Business

NISO INTERVENES IN EERC, EEDC DISPUTE OVER TARIFF REDUCTION The Nigerian Independent System Operator (NISO) on Wednesday stepped into the escalating dispute between the Enugu State Electricity Regulatory Commission (EERC) and the Enugu Electricity Distribution Company (EEDC) over the sharp reduction in electricity tariffs in Enugu State. This intervention follows EEDC’s reported reduction of the state’s power supply by up …

FG FUNDING 2024 CAPITAL BUDGET WITH 2025 REVENUE – DG BUDGET The Director-General of the Budget Office of the Federation, Dr. Tanimu Yakubu, said the federal government is funding the capital component of the 2024 budget using revenue accrued under the 2025 budget. Yakubu stated this in Abuja on Wednesday during a stakeholders’ engagement on the implementation of the 2025 …

TINUBU LAMENTS AJAOKUTA LINGERING CRISIS President Bola Tinubu has sounded the alarm that the lingering troubles of the Ajaokuta Steel Company had gone beyond an economic setback and had morphed into a dangerous sovereignty risk. Once touted as Nigeria’s industrial crown jewel, its decades-long paralysis now casts a shadow over the nation’s economic security and strategic independence, the President stated. …

NEW TAX LAWS WILL KILL AIRLINES – OPERATORS The Airline Operators of Nigeria (AON) has said the implementation of tax reforms will sound a death knell for domestic carriers operating in Nigeria. Vice-President of the AON, Mr. Allen Onyema, declared that domestic airlines would close up in 48 hours after the implementation of the tax law. President Bola Ahmed Tinubu …

EERC MOVES TO RESOLVE SHORTAGE OF POWER SUPPLY IN PARTS OF ENUGU The Enugu State Electricity Regulatory Commission, EERC, says it is taking steps to resolve the sudden electricity supply shortages that have plunged parts of the country into an acute power shortage. Recall that MainPower Electricity Distribution Company Limited had last week issued a statement where it blamed the …

COCOA OVERTAKES CRUDE OIL AS NIGERIA’S MAJOR EXPORT TO BELGIUM IN 2024 Amid the rise in cocoa production and export in Nigeria, shipments of the product to Belgium in 2024 overtook crude oil, Nigeria’s main export product, the Belgian Ambassador to Nigeria, Pieter Leenknegt, has said. Nigeria has been experiencing a substantial increase in cocoa export revenue, fuelled by the …

ENUGU STATE ELECTRICITY REGULATORY COMMISSION’S OPTION The controversy over the Enugu Elec tricity Regulatory Commission’s decision to lower the electricity rate charged within its domain by the Enugu Electricity Distribution Company, is a case in point. The reasoning that electricity distribution companies can charge the same rates across all 36 states in Nigeria is a myth. Effecting the Band ‘A’ …

ENUGU BUSINESS OWNERS CRY OVER TOTAL BLACKOUT IN COAL CITY Many business owners in some parts of Enugu State, on Friday, said the current total blackout in their areas had become a threat to their businesses. They therefore called on the government to intervene urgently. Emeka Onah owns a plastic crushing factory along Anglican Road at Nsukka. He stated that …

ELECTRICITY UNION, OTHERS SEEK REVERSAL OF POWER, WATER SECTORS PRIVATISATION The National Union of Electricity Employees, NUEE, and the Amalgamated Union of Public Corporation, Civil Service Technical and Recreational Services Employees, AUPCTRE, have called on the Federal Government to urgently revoke the privatisation licences granted in the power and water sectors. In a joint statement, the unions declared: “We as …

TINUBU APPOINTS 39 YEAR OLD CHAIRMAN/CEO OF NERC, TWO NEW COMMISSIONERS FOR NERC President Bola Tinubu has nominated Abdullahi Garba Ramat as the new Chairman/Chief Executive Officer of the Nigerian Electricity Regulatory Commission (NERC). Mr Ramat, 39, is an electrical engineer and administrator, with a PhD in Strategic Management, among other qualifications. President Tinubu also nominated two commissioners for the …