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LCCI tasks FG, DisCos to ensure smooth transition to new electricity pricing

Dr Yusuf emphasized that the government should ensure there is a smooth transitioning to the new tariff pricing regime.

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LCCI projects continuous weak investments in 2020, fiscal authorities

The DG, the Lagos Chamber of Commerce and Industry (LCCI), Dr Muda Yusuf, has called on the FG and electricity distribution companies (DisCos) to adopt a strategic approach to the nation’s electricity pricing, so as to facilitate a smooth transition to new electricity pricing regime.

He made this appeal during an interview with the News Agency of Nigeria (NAN) in Lagos on 5 January 2021.

READ: Increase in electricity tariff and fuel price is counterproductive – ActionAid Nigeria

Reacting to the recent statement by the management of the Nigerian Electricity Regulatory Commission (NERC) that there was no 50 per cent increase in electricity tariff as widely reported in some media, Dr Yusuf emphasized that the government should ensure there is a smooth transitioning to the new pricing regime, in order to minimise shocks and risk of pushback from the consumers.

READ: NERC Will Punish Any Disco That Rejects Electricity From TCN

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The LCCI DG explained further that the commercial arguments for a hike might be strong, as there was need for the importance of reckoning with the economic, social and political ramifications of such price reviews.

Hence, in this regard, the Government needs to be strategic and gradual while implementing the transition framework to the new pricing regime. He advised that to facilitate a smooth transition, the contexts of the transition should have a moderate effect on price movement at this time, as electricity is a product of high social significance.

READ: Buhari moves against DISCOs that collect money for prepaid meters

What they are saying

Dr Muda Yusuf, in his words, said:

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  • “Context matters in policy conceptualisation and implementation, and we need to worry about social and economic contexts. These contexts should have a moderating effect on price movement at this time, especially for a product of high social significance. It is important to take these factors into account in order not to put the entire reform process at risk.”

READ: Inflation rate, yet to factor in rise in higher electricity prices

What you should know

  • In October 2020, after series of backlash at the back of the increase in electricity tariff, the Federal Government and the organized Labour agreed to provide a tariff relief of N10.20 per kilowatt-hour for Nigerians for the next 3 months.
  • In line with the resolution made by the FG and Labour union, the immediate relief would be provided to citizens for a 2 to 3-month period (which will not exceed December 31, 2020), as this timeline would be used to conclude an extended scope of work for the Technical Committee.
  • However, in the recent statement made by the management of NERC, the Commission revealed that in compliance with the provisions of the EPSR Act and the nation’s tariff methodology for biannual minor review, the rates for service bands A, B, C, D and E have been adjusted by NGN2.00 to NGN4.00 per kWh to reflect the partial impact of inflation & movement in forex.

READ: What to do if your DisCo has not complied with reversed electricity tariff this week

Omokolade Ajayi is a graduate of Economics, and a certificate holder of the CFA Institute’s Investment Foundation Program. He is a business analyst, and equity market researcher, with wealth of experience as a retail investor. He is a business owner and a stern advocate of Financial literacy, who believes in the huge economic prospect of the Nigerian Payment channels and Fintech space.

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Lagos to close Apapa dockyard road for Railway Modernization project

The Lagos State Government has announced the proposed shut down of the Apapa Dockyard Road for one week for construction works.

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BUS, Lagos to close Ilupeju, Jibowu-Yaba axis for railway project, Lagos shuts Ketu-Mile 12 section of Ikorodu road, outlines alternative routes, Motorists to pay N1000 penalty at Lekki-Ikoyi Toll Plaza

The Lagos State Government has announced the planned temporary shutdown of Apapa Dockyard Road from 5:00 pm on Sunday, January 17 to 5:00 am on Sunday, January 24, 2021, for construction works as part of the Nigerian Railway Modernization Project (Lagos-Ibadan).

This disclosure is contained in a statement that was issued by the Lagos State Commissioner for Transportation, Dr Frederic Oladeinde, Friday, January 15, 2021.

Oladeinde in his statement, explained that the tracks of the standard and narrow gauge lines will be laid during the temporary closure, adding that this will allow the contractors to work without any form of hindrance to meet set deadlines.

He advised motorists heading towards Naval Dockyard from Ajegunle to go through Marine Bridge to link Ijora Bridge and descend to Under Bridge (Ijora 7up) to connect through Forte Oil/Conoil Depot to the Western Naval Gate, while those coming from Ijora Olopa are to link Ijora Oloye through Under Bridge (7up).

While informing road users heading towards the Naval Dockyard from Ijora Badiya that they would be directed to ascend Total Bridge, make a u-turn under the bridge and reconnect the bridge again to descend Under Bridge (Ijora 7up) for access to the Western Naval Gate, the Commissioner said those coming from Iganmu are required to link the Naval Dockyard from Under Bridge (7up) as well.

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Oladeinde emphasized that motorists whose movement will be disrupted by the closure are enjoined to utilise the provided alternatives and follow the directives of the Lagos State Traffic Management Authority personnel assigned to minimise inconveniences along the corridors.

The Commissioner, however, appealed to the motoring public to abide by the measures put in place to ensure ease in movement despite the ongoing construction, restating that a seamless multi-modal transportation system will soon be in place to meet the needs of all residents.

What you should know

  • The Lagos-Ibadan railway is part of the Nigerian Railway Modernization project, which involves the realization of a new standard gauge railway line with connection to other states.
  • The Lagos State Government had recently temporarily closed some roads for construction work as part of the Nigerian Railway Modernization project. Some of the roads earlier closed, include those at Agege, Iganmu and so on.

 

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Lagos reaffirms that schools should reopen on January 18

The Lagos State Government has reaffirmed that all public and private schools in the state will should resume next week.

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#EndSARS: Anyone found culpable in Lekki Toll Plaza shooting would be held accountable - Sanwo-Olu

The Lagos State Government has affirmed its earlier pronouncement that all public and private schools in the state below tertiary level should resume on Monday, January 18, 2021, for the second term 2020/2021 academic session.

This clarification by the state government is coming against the backdrop of opposition from some stakeholders and uncertainty amongst parents and students on the resumption of schools.

According to a statement by the Head, Public Affairs, Lagos State Ministry of Education, Kayode Abayomi, on Friday, January 15, 2021, this affirmation was made by the state’s Commissioner for Education, Mrs Folasade Adefisayo.

The Commissioner maintained that the resumption is in line with the Federal Government’s resolution after reaching a consensus with relevant stakeholders.

Adefisayo, while welcoming all to a happy and successful new academic term, urged students and members of staff to stay safe and adhere strictly to COVID-19 guidelines, adding that schools must provide soap, wash hand basin, alcoholic hand sanitisers, thermometers, and other essential items in public and private schools across the State.

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She stressed the washing of hands, wearing of face masks, and maintenance of social distancing must be adhered to in order to avoid further spread of the virus.

She added that, “All schools must ensure strict compliance with subsisting COVID-19 requirements for school’s resumption. Administrators of both public and private schools are expected to ensure full compliance with the guidelines for school’s re-opening in their respective schools as the State’s Office of Education Quality Assurance Team will be on the ground to monitor situations in all schools across the State.’’

What you should know

  • It can be recalled that the Lagos State Government had earlier announced that all public and private schools below the tertiary level in the State should resume for the second term 2020/21 academic session from Monday, January 18, 2021.
  • The state government also advised all schools to come up with flexible plans where students and teachers who feel sick can teach or learn from home through available online platforms, adding that schools should also strive to prevent any COVID-19 infection among all students and staff.

 

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CAC says defaulting lawyers to face 2 years imprisonment for filing false documents

The CAC has stated that accredited lawyers found culpable for filing false documents will be liable to 2 years imprisonment.

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CAC to implement new technology for business registration, customers to print certificates

The Corporate Affairs Commission (CAC) has announced that any accredited lawyer found culpable for filing a false document in the course of company registration will be liable to 2 years imprisonment.

The new directive follows the relaxation of the strict requirements of the past where its officers need to compare signatures and looked at other documents to validate new filling.

According to a report from the News Agency of Nigeria (NAN), this disclosure was made by the Registrar-General of the Commission, Alhaji Garba Abubakar, at a forum with the Commerce and Industry Correspondents Association of Nigeria (CICAN) on Friday in Abuja.

What the Registrar General of CAC is saying

Abubakar in his statement said that once a document is submitted by accredited lawyers or certified secretaries (customers) on behalf of a company, the commission presumes that those documents are regular and the person that submitted has the authority to act in that capacity.

He said,

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  • If anybody makes any mistake or false declaration or submit any information that is false, that person will be liable to two years imprisonment upon conviction. We advise our customers to ensure they have proper authority to make filings on behalf of companies that engage them. If there is any wrong information or any misstatement in the document submitted, they will be held responsible.’

Abubakar also pointed out that, as part of new regulations to support the new Companies and Allied Matters Act 2020, (CAMA), the new system has placed a lot of responsibilities on the persons submitting documents on behalf of the companies.

What you should know

  • In a bid to improve on the ease of doing business, attract investment and ensure economic growth, President Muhammadu Buhari signed into law the CAMA 2020 in August 2020, to replace the CAMA 1990.
  • It should be noted that the new CAMA 2020 is not an amendment of the old act but rather a re-enactment.
  • The Minister for Industry, Trade and Investment, Adeniyi Adebayo, approved a draft regulation to support the implementation of the new CAMA in December 2020.
  • Also, CAC had given registered companies until April 1 to revalidate their various information and accounts or face sanctions.

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