tariff and arbitrary/estimated billings.

The Presidency had earlier announced the approval of a one-year waiver of import levy on electricity meters, so that Nigerians who do not have meters can be supplied as early as possible at a reasonable cost.

GTBank 728 x 90

It can be recalled that last year, in a bid to fast track the roll-out of meters to electricity consumers, NERC introduced the Meter Asset Providers (MAP) programme.

READ ALSO: 2020 Q2 Analysis: Conoil Plc, hanging by the thread

Under this scheme, the regulation provides for the third-party financing of meters, under a permit issued by the Commission, and amortised over a period of 10 years. The electricity distribution companies (DISCOs), in line with their licensing terms and conditions, are obliged to achieve their metering targets as set by the Commission under the new regulation.

This was slowed down because of the outbreak of the coronavirus pandemic.

Jaiz bank ads

Fidelity ads

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- [email protected]

1 Comment

1 Comment

  1. Faruq adamu

    August 28, 2020 at 12:58 am

    Ikeja electricity is their ring leader and remains adamant in estimated billing.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Energy

Exxon Mobil to cut 14,000 jobs as pandemic hit oil demand, prices

Exxon Mobil announced it will slash its global workforce by 15% over the next two years, as it struggles to preserve dividends.

Published

on

Exxon Mobil to cut 14,000 jobs as pandemic hit oil demand, prices, ExxonMobil to Divest oil fields in Nigeria, Domestic oil companies

Exxon Mobil Corp on Thursday, October 30, 2020, announced that it will reduce its global workforce by 15% by the end of 2022 – an unprecedented culling by North America’s biggest oil explorer, as the coronavirus pandemic hits energy demand, prices, and struggles to preserve dividends.

The job cuts are expected to include 1,900 U.S. jobs – mostly in Houston, the headquarters for its US oil and gas businesses – as well as layoffs previously announced in Europe and Australia and reductions in the number of contractors, some of which have already taken place.

READ: Exxon Mobil, Chevron record their worst losses in history

READ: Presco Plc projects N24.53 billion turnover in Q4 2020

This was disclosed in a statement that was released by the energy giant on Thursday, October 30, 2020.

GTBank 728 x 90

The staff reduction is part of the latest effort by the Chief Executive Officer, Darren Woods, to curtail spending and halt the worst string of quarterly losses since Exxon assumed its modern form with the 1999 takeover of Mobil Corp.

READ: Chevron considers divesting from Nigeria, to focus on U.S Shale Oil

What you should know

Exxon and other oil producers have been slashing costs due to a collapse in oil demand and prices, as well as ill-timed bets on new projects. The Big Oil rivals of Exxon are also cutting thousands of jobs in response to the pandemic-induced demand slump. BP Plc plans to slash 10,000 jobs, Royal Dutch Shell Plc will cut as many as 9,000 roles, and Chevron Corp. has announced around 6,000 reductions.

GTBank 728 x 90

Norton said that Exxon’s workforce stood at about 88,000 people, including 75,000 in-house employees and about 13,000 contractors as of year-end 2019.

READ: Why the NNPC is being dragged to US courts by Exxon Mobil, Shell

Exxon’s job cut is a sign of its weakened financial position compared to its former status as the S&P 500 Index’s biggest company less than a decade ago, and a profit powerhouse used to ride out oil-price cycles.

This year’s downturn has been particularly damaging because it also affected refining, usually a cushion in times of low oil prices. Also, it came at a time when Exxon was already increasing borrowing to fund a large expansion program. The company was forced to retreat on these plans in April, reducing capital spending by $10 billion and delaying or scaling back most of the major projects.

READ: Exxon begins talks with domestic firms to divest businesses in Nigeria

Jaiz bank ads

The stock has plunged more than 50% this year. Its dividend yield is now more than 10%, indicating that investors are anticipating a cut. Exxon maintained the quarterly payout on Wednesday and is expected to post its third consecutive quarterly loss when it reports earnings tomorrow.

Fidelity ads

What they are saying

The Company in its statement said, “These actions will improve the company’s long-term cost competitiveness and ensure the company manages through the current unprecedented market conditions.’’

Exxon’s spokesman, Casey Norton, through an email said that the total reduction means the company will reduce its workforce by about 14,000 people, split between employees and contractors from year-end 2019 levels. The cuts will come through attrition, targeted redundancy programs in 2021, and scaled-back hiring in some countries.

READ: Google fired up, post strong advertising growth

What this means

Another set of job losses in the oil sector in Nigeria is looming. Nigeria is one of Exxon’s biggest operational bases in oil and gas exploration and production globally. Also, this is another setback after Shell announced 9,000 job cuts globally, which includes Nigeria, and the announcement by Chevron that it plans to reduce its staff strength in Nigeria by 25%.

Continue Reading

Energy

FG to invest in the deployment of Mini-grid systems to power 5 million homes in 2021

The Minister said the government will invest in Mini-grid systems that will provide power for 5 million homes in 2021.

Published

on

Estates in Lekki increase electricity tariff to N105/kWh, Eko Electric, Ikeja and 5 others to face NERC sanction for non-compliance, CBN reveals framework for financing National Mass Metering Programme (NMMP)

In a bid to provide remote communities with clean and affordable energy, the Minister of Power, Engineer Sale Mamman has disclosed that the Government is set to invest heavily in the deployment of Mini-grid systems that will provide power for 5 million homes in 2021.

This disclosure was made by Engr. Sale Mamman in a statement released into the mainstream media via his official Twitter handle.

READ: Electricity: Nigeria now has an installed generation capacity of 13,000MW – Minister of Power

The Minister explained that it is virtually impossible for the National grid to cover every geographical point within Nigeria. He emphasized that this reality prompted the present administration to sort out alternatives, and as a result, the Government is set to invest heavily in the deployment of Mini-grid systems, which can easily get to the most remote communities and provide clean, and affordable energy in 2021.

GTBank 728 x 90

READ: Nigeria to fix irregular power supply in 40 years- Senate

What they are saying

The Minister, in his statement, said, “It is virtually impossible to have the National grid covering every geographical point within Nigeria, that is why the Government is investing heavily in the deployment of Mini-grid systems, which can easily get to the most remote communities and provide clean, affordable energy.

“In 2021, part of our priorities at the Ministry and two of its implementing agencies will be on providing these Mini-grid systems for communities and stand-alone home solar systems. We have a target of 5 million homes. Clean, affordable, and accessible energy for all.”

GTBank 728 x 90

(READ MORE:FG set to create at least 5 million jobs for youths in the power sector – Minister of Power)

What you should know

The Minister of Power, Engineer Sale Mamman, at the 2021 budget defense before the House of Representatives Committee on Power in Abuja, yesterday disclosed that Nigeria’s installed grid power generation capacity has grown from 8,000MW to 13,000MW under the leadership of President Muhammadu Buhari.

READ: UPDATED: FG appoints Eweluka as NBET MD, as finance, power ministers wrestle

The Minister also pointed out that the distribution system had the capacity to evacuate 5,500MW of power, which is a significant improvement from 4,500MW in 2015.

 

Jaiz bank ads

Fidelity ads
Continue Reading

Energy

Electricity: Nigeria now has an installed generation capacity of 13,000MW – Minister of Power

Engineer Sale Mamman has disclosed that Nigeria’s installed grid power generation capacity has grown from 8,000mw to 13,000mw.

Published

on

FG set to create at least 5 million jobs for youths in the power sector – Minister of Power , Consortium of Western investors to inject upwards of $5 billion in Nigeria's renewable energy sector, Power: Nigeria's deal with Siemens - the birth of a new era?

The Minister of Power, Engineer Sale Mamman, has disclosed that Nigeria’s installed grid power generation capacity has grown from 8,000mw to 13,000mw under the leadership of President Muhammadu Buhari.

A statement was issued by the Office of the Minister of Power via its official Twitter handle.

READ: The number of idle power plants in Nigeria rises to 10 

READ: Here is why Gencos may halt power sector investment plans 

GTBank 728 x 90

Yesterday, during the 2021 budget defense before the House of Representatives Committee on Power in Abuja, Engr. Sale Mamman said that under the leadership of President Muhammadu Buhari, the capacity of the installed power generation grid has grown from 8,000mw to 13,000mw.

READ: Buhari to commission Lagos-Ibadan railway January 2021, starts operation November 2020

However, members of the committee raised concerns about the power supply to their various constituencies, urging the minister to ensure adequate supply. The Minister explained that the distribution system had the capacity to evacuate 5,500mw of power, which is a significant improvement from 4,500mw in 2015, and better performance should be expected in the near term.

GTBank 728 x 90

READ: Buhari flags off $2.8 billion gas pipeline project, biggest in Nigeria’s history

Engr. Aliyu Magaji (APC-Jigawa), the Chairman of the Committee, asked the Minister to mete out stiffer sanctions to the distribution companies (DISCOs), to enable them to sit up and provide the desired services to the Nigerian people.

Magaji said that if the minister ensured the sanction of the DisCos, he would become the darling of lawmakers and the entire Nigerians.

READ: Buhari earmarks N420 billion for N-Power, GEEP and others under NSIP in 2021 budget

READ: GenCos want Discos’ job as it seeks to sell electricity directly to customers 

Jaiz bank ads

What they are saying

Speaking on the performance of the Ministry since 2015, Engineer Sale Mamman said, “Under the able leadership of President Muhammadu Buhari, the country’s grid power capacity has increased significantly from the time this administration took over in 2015 to date.

Fidelity ads

READ: FG set to create at least 5 million jobs for youths in the power sector – Minister of Power

He explained further that, “during the period between 2015 to date, the sector recorded successes and has faced challenges. In order to deliver this administration’s promise of providing stable and affordable power to Nigerians, a way forward was defined and supported by Mr. President’s political will.”

Continue Reading
Advertisement
Advertisement
Advertisement
ikeja electric
Advertisement
Advertisement
Patricia
act markets
Advertisement
FCMB ads
Advertisement
IZIKJON
Advertisement
Fidelity ads
act markets
Advertisement
first bank
Advertisement
bitad
Advertisement
Stallion ads
Advertisement
financial calculator
Advertisement
deals book
Advertisement
app
Advertisement