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Only customers with minimum of 12 hours electricity can have tariff increase – FG

The FG said it will protect Nigerians who can’t afford to pay cost-reflective tariffs from increases.

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Only customers with minimum of 12 hours electricity can have tariff increase - FG

The Federal Government says only customers with a guaranteed minimum of 12 hours of electricity can have their tariffs adjusted, under the new electricity tariff arrangement.

This was disclosed in the Joint Press Conference on the recent increase in Petrol and Electricity prices by the Minister of Information & Culture, Alh. Lai Mohammed, Minister of State for Petroleum Resources, Timipre Sylva and Minister of Power, Engr. Sale Mamman.

READ: Power: Nigeria’s deal with Siemens – the birth of a new era?

The Federal Government disclosed that due to issues with Nigeria’s privatized electricity industry, the government had to step in with support, and has spent almost N1.7 trillion through supplementing tariffs shortfalls.

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“The government does not have the resources to continue along this path. To borrow just to subsidize generation and distribution, which are both privatized, will be grossly irresponsible,” the government said.

READ: FG approves N3.9 billion variation in housing contracts, Abuja’s dam rehabilitation

The Federal Government disclosed that NERC will protect Nigerians who can’t afford to pay cost-reflective tariffs from increases and has approved adjustments to be made only on the basis of guaranteed improvement in service.

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“Under this new arrangement, only customers with guaranteed minimum of 12 hours of electricity can have their tariffs adjusted. Those who get less than 12 hours supply will experience no increase. This is the largest group of customers,” it said.

READ: Consortium of Western investors to inject upwards of $5 billion in Nigeria’s renewable energy sector

READ: Lagos to construct rail line to airport terminal for international passengers

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The NERC will also enforce a capping regulation to ensure unmetered customers are not charged beyond the metered customers in their neighbourhood, which signifies an end to estimated billings.

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Nairametrics had earlier reported the much-anticipated increase of electricity tariff gaining the approval of President Muhammadu Buhari, and said to commence from September 1, 2020. The FG said the review of the service based tariffs was meant to start in July 2020 but was suspended for further studies and proper arrangements in the sector.

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1 Comment

1 Comment

  1. Chukwu Emmanuel

    September 7, 2020 at 8:11 pm

    Disk are the biggest threat Nigeria disco is day light rivers all of the staffs or ladder boys prefer 1500 from a customer than you paying your NEPA bill, Nigerian’s are suffering in hands of NEPA, as for me am preparing to remove my wire from NEPA poll already

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Economy & Politics

Okonjo-Iweala speaks on Twitter’s suspension of Donald Trump

Dr Ngozi Okonjo-Iweala has given her opinion on Twitter’s suspension of US President, Donald Trump.

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Ngozi Okonjo Iweala, World Bank, Davos, World Economic Forum, WTO accepts nomination of Okonjo-Iweala as DG despite opposition from Egypt,WTO:  Happy to be in final rounds of DG Campaign- Okonjo Iweala

Twitter board member and candidate for the DG of the WTO, Ngozi Okonjo-Iweala, has said Twitter has rules under which it operates and CEO Jack Dorsey’s statement contains all that needs to be known concerning the suspension of US President, Donald Trump from its platform.

Okonjo-Iweala disclosed this in an interview with Arise TV on Friday evening.

  • “Twitter tries to help the public conversation in the world and gives people a means to engage on important issues,” she said.

On the decision to censor Donald Trump

She said the Board agreed as a team to have one voice on the decision to suspend Donald Trump from the service and that CEO Jack Dorsey gave all that needed to be known.

Okonjo-Iweala stated;

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  • “Being on the Twitter board, I have to respect our rules for communications on what is happening. I have to be very honest that we as a board agreed that we have a team that will deal with this, to make sure that we have one voice. But, I can tell you that if you want to know why the decisions were taken, please look at the statement by the CEO, Jack Dorsey, I think it tells you all you want to know.
  • “Twitter is an organization that has rules under which it operates, and if you read what it puts out, you will see that things are being implemented according to the rules.

On welcoming rules and regulations for the social media giant

Okonjo-Iweala said;

  • “Let’s wait and see, I don’t want to pre-judge or comment on anything. I don’t want to go beyond what I am willing to say, but let’s wait and see. These are very difficult times in the world. We all saw what happened in the United States. We have to be very careful. We would see what the future would be for the tech companies.”

Flash back:

  • Nairametrics reported that social media network, Twitter, permanently suspended U.S President, Donald Trump, citing the risk of further incitement of violence.
  • Jack Dorsey, the CEO and founder of Twitter, said that the decision to ban Donald Trump from the social network was the right decision, but one that sets a dangerous precedent.

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Economy & Politics

2021 budget: Lagos to fund deficit of N192.49 billion with internal, external loans

Lagos to fund 2021 budget deficit of N192.494 billion by a combination of internal and external loans.

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Sanwo-Olu presents N1.1 trillion 2020 budget

The Lagos state government has disclosed that it will fund its 2021 budget deficit of N192.494 billion by a combination of internal and external loans.

This was disclosed by the State’s Commissioner for Economic Planning and Budget, Samuel Egube, while presenting the state’s budget for 2021 at a media round table session.

According to him, the total revenue estimate is N971.02 billion, consisting of internal generated revenue (IGR) of N723.81 billion; capital receipts (N71.81 billion); and federal transfer of N175.40 billion.

He said, “The Lagos 2021 budget is made up of N702.93 billion for capital expenditure and N460.49 billion for recurrent expenditure, implying 60:40 capital to recurrent ratio against 2020 budget which was at 55:45 capital to recurrent ratio.

“The breakdown of Lagos recurrent expenditure shows that total personnel cost (N168.72 billion); total overhead costs (N260.07 billion); and debt charges (N31.87 billion).”

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Also at the event, Commissioner for Finance, Rabiu Onalapo, stated that the state will local debt instrument through domestic bond issuance to fund the deficit in its 2021 budget.

He said, “The debts are totally tied to capital projects adding that the state’s 19.8% debt to revenue ratio is projected to rise to 22% in 2021.

“This remains below the World Bank and federal government’s benchmarks of 40% and 30% respectively.”

Key Highlights and Projects under the Budget

  • Roads and other infrastructure: A provision of N166.579 billion is provided for the construction and maintenance of roads and other infrastructure within the state.
  • Traffic Management/Transportation: A total of N93.745 billion was budgeted under the transportation family for Blue and Red rail lines, Junction improvement all around the state, Completion of trailer parks in the state and development of quality bus corridors amongst others.
  • Education: The sum of N146.935 billion was budgeted for the education sector. The figure is N10.835 billion higher than the 2020 provision of N136.100 billion.
  • Science and Technology: Sum of N23.50 billion is provided for the building and upgrading of IT infrastructure statewide. This consists of N17.131 billion for the Smart City Project. The balance of N6.371 billion is earmarked for the e-GIS Land automation system, single billing system and ease of tax payment/levels among others.

What you should know

Babajide Sanwo-Olu, governor of Lagos, signed the 2021 Appropriation Bill into law on December 31, 2020.

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This month, the Lagos State Government projected a monthly target of N60.318 billion Internally Generated Revenue (IGR) for the 2021 fiscal year.

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Economy & Politics

Lagos to spend 60% of N1.16 trillion budget on capital projects

60% of Lagos State’s 2021 budget will go into capital projects, says the state’s Commissioner for Budget and Economic Planning.

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Lagos State doesn’t have money – Commissioner for Economic Planning and Budget Samuel Egube 

Lagos State announced that it will increase infrastructure spending in 2021 to 60% of its budget, in a bid to repair damages inflicted by hoodlums in October following the EndSARS protests.

This was disclosed by the Lagos State Commissioner for Budget and Economic Planning, Sam Egube, in a briefing with newsmen, on Thursday.
He stated that:
“The projects would be aimed at massive infrastructure renewal and development. While we were recovering from the pandemic, the EndSARS protests and the aftermath of its hijack took us back economically and socially.”
The Commissioner added that the state wanted to rise above the challenges that had been a roadblock to development in 2020, as the state would allocate to its expenditure plans through its projected IGR of N971 billion and debt finance of N192 billion for its budget servicing.
The Commissioner said N24 billion would be used to develop the Lagos Smart City project which would see the Lagos Government build 3,000KM of internet fiber network and 2,000 CCTV across the state, while healthcare is 9% of budget spending at N106 billion.

What you should know 

  • Nairametrics reported last month that the Lagos State House of Assembly approved the sum of N1.163 trillion, as the total budgetary allocation for 2021.
  • This month, the Lagos State Government projected a monthly target of N60.318 billion Internally Generated Revenue (IGR) for the 2021 fiscal year.

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