Enugu moves to create own electricity market
Saby Elemba
September 20, 2023
Governor signs state electricity law Ambition to move economy from $4.4bn to $30bn Saby Elemba in Owerri Nigeria’s subregional government of Enugu State has effectively taken the giant step to create its own electricity market that could be catalytic for the accelerated economic growth of the state. Power supply is a major challenge in […]
Rivers outlines purpose of 2021 budget as capex gulps 68.18% of N448.6bn
Ben EguzozieDecember 3, 2020
To stimulate economy via investments in commerce, tourism N38bn for loans repayment 86bn to support SMEs development, social investment, jobs creation Rivers State, rich in crude oil and gas deposits, with a gross domestic product economy of over $33.69 billion, is pursuing a higher capital expenditure (capex) of 68.18 percent or N305.9 billion […]
Women in oil region lay demands on NDDC on funds accountability
Ben EguzozieAugust 4, 2020
Train on rights to query public sector financial management While federal government quango, the NDDC is currently enmeshed in humongous mismanagement of N81.5 billion on frivolities in only four months (January – May) amid high-level illegalities and corruption in contract awards, half-finished, partly-done or outrightly abandoned projects, the women in the oil region […]
COVID-19: Oil-rich state governor tackles Nigeria government over fears pandemic could escalate on hypocrisy
Ben EguzozieMay 9, 2020
intercepts 9 trucks laden with livestock, grains, 200 persons from the north puts trucks up for auctioning, while quarantining persons The regional governor of Nigeria’s oil-rich Rivers State, Nyesom Wike, who has lately taken on a combative posture with the country’s central government in the face of the novel coronavirus pandemic that has killed hundreds of thousands of people across the […]
Gencos allege N1.7tn federal government funding shortfall
Businessam StaffFebruary 25, 2020
The electricity generation companies (Gencos) yesterday raised the alarm over the federal government’s failure to make plans on how to fund the N1.7 trillion shortfall in either the annual budget or in the 2015 multi year tariff order (MYTO) and blamed the Nigerian Electricity Regulatory Commission (NERC) for the funding gap. Electricity distribution companies (Discos) also said […]
Ex-NNPC top officials, firm under probe over N8.1b Bonga oil field judgment
Businessam StaffNovember 12, 2019
SIX former top officials of the Nigerian National Petroleum Corporation (NNPC) are under investigation for their involvement in the award of a contract which led to $22,630,000 (about N8,146,800,000) judgment-debt against the corporation. Some officials of the National Petroleum Investment Management Services (NAPIMS) have also been invited for questioning. It was learnt that a Senior […]
Abia State government sets up infrastructure development council
Ben EguzozieJune 5, 2019
…oil-rich $12.5bn economy suffers deficit Abia State government has set up an Infrastructure Development Council (IDC) to cater for the infrastructural needs of the state. Governor Okezie Ikpeazu is the chairman of the council. The council would work to compute the infrastructure needs of the state, the costs of developing them, and possibility of raising […]
US risk research firm signals investors Nigeria could see fiscal crisis, insecurity, lack of electricity, outsourcing of governance reign on
Businessam StaffJanuary 12, 2019
Global investors looking at Nigeria in this election year up to the near and medium terms, have been tacitly signaled to the ominous outcomes ahead, with the problems of fiscal crisis, insecurity, lack of electricity supply and the outsourcing of governance continuing. And as campaigning enters fever-pitch stages, Eurasia Group, a leading global political risk research […]
Let’s not play politics with pump price of fuel – Donald Duke warns
Ben EguzozieNovember 20, 2018
Donald Duke, Nigeria’s presidential candidate for the Social Democratic Party (SDP) warns that “the oil and gas sector are too important to Nigeria’s economy to play politics with. He said, “petroleum is one commodity that defines our economy. Decisions regarding petroleum products have far-reaching implications on the economy, and therefore, have to be taken after […]
$5.72bn Mambilla Power loan talks with Chinese government making progress, says Nigeria power minister
Nse Anthony-UkoNovember 13, 2018
The Nigerian government said talks are now at advance stage with the Chinese government to secure $5.72 billion to finance Mambilla Power plant project, which is expected to add 3,050 megawatts of electricity to the countries power output. The contract with the Chinese government was signed last November and the project is estimated to be […]