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Biz in tears as Ariaria traders blow N1bn on generators, bills dailytrust.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailytrust.com Daily Mail and Mail on Sunday newspapers.
The escalating incidence of petrol smuggling across Nigeria’s borders is put at a whopping 42 million litres per day, raising Nigeria’s estimated daily consumption of 60 million litres to 102 million. This has forced the country to spend between N140 billion and N150 billion on subsidy, which the Nigerian National Petroleum Corporation (NNPC) lamented has […] ....
According to the orders signed by the chairman, Sanusi Garba and the Commissioner, Legal, Licencing and Compliance, Dafe Akpeneye on April 29, 2021, the approved PIP is expected to start by July 1, 2021 and end by June 30, 2026. There are anticipations of a tariff increase as the DisCos could only generate the N756bn fund through the tariff. NERC recently announced it is reviewing the Multi Year Tariff Order (MYTO) 2020 tariff and could implement the result on July 1, just as the Minister of Power, Engr. Sale Mamman, clarified in a statement that the increase would not be significant. According to the information contained in separate orders to the 11 DisCos, the highest fund approval went to Ikeja DisCo as it got N121.9bn to implement its network improvement target. It was followed by Kaduna DisCo with N114bn target; Eko DisCo is the third with N93.76bn expenditure while Benin DisCo will spend N93.5bn on these investments. ....
Liquidity: Electricity sector generates N272.47bn in six months On DISCOs collection efficiency Q3’20 By Obas Esiedesa Electricity market revenue grew by 10.55 per cent to N272.47 billion in the second half (July-December) 2020, compared to N246.46 billion generated in the corresponding period of 2019, according to the latest industry data obtained by Energy Vanguard. The growth followed an intervention from the Presidency through the Central Bank of Nigeria, which imposed restriction on revenue collection bank accounts of Electricity Distribution Companies, DisCos. The intervention meant that the bank accounts were locked, with cash allowed to come in but withdrawals by DisCos blocked. Over the years, the DisCos have been accused by other industry operators of spending the industry’s revenue on their own operations to the detriment of others. ....
The number of unmetered Nigerians has increased to 7.42 million as of September 2020, latest data from the Nigerian Electricity Commission has shown. The official data obtained by BizWatch Nigeria on Tuesday indicated that out of 11,841,819 registered electricity customers, only 4,425,628(about 37.37 per cent) had been metered as of the end of September 2020. The regulatory framework on Meter Asset Provider (Regulation) issued by the Nigerian Electricity Commission (NERC) came into effect on 8 March 2018 and became enforceable on 3 April 2018. The Regulation seeks to encourage the development of independent and competitive meter services, eliminate estimated billing practices and close the metering gap through accelerated meter roll out. ....