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Business

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.

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Electricity, Buhari moves against Discos and agents that collect money for prepaid 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.

READ: Electricity: FG approves one year waiver of import levy on meters

“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.

READ: Peavey discusses the problems and opportunities of Nigeria’s meter asset provider regulation 

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%).

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Business

Lagos, Chinese firm to rollout 1,000 SUVs as taxis, to complete auto assembly plant in 12 months

Lagos State Government has signed an agreement with a Chinese firm to roll-out 1,000 SUVs as taxis for Lagos residents.

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Lagos dismisses levy on audio and visual contents, suspends LSFVCB boss, Lagos SEC meeting goes virtual as full lockdown commences, Partial lockdown guidelines for businesses from May 4, Nigeria @ 60: Lagos State Government opts for a low-key celebration of the Independence Day

Lagos State Government has signed an agreement with a Chinese firm, Choice International Group (CIG) Motors Co. Ltd. on Thursday for the roll-out of 1,000 Sport Utility Vehicles (SUVs) as taxis for Lagos residents.

The signing and flag-off ceremony which was held at the Lagos House, Marina also included the signing of an agreement for the establishment of a Motor Assembly Plant in Lagos State, with the Governor saying that the roll-out of vehicles from the plant is expected within the next 12 to 18 months.

Lagos State Governor, Mr Babajide Sanwo-Olu, said that the Lagos State Taxi Scheme was another innovative policy of his administration targeted at making life easier for Lagosians, improving mobility and creating a seamless multi-modal transport system.

Sanwo-Olu said that the scheme would create jobs, accelerate socio-economic growth, and further put the state on the global map as the centre of excellence and a modern megacity committed to sustainable development.

What Governor Babajide Sanwo-Olu is saying

Sanwo-Olu pointed out that the task of bequeathing a safe, efficient, quick, and modern public transport system is a key thrust of the administration’s T.H.E.M.E.S. Agenda.

He said, ”We are guided by the need for an equitable transport system with mobility choices for our people. The Taxi Scheme, to be known as ”Lagos Ride”, which is being inaugurated today is in fulfilment of our desire to give Lagosians transport choices.

”It is one of the Lagos State Government’s socio-economic intervention programmes- a modern ride-hailing service that will be professionally managed in line with global best practices. Under the Lagos State Taxi Service, drivers/operators will be given the cars for a period of four years during which they pay a monthly instalment and they will have the opportunity of owning the cars after they have fully paid the hire amount.

”The Lagos State Taxi Service is structured along a profitability model, it is self-sustaining and able to expand and regenerate itself,” he said.

Sanwo-Olu said that the establishment of the Motor Assembly Plant was expected to revive industrialisation, increase citizens’ employment and wealth creation, boost tourism, and encourage technology sharing, adaptation, and advancement.

He said, ”As we inaugurate the taxis and sign the Joint Venture Agreement for the establishment of the Motor Assembly Plant, Lagosians should expect a roll-out of vehicles from this plant within the next 12 to 18 months.

”I urge the beneficiaries of the Lagos State Taxi Service to collaborate with us to sustain the scheme.We have the political and administrative will to ensure the Taxi Scheme survives.

”I am hopeful that the operators will cooperate with the Lagos State Government to render excellent service to the people,” he said.

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The Group Chairman, CIG Motors, Diana Chen, said that they hope to celebrate this exciting moment again when 1,000 units of branded SUVs with high-tech technology arrive and run across Lagos streets and roads, with 1,000 well-trained drivers carrying happy customers that live and work in Lagos.

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What this means

  • This collaboration by the Lagos State Government with the Chinese auto firm is one of the ways of the government to get private sector participation in a modern transport system within the metropolis’
  • The establishment of the Assembly Plant and the Lagos Taxi Scheme were among the benefits of Governor Sanwo-Olu’s official trip to China.
  • This is a welcome development as it will help to change the face of public transportation in the state.

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Business

FG announces extension of work-from-home directive for GL 12 officers, below

FG has extended the work-from-home directive for civil servants from GL 12 and below until the end of March.

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Nigeria gradually moves to total lockdown as FG asks public servants to work from home

The Federal Government has announced the extension of the work-from-home directive for civil servants from GL 12 and below until the end of March.

This is seen as part of the measure by the government to contain the spread of the coronavirus pandemic which had surged earlier this year, due to the second wave of the outbreak across the country and the discovery of a new variant of the disease.

This announcement was made in a statement by the Head of Service of the Federation (HOSF), Dr Folasade Yemi-Esan, and signed by the Director of Press and Public Relations, the office of HOSF, Mr Abdulganiyu Aminu, on Thursday, March 4, 2021, in Abuja.

READ: FG sets committee to support tech start-ups with affordable internet access amid lockdown

The statement partly reads, “All public servants on GL12 and below have been directed to continue working from home till the end of March 2021.

Yemi-Esan said the latest directive was in adherence to the advice of the Presidential Task Force (PTF) on Covid-19.

The Head of Service of the Federation harped on the need to maintain the downward trend of the Covid-19 infection in the country and as such the reason for the extension of work from home directive.

While also emphasising the need for all public servants to continue to ensure strict compliance with the existing guidelines on the prevention and spread of the pandemic, she enjoined all Permanent Secretaries and Chief Executive officers to bring the content of the circular to all concerned and ensure strict compliance.

READ: Landlords offer incentives to counter “work from home” induced vacancy rates

What you should know

  • It can be recalled that the Federal Government in January 2021, announced the extension of work from home directive for civil servants on Grade Level 12 and below until February 28, 2021.
  • The directive was as a result of the second wave of the coronavirus pandemic which had seen a spike in infection rates across the country.

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