Deputy Governor of Edo State, Philip Shaibu, has been accused by the State House of Assembly of leaking government secrets and committing perjury.

The Assembly noted that the allegations against Shaibu were impeachable offences.

The lawmakers, represented by its Deputy Clerk, Joe Ohaifa, made the claim at the inaugurating sitting of the seven-man panel probing Shaibu.

The panel, headed by retired Justice S.A. Omonuwa, was raised by the Edo State Chief Judge, Justice Daniel Okungbowa, at the instance of the state Assembly, which on March 5 commenced impeachment proceedings against the deputy government.

The Assembly said the impeachment proceedings were based on a petition accusing Shaibu of perjury and leaking the government’s secrets.

The impeachment move is believed to be the latest development in the rift between Shaibu and his principal, Governor Godwin Obaseki.

Stating the Assembly case, the Deputy Clerk said Shaibu leaked the state’s secrets in his affidavit supporting an Abuja lawsuit.

He said Shaibu rendered documents relating to the State Executive Council’s meeting.

According to Ohaifa, Shaibu violated the Oath of Secrecy, which he took and acted contrary to the provisions of Schedule 7 of the 1999 Constitution.

After hearing the Assembly’s case, the panel adjourned until today (Thursday) for Shaibu to enter his defence.

Earlier at the proceedings, Shaibu’s lawyer, Prof. Oladoyin Awoyale (SAN), had excused himself from the hearing after the panel declined his application to suspend the proceedings.

The Nigeria Labour Congress (NLC) and some civil society organisations (CSOs) have kicked against the new hike in electricity tariff in the country.

Those who spoke to Daily Trust yesterday said all the reasons given by government officials on the increase were not tenable, saying even in advanced societies, citizens enjoy subsidies on some basic necessities like fuel and electricity.

Stunned by thousands of storks flying over the sky in Gia Viễn dike, Ninh Bình - Nếm TV

The Nigerian Electricity Regulatory Commission (NERC) Wednesday announced a tariff increment from N68 kilowatt hour (kwh) to N225 kwh.

The commission said the increment was made following consultations with the 11 electricity distribution companies (Discos) as well as the inability of the federal government to pay over N2.9 trillion that would accrue by the end of 2024 as electricity subsidy for failure to enable cost reflective tariff.

With this tariff hike, consumers under the Band A feeders and enjoying an average of 20 hours of power supply daily will pay about N135, 000 monthly.

At a press conference in Abuja, NERC’s Vice Chairman, Musiliu Oseni, said the increase would affect only 15 per cent of the 12 million electricity consumers.

He said the commission had downgraded some customers on the Band A to Band B and C due to the non-fulfilment of the required hours of electricity provided by the electricity distribution companies.

Oseni said the review would not affect customers on the other bands, which vary from B to E.

He, however, said the increase of tariff for Band A customers would bring some incentives to ensure they would not be short-changed by the Discos.

“There are targets that have been provided for the distribution companies, which the commission will monitor and review from time to time to ensure the migration of other customers for better service.

“As part of the enforcement mechanism, the rate, which will be paid, which is N225 is just about three times the existing rate, requires the customers to get the service.

“We will be using technology to ensure that we get access directly to the distribution system and it will be gotten from the meters installed on the feeders.

“Secondly, the order provides that the DisCos must publish the seven-day rolling average of services delivery on each of the feeders on their website,” he added.

He said as part of the enforcement and monitoring mechanisms, each Disco had been mandated to set up a response team in locations of feeders that would be affected in the rate review.

“This is for the customers to have access to near real time response form the company. The discos have been urged to publish the contact of the head of the response team,” Oseni said.

He said failure to meet the service commitment for seven consecutive days, would make the feeder to be downgraded immediately to the service level the Disco is able to provide.

“The other provision is that where a DisCos failed to make the service commitment for two consecutive days, on the third day by 10 am, the DisCos must publish an explanation via bulk SMS to contact the affected customers on the feeder and provide explanation on why it is unable to provide the service required for two days.

“It will also submit to the commission the explanation and update on the commitment to restore the service.”

He said when a DisCos failed to meet the service level for a month, it would downgrade the feeders and pay compensation to the customers.

Why tariff was increased – NERC

NERC’s Commissioner, Planning Research and Strategy, Yusuf Ali, said the impact of gas price and the unification of naira necessitated the review of the tariff.

He said in January this year alone, the electricity subsidy was N240 billion.

He said: “If we multiply that by 12 (months), it will lead to a subsidy margin of N2.9 trillion”.

Now, the approved appropriation for Nigeria is N27 trillion, if we take N2.9 trillion out of that, it is way more than 10 per cent of the budget.”

NLC, CSOs kick

The NLC, in a chat with Daily Trust, described the new electricity tariff increment as insensitive and callous.

It said this would further impoverish the already pauperised Nigerians battling the hardship caused by the fuel subsidy removal.

The Head of Information at the NLC headquarters, Benson Upah, said the labour would take a position on the “chaotic” policy after appropriate organs of the movement meet.

“The government’s decision is not only insensitive, it is callous. It further pauperises consumers, especially workers whose wages are fixed and insufficient.

“It similarly makes the operating environment more hostile for manufacturers with potential for an astronomical rise in cost of goods and services or in the worst-case scenario, more closures and loss of jobs.

“The only people who stand to gain from this mindless social violence against the people are the World Bank and IMF. Pity! We will get back to you on that (next step) after the appropriate organs decide.”

CSOs speak

The Executive Director, Resource Centre for Human Rights and Civic Education (CHRICED), Comrade Ibrahim Zikirullahi, once again slammed the federal government for increasing the electricity tariffs without consulting relevant stakeholders, “Especially in light of the ongoing hardships caused by the removal of fuel subsidy and the instability of the Naira.”

He alleged that similar to the unilateral removal of petrol subsidy, the government had demonstrated a lack of concern for the welfare of the people in its policies.

“In a democratic society, it is expected that the government should prioritise the interests of the people, but when this principle is disregarded, it signifies a regression towards a dictatorial era. In fact, the APC has consistently exhibited an authoritarian political culture, which can be traced back to the General Buhari regime.

“This authoritarian culture has now permeated all aspects of social relations in Nigeria, resulting in widespread insecurity, high levels of unemployment, rampant poverty, and the rapid depreciation of the naira.

“We have now reached a critical juncture where the people must take charge of their own survival,” he stated.

On his part, Country Director, ActionAid Nigeria, Andrew Mamedu, said the new tariff hike would place “An unbearable burden on already struggling Nigerian households, particularly low-income families and vulnerable communities and SMEs.”

According to him, it is important for the government to recognise that its decision to remove the fuel subsidy contributed to the current situation.

“Therefore, the government should be prepared to bear the brunt of these policy decisions without unduly passing on the burden to Nigerian citizens.

“It is important to note that energy security is one of the major areas that contributes to national security and welfare, which explains why nations guide their energy sector seriously and are always up and doing ensuring its availability and affordability.

“For instance, the government of Canada is currently providing up to 100 Canadian Dollar subsidy within this year to support homes, following the economic hardship.” Mamedu said.

He said the government’s priority right now must be to explore alternative solutions that prioritise improving the efficiency of electricity distribution, addressing corruption in the energy sector and promoting renewable energy sources.

Tariff hike will trigger power theft – Amadi

A former chairman of NERC, Sam Amadi, said the electricity tariff increase would cause power theft and corruption.

Speaking on Trust TV, Amadi said, “If you increase the tariff of power to the level that people can’t afford, it will increase the stealing of power through bypassing, corruption and at the end of the day, the utilities will lose more money.”

He admitted that there was a good reason to increase the tariff due to the forex crisis and the increase in the price of gas that will be sold to the electricity generation companies.

He, however, said the government should allow a special window where the distribution companies could access dollars at a preferential rate.

“If there is a way to help the DisCos and GenCos to operate well without suffocating the people much, they should do it.”

The President Bola Tinubu-led Nigerian government has approved N225 ($0.15) per kilowatt-hour tariff increment for Band A electricity consumers in the country.

The Vice Chairman of the Nigerian Electricity Regulatory Commission (NERC), Musliu Oseni, who made this known at a press briefing in Abuja on Wednesday said the increase will see the customers paying N225 kilowatt per hour from the current N66.

According to Oseni, customers in Band A who are those who enjoy 20 hours of electricity supply daily represent 15 percent of the 12million electricity customers in Nigeria.

Oseni further said that the NERC had also downgraded some customers on the Band A to Band B due to non-fulfilment of the required hours of electricity provided by the electricity distribution company.

“We currently have 800 feeders that are categorised as Band A, but it will now be reduced to under 500. This means that 17 per cent now qualify as Band A feeders. These feeders only service 15 per cent of total electricity customers connected to the feeders.

“The commission has issued an order which is titled April supplementary order and the commission allows a 235 kilowatt per hour,” he said.

Oseni added that the upward review of the electricity tariff will not affect customers on the other Bands.

Gospel minister, Nathaniel Bassey, has petitioned the Inspector General of Police, Kayode Egbetokun, to investigate and prosecute four persons who he accused of criminal defamation and cyberstalking.

The singer submitted the petition to the IGP on April 1, 2024, through his lawyers, Peter Abraham, Uche Matthew, Gbenga Agunloye, and Anthony Abia.

Last week, four social media users alleged that Bassey fathered the son of fellow popular gospel singer, an allegation that went viral on X.

The lawyers, therefore, urged the police authorities to urgently treat the petition against the four social media users, identified in the petition as Okoronkwo Ejike, Kingsley Ibeh, Terrence Ekot and Dj Spoiltkid.

“Our client is a gospel music minister whose songs and ministrations have impacted the lives of so many from different walks of life across the globe,” the petition partly read.

“On Friday, the 29th day of March 2024, Mercy Chinwo Blessed another popular gospel music minister, and her husband posted pictures of their son and themselves on different social media platforms.

“However, our client was disheartened, saddened, and grossly disturbed to find that the above-mentioned suspects, as mischief makers with a criminal intent to destroy the image and character of our client, had made different social media posts of defamatory matter, calling our client ‘the father of minister Mercy Chinwo Blessed’s son,’ a woman who is married to another man.

“The post by Mr. Okoronkwo Ejike has since gone viral on the platform. In reaction to the post, Mr. Kingsley Ibeh commented on Mr. Okoronkwo’s post with a picture of our client with the caption “The real father of the baby.”

“In a post on the platform “X” formerly known as Twitter, “Dj SpoiltKid” a verified X user, quoted the statement by Okoronkwo Ejike along with a screenshot of the post and added, “When are we doing DNA test?”

“In another post, Mr. Terrence Ekot, on the platform “X” made a post thus: “Take a look at the stunning resemblance of mercy chinwo’s son and Nathaniel Bassey. Though duo has been working together on several projects in the past..what do you have to say?” (sic)

The lawyers said the social media posts by the four individuals amounted to complete assassination of Bassey’s character.

“These nefarious acts of these suspects, if not immediately dealt with, will continue to destroy our client’s image, injure his reputation, assassinate his character, and cast aspersion on the good name built by our client over the years.

The lawyers said the alleged actions of the four individuals contravened Sections 373 and 375 of the Criminal Code Act as well as Section 24(1)(b) of the Cybercrimes (Prohibition, Prevention, etc.).

“The consequences of making such statements on social media have been known to tarnish the reputations of individuals, render marriages unstable, and many never recover from them. International reputation is an asset—both for the individual and for the nation—and it takes time to acquire.

“Consequently, we urge you to use your good offices to, in the interest of justice, investigate this matter, arrest, and bring the suspect to justice, which will serve as a deterrent to others.”

Efforts to reach the Police Spokesman, Muyiwa Adejobi, for comments were not successful as of press time. Also, calls to Mercy Chinwo’s lawyer, Pelumi Olajengbesi, rang out.

Nigerian commercial banks have set withdrawal limits on their automated teller machines (ATMs), TheCable can report.

Findings showed the limits vary across banks.

This followed reported cases of cash scarcity in some parts of the country in the second half of last year.

On November 2, 2023, the Central Bank of Nigeria (CBN) said the scarcity experienced in some locations was due to a high volume of withdrawals from its branches by banks and panic withdrawals by customers from ATMs.

The CBN also said there was sufficient stock of currency notes for economic activities in Nigeria and assured its branches across the country were working to ensure seamless cash circulation in their respective states of operation.

While the scarcity persisted, the apex bank, on December 13, blamed the situation on hoarding, stating most of the cash given to banks was in the hands of individuals.

A year before, the CBN had attempted to limit cash circulation by implementing a cap on ATM withdrawals, to encourage cashless transactions.

The CBN reduced ATM withdrawals on December 6, 2022, to N20,000 daily and N100,000 per week. However, on December 21 of the same year, the regulator reviewed the cash withdrawal limits across all channels to N500,000 and N5,000,000 per week for individual and corporate organisations, respectively — after a public outburst.

This took effect on January 9, 2023.

However, recent findings across various locations in Lagos showed that banks have restored limits on ATM withdrawals.

TheCable understands that the cap set on account holders also restricts the customers to a certain amount should they attempt to withdraw from a different bank.

BANKS’ NEW DAILY ATM WITHDRAWAL LIMITS

At three Guaranty Trust Bank (GTB) branches located in Ogba, Egbeda, and Fagba in Lagos state, the company’s account holders are only allowed to withdraw N20,000 per day at the ATM, while it dispenses a maximum of N5,000 to non-customers daily.

However, another GTBank in Egbeda has a daily cap of N50,000 for customers and N20,000 for non-customers.

Also, Polaris Bank branches at Festac and Ikeja have N50,000 ATM withdrawal limit per day for the lender’s account holders — but non-customers can only withdraw N20,000 per day.

The limit is different for account holders of United Bank for Africa (UBA), as ATMs at the lender’s branches at Fagba and Ogba only dispense N20,000 and N60,000 to N100,000, respectively, whereas non-customers have a cap of N5,000 and N40,000 to N60,000, respectively.

At Union Bank branches in Ikeja, Ilupeju, and Berger, account holders can withdraw N20,000, N60,000 to N70,000, and N70,000 per day, respectively.

However, non-customers have a limit of N20,000 daily at Union Bank branches in Ikeja and Ilupeju, while they can withdraw up to N40,000 at the Berger office.

For Ecobank account holders, the maximum ATM withdrawal at its branches in Ogba and Berger is N400,000 and N40,000 per day, respectively, while non-customers can withdraw N20,000 daily.

Keystone Bank branches at Ilupeju, Ogba, and Allen set a limit of N40,000, N50,000, and N200,000 per day for account holders, respectively; while the ATM dispenses N20,000, N30,000, and N100,000, (respectively) to non-customers.

The withdrawal limit for Zenith Bank account holders is N100,000 per day at ATMs located at the company’s branches in Aguda and Festac, but non-customers can only withdraw N30,000 and N50,000, respectively.

At its branches in Allen and Akowonjo, First City Monument Bank (FCMB) has an ATM withdrawal cap of N40,000 for account holders, while N20,000 is dispensed to non-customers per day.

Also, Sterling Bank branches at Ilupeju and Allen have a limit of N50,000 for account holders, but the maximum non-customers can withdraw are N25,000 and N50,000, respectively.

Access Bank also has a limit on ATM withdrawals, as the company’s branches in Allen and Ogba offer N40,000 per day to account holders, but dispense N20,000 to N25,000 to non-customers.

Checks at Fidelity Bank’s branches in Ilupeju and Aguda showed account holders can withdraw a maximum of N40,000 — but for non-customers at the Ilupeju office, the amount depends on the bank they are using, while for the Aguda branch, non-customers can withdraw N20,000 or until they can no longer take out funds from the ATM.

First Bank of Nigeria (FBN) also limited account holders’ ATM withdrawals to N40,000 daily, according to findings at its branches in Allen and Berger.

Although non-customers can withdraw N20,000 at FBN’s Allen office, withdrawal at the Berger branch depends on the bank used by non-customers.

For Globus Bank account holders, ATMs at the company’s branches in Ilupeju and Allen have a limit of N150,000 per day, however, non-customers withdrawal limit also depends on their banks.

Providus Bank branches in Allen and Adeola Odeku offer account holders a maximum of N100,000 and N150,000 (respectively) per day, with the ATMs dispensing N20,000 to non-customers daily.

However, account holders of Premium Trust Bank can withdraw N40,000 daily at the company’s ATMs in Allen and Adeola Hopewell branches but non-customers are only able to withdraw N10,000 and N40,000 to N50,000 per day, respectively.

At Allen and Mowe (Ogun state), ATMs in Unity Bank branches dispense N40,000 per day to account holders and non-customers.

But at Parallex Bank in Adeola Hopewell, the ATM withdrawal limit for account holders is N100,000, while that of non-customers depends on their banks.

Heritage Bank in Ilupeju has a cap of N150,000-N200,000 per day for account holders, but non-customers cannot withdraw more than N40,000 daily.

Also, findings at Suntrust Bank, located in Sanusi Fafunwa, showed account holders are limited to N20,000 a day and non-customers can withdraw N20,000-N30,000 daily.

At Titan Trust Bank in Egbeda, both account holders and non-customers are unable to withdraw more than N20,000 per day.

It is different at Stanbic IBTC in Computer Village and Ogba, where ATM withdrawal for account holders is capped at N80,000 to N100,000 daily.

However, non-customers can withdraw N40,000 daily at the Computer Village branch, while they can withdraw until they are unable to at the Ogba office.

TheCable also learnt that ATMs at Wema Bank branches in Oba Akran and Ojodu are dispensing N40,000 to account holders daily, but non-customers limit depends on their banks.

WHY BANKS ARE SETTING LIMITS TO ATM WITHDRAWAL

In a notice to customers, seen by TheCable, Stanbic IBTC Bank advised withdrawals should be limited to one bank card per transaction when using the company’s ATM to avoid cash shortage.

In the statement, pasted at its ATM gallery, Stanbic IBTC said cash shortage occurs when individuals use multiple cards from different banks in a single ATM transaction.

“To ensure uninterrupted access to cash withdrawals through our Automated Teller Machines (ATMs), we kindly request that you limit your withdrawals to one bank card per transaction when using our ATMs,” Stanbic IBTC said.

“This measure aims to prevent instances of cash shortages that may occur when individuals use multiple cards from different banks in a single ATM transaction, surpassing the maximum daily withdrawal limit per individual. This practice may inadvertently restrict other customers’ access to cash.”

Also, a top official in the banking industry — with knowledge of the withdrawal limits adopted by the banks — said financial technology (Fintechs) firms are one of the reasons banks are limiting withdrawal at their ATMs.

Speaking on condition of anonymity, he said fintech companies have no ATMs but offer their customers debit cards to withdraw all the cash from banks’ ATMs.

“They give cards to people. Most of the people that are doing POS, they go to commercial banks to go and clean out all the money in their ATMs, denying the real customers of the banks to have access to the cash that are in the ATM,” he said.

The source told TheCable point of sale (POS) operators thereafter charge bank customers in need of the cash POS operators withdrew from the ATMs.

He said banks had to become creative to tackle the issue.

In a statement shared with TheCable, Access Bank said every bank “sets ATM withdrawal limits based on available ‘ATM fit’ cash and the number of ATMs for the bank as well as the needs of the customers”.

Commenting on the disparity in limit for its account holders and non-customers, Access Bank said the former are prioritised.

“It is important for us to give priority to our customers cash need; we owe them that duty. Subject to cash availability we can allow other banks’ card holders to also access cash,” Access Bank said.

“Every bank issuing cards is expected to also deploy ATMs to match the need of her customers.”

When asked if the CBN approved the limit, Access Bank said every financial institution has the right to set its withdrawal cap which may change from time to time subject to cash availability, among other things.

However, Access Bank acknowledged CBN had issued a directive that the maximum cash withdrawal limit on all channels is N500,000 weekly for individuals.

Meanwhile, the ATM withdrawal restrictions — as observed by TheCable — violate the limits set by Nigeria’s financial regulator.

When contacted on February 12, Hakama Sidi Ali, CBN’s acting director of corporate communications, requested the enquiry be sent to her WhatsApp. The following day, she asked for the locations of the banks for an independent investigation.

Since the disclosure of the banks’ locations, CBN has not responded to questions on the matter despite several calls, and WhatsApp messages to the regulator’s spokesperson.

Some residents of Akure, the Ondo state capital, have looted a truck conveying food items.

TheCable understands that the truck developed a mechanical fault at the popular cultural centre junction, along Ondo-Akure expressway, on Monday.

The mechanical fault enabled the residents to overpower the driver and loot the truck.

It was observed that the food bags in the truck were branded in the name of President Bola Tinubu.

Those who looted the truck were petty traders, artisans, drivers and commercial motorcyclists.

The latest incident adds to the worrisome list of recent looting of food items in trucks and warehouses amid the current economic hardship in the country.

On Saturday, residents of Kebbi invaded a government warehouse in the Bayan Kara area of the state capital, and looted food items.

On March 1, a truck conveying cartons of spaghetti was looted by hoodlums at Dogarawa axis of Zaria-Kano expressway.

Two days later, some residents broke into the federal capital territory (FCT) warehouse in Abuja and carted away foodstuffs, doors of the warehouse and roofing.

Nnaemeka Obiaraeri, a respected development economist, has voiced strong criticism against the Minister of Agriculture’s recent proposal to import 10,000 tractors, echoing concerns previously raised during the administration of former President Muhammadu Buhari in 2019.

Obiaraeri emphasized that the current proposal, which is projected to incur a hefty $1.1 billion expense through a public sector arrangement, signifies a repetition of the same error witnessed during Buhari’s tenure.

In an interview with Channels TV on Tuesday, Obiaraeri advocated for a more cost-effective strategy, suggesting allocating $750 million towards the importation of both tractors and bulldozers.

Reflecting on past decisions, he remarked, “Back in 2019, when the Buhari administration proposed borrowing $1.1 billion for importing 10,000 tractors…”

He continued, expressing concern about the Minister of Agriculture’s actions, stating, “The current administration is following in the footsteps of the Buhari government, pursuing a memorandum of understanding to import 10,000 tractors under a public sector arrangement, all at the expense of $1.1 billion.”

“Does it strike you as reasonable that we could achieve the same goal with a budget of $750 million, encompassing both tractors and bulldozers?” he questioned, highlighting apparent discrepancies in expenditure.

Obiaraeri outlined an alternative framework, envisioning the establishment of agro clusters across Nigeria’s 8,000 electoral wards, managed by skilled mechanical engineers.

Within these clusters, farmers would have access to machinery at an affordable average cost of N40,000, fostering economic growth and job creation.

He concluded with a poignant observation, “The repetition of past mistakes, as witnessed under the Buhari regime, raises serious questions about the priorities of our current administration.”

The Federal Government has announced it will be removing electricity subsidy for 15 per cent of consumers.⁣

FG said this will reduce its N3.3tn cost and save the government about N1.1tn annually.

The President’s Special Adviser on Information and Strategy, Bayo Onanuga, said this to Reuters on Tuesday. ⁣

Onanuga said the Bola Tinubu-led administration was poised to allow the price hike in electricity given its N450bn budget for energy subsidies in 2024. ⁣
⁣
Consequently, power distribution companies will be allowed to increase prices from N68 to N200 per kilowatt-hour for urban consumers in April, the presidential aide explained in another interview with Bloomberg.
⁣
He explained that the country last reviewed electricity tariffs in 2020, and the planned increase would enable Discos to recover costs and improve investments.⁣⁣

“With the huge subsidy burden and high cost of gas…the current electricity tariff is not realistic,” he told Reuters.
⁣
Confirming this to our correspondent, Onanuga said the tariff hike would affect only 15 per cent of consumers, accounting for 40% of electricity consumption. ⁣
⁣
He said the FG would help power generating companies to offset about N1.5tn debts they owe the country’s bulk electricity buyer.⁣
⁣
An electricity report released by the National Bureau of Statistics on Monday showed that electricity distribution companies in Nigeria saw their revenues surge to N1.1tn in 2023.⁣ This is despite the persistent epileptic power supply nationwide.⁣⁣

The figure represents an increase of N234.4bn or 28.2 per cent from the N831bn generated by the power firms over a similar period in 2022.⁣
⁣
Nigeria’s national power grid collapsed 46 times from 2017 to 2023, a report by the International Energy Agency revealed.⁣⁣

The IEA said Nigerians endured more nationwide blackouts in 2023, especially on September 14 when the grid collapsed due to a fire on a major transmission line.⁣
⁣
An analysis of the revenue data showed that the Ikeja Electricity Distribution Company got the highest revenue of N218.6bn, up by 31.7 per cent or N52.7bn from N165.9bn recorded in 2022.⁣
It was followed closely by the Eko Distribution Company, which got a revenue increase of N52.8bn or 42.3 per cent from N124.8bn in 2022.⁣
⁣
Third on the list is the Abuja Electricity Distribution Company, with a revenue generation of N167.4bn from N125.7bn recorded in 2022.⁣
⁣
Similarly, Ibadan Electricity Distribution Company got a revenue of N111.3bn, Enugu Electricity Distribution Company got a revenue of N82.5bn, Yola Electricity Distribution Company (N22.3bn), and Benin Electricity Distribution Company (N84.6bn), and Kaduna Electricity Distribution Company (N32.4bn).⁣
⁣
Also, Jos Electricity Distribution Company increased its revenue to N38.9bn, Kano Electricity Distribution Company (N55.2bn), and Port-Harcourt Electricity Distribution Company (N74.7bn).⁣
⁣
Findings also showed that the increased efficiency in revenue collection might not be unconnected to rise in the overbilling of customers, especially those on the estimated billing system.⁣

Also, The PUNCH had observed that Discos were able to capture more customers under the estimated billings system.⁣
⁣
Further analysis revealed that the number of metered numbers increased by 9.38 per cent or 480,833 while the number of customers under estimated billings reduced slightly by 1.73 per cent to 5.8m.

The Debt Management Office, DMO, has unveiled plans to raise N1.8 trillion through new issuance and reopening of federal government bonds over the next three months amid the country’s increasing debt stocks.

This is as DMO opened offer for the April 2024 Savings Bond.

The debt office in the bond issuance calendar for the second quarter of 2024 said it plans to raise between N300 billion to N600 billion every month between April and June this year.

According to the calendar, the DMO plans to open a new five-year bond this month to raise between N100 and N200 billion.

Also, it plans to reissue the 7-year 18.50 per cent FGN FEB 2031 paper and the 10-year 19.00 per cent FGN FEB 2034 paper during the three months.

Meanwhile, it plans to raise more funds this week through the 2-year and 3-year savings bonds due April 2026 and April 2027.

According to the offer document, the DMO is issuing the 2-year paper at 17.046 per cent per annum while the 3-year paper is being issued at 18.046 per cent per annum.

Last month, it issued the 2-year savings bond at 15.097 per cent, while the 3-year paper was raised at 16.097 per cent.

The increased rate on the savings bond, according to DMO, is to bring the interest closer to the Monetary Policy Rate, which was raised to 24.75 per cent at the last Monetary Policy Committee meeting last month.

Recall that Nigeria’s’ total public debt stock more than doubled to N97.3 trillion in 2023.

The total public debt stock includes external and domestic loans from federal and state governments.

The newly inaugurated President of Senegal, Bassirou Diomaye Faye, has appointed Ousmane Sonko as the prime minister of the country.

The 44-year-old Faye had earlier on Tuesday, took the presidential oath in the presence of hundreds of officials and several African heads of state, including President Bola Tinubu of Nigeria at an exhibition centre in the new town of Diamniadio, near Dakar.

Shortly after, he returned to the capital, with his motorcade greeted by hundreds of jubilant residents and supporters who lined the roads leading to the presidential palace, where his predecessor, Macky Sall, symbolically handed Faye the key to the presidential headquarters before leaving the palace.

Hours after officially taking over the reins of power, the administration of the new president, named 49-year-old opposition leader, Sonko as prime minister.

“Mr Ousmane Sonko is named prime minister,” said Oumar Samba Ba, the general secretary of the presidency, who read out a decree on the public television station RTS.

Sonko was disqualified from running in the most recent presidential race and picked Faye as his replacement on the presidential ballot.

Faye and Sonko were among a group of opposition politicians freed from prison 10 days before the March 24 presidential ballot under an amnesty announced by former president Macky Sall, who had tried to delay the vote.