New electricity tariffs: NLC threatens action against Discos, OPS says it will usher in recession fast
Businessam Staff
September 2, 2020
Organised labour and the organised private sector have slammed the upward review of electricity tariffs which started on September 1, 2020. Commenting on the matter, the Manufacturers Association of Nigeria said the tariff increase could trigger another round of recession in the third quarter of the year. Ambrose Oruche, the acting director-general, Manufacturing Association of […]
FG-Siemens power deal to gulp $2.3bn out of $6.15bn energy fund – Minister
Businessam StaffAugust 27, 2020
The federal government is to spend the sum of $2.3 billion on its power deal with Siemens, a german electrical firm, for the improvement of electricity in the country. Sale Mamman, minister of power, who stated this said another $1.6bn was for the transmission rehabilitation and expansion Programme. The misterrecently marked his one year anniversary […]
Nigeria records landmark power transmission of 5,420.3MW
Businesssam StaffAugust 20, 2020
The Nigerian power industry recorded a landmark national peak of 5,420.30 megawatts, the first of its kind in the country. According to the Transmission Company of Nigeria, in a statement on Thursday, the 5,420.3MW was effectively transmitted through the national grid at a frequency of 50.10Hz at 9:15 pm on August 18, 2020. “This is […]
Power: Siemens gets N8.64bn counterpart funding to boost electricity in Nigeria
Businessam StaffJuly 29, 2020
The Nigerian electricity improvement scheme between a glober energy company, Siemens, and the Nigerian government moved a step closer to being realised as the Federal Executive Council on Wednesday approved the payment of N.6 billion to the company. A breakdown of the money shows that the sum of €15.21 million (N6,940,081,465.20) as offshore and N1.708 […]
Households, firms to pay more for electricity from July – FG
Businessam StaffJune 16, 2020
Effective from July this year, electricity consumers in the country will start paying more for the service. Sale Mamman, power minister, told the senate on Tuesday the Federal Government told the Senate Tuesday that the infrastructural deficit in the power sector could only be fixed when the electricity companies have enough money to invest in […]
6.46 million on estimated billing face meter price hike
Businessam StaffJune 10, 2020
A total of 6,456,275 electricity users in Nigeria have not been metered and will have to pay a newly approved increased fee when purchasing meters. Latest figures on the number of metered electricity customers obtained from the Nigerian Electricity Regulatory Commission showed that only 37.77 per cent registered electricity customers had been metered. The 37.77 […]
Power distributors sue FG over business interference
Businessam StaffMay 29, 2020
Electricity distribution companies have dragged the federal government to court to restrain it from further interfering in the corporate business activities of the power firms. According to the firms, the government, through the Nigerian Electricity Regulatory Commission and other agencies, had been interfering in the corporate activities of the Discos, a development, they claimed, had […]
Nigerians will pay higher electricity tariffs, FG promises IMF
Businessam StaffMay 5, 2020
Nigerians will pay much higher tariff for power in 2021, going by promises made by the federal government to the International Monetary Fund while seeking the $3.4bn emergency financial assistance recently approved for Nigeria. The executive board of the IMF approved the Rapid Financing Instrument, which the Federal Government plans to use to address the […]
Eight power plants idle, generation tumbles to 2,983MW
Businessam StaffApril 29, 2020
The number of idle power plants in the country rose by two to eight on Tuesday, worsening the blackout being experienced by many consumers. Total power generation fell to 2,983 megawatts as of 6am on Tuesday from 3,336.5MW on Monday. The nation’s 27 plants generated 4,191.8MW as of 6am on Saturday but their total output […]
Power generation falls to 3,757MW, six plants idle
Businessam StaffApril 21, 2020
The nation’s hydropower plants have seen their output levels tumble in the past few days, causing total power generation to drop below 4,000 megawatts. Electricity generation from Kainji, Jebba and Shiroro hydropower stations fell to 534MW as of 6am on Monday from 980MW on April 16, data from the Nigerian Electricity System Operator showed. Kainji, […]