Headlines
Tougher Times Ahead As Tinubu Sets July 1 for Electricity Tariff Hike
Nigerian households are about to face tougher times as electricity prices are set to increase by more than 40 per cent from July 1. This move aims to eliminate energy subsidies in the country and is part of President Bola Ahmed Tinubu’s efforts to reform the market, Guardian Nigeria reports
Previously, the government removed subsidies on petrol (PMS) and allowed the naira to float freely in the foreign exchange market. These changes have made it difficult for the Nigerian Electricity Regulatory Commission (NERC) to determine the new electricity prices.
Currently, the average cost of electricity is N64 per kilowatt. However, with inflation rising and expected to reach 30 per cent by the end of June, experts predict that the new average cost may jump to around N88 per kilowatt. This increase is necessary for the electricity sector to cover its expenses.
The power sector is also facing challenges in meeting the target of supplying at least 5,000 megawatts per year. Factors like the lack of meters, high gas prices, losses in the system, and the actual amount of electricity generated all contribute to determining the tariffs.
People are concerned that the upcoming tariff hike, combined with high unemployment and poverty rates, will lead to significant problems for households and small businesses. Energy costs alone could increase by over 70 per cent, making it even harder for people to afford electricity.
Currently, the available electricity on the grid is 3,057.7 megawatts from 17 power plants, but the average power intake by distribution companies over the past four months has been around 3,000 megawatts. This gap shows that power companies are struggling to meet the demand.
Affordability is a major issue, as people are finding it difficult to pay for electricity, especially when the supply is unreliable. This has led many to seek alternative energy sources.
Experts are urging Nigerians to support the government’s efforts to stabilize the economy, even if it means accepting higher electricity prices. They believe these measures are necessary to reduce the country’s reliance on foreign exchange and promote a more efficient and accountable energy sector.
However, some experts have also criticised the current pricing structure, arguing that it should be based on market fundamentals rather than the exchange rate. They emphasise the need for fair competition in the energy market and increased investment in improving electricity infrastructure.
Business Insider Africa
Headlines
Abiola Cannot Be Recognised As Former President; He Was Never Sworn-in – Gen Ishola Williams
By Eric Elezuo
One of the prime actors of the June 12, 1993 incidents, General Ishola Williams, has said that much as Chief MKO Abiola wrong was created having won the election, and denied victory, he cannot be recognized as a former President of Nigeria.
Gen Williams made his revelation while speaking as a guest on Channels television socio-political programme, Inside Source.
He maintained that only those who were sworn in that recognised as former presidents, and Abiola was never sworn in.
“Abiola cannot be recognised as former president because he was never sworn in.
The General, who said that he resigned from the army as a result of the wholesome reception given to General Sani Abacha, when he overthrew Chief Ernest Shonekan-led Interim National Government, contrary to expectation, also picked flaws in the narratives given by former Military President Ibrahim Babangida, in his recently launched book, A Journey In Service.
Williams rose in the army to become the Commandant of Army Signals, Commander of Training and Doctrine (TRADOC) and Chief of Defence Training and Planning, from where he resigned.
Headlines
Breaking: Supreme Court Recognises Martin Amaewhule As Rivers Assembly Speaker, Orders CBN to Stop Releasing Funds to State
By Eric Elezuo
The Supreme Court of Nigeria has in its ruling on Friday recognised Hon Martins Amaewhule as the authentic speaker of the Rivers State House of Assembly, mandating him to urgently resume sitting with elected members of the assembly.
The apex court also ordered the Central Bank of Nigeria to stop releasing to the Rivers State government until a proper assembly is constituted.
Details soon…
Tension escalated at the Lagos State House of Assembly on Thursday as impeached Speaker Mudashiru Obasa made a dramatic return to reclaim his position.
Accompanied by heavily armed men, Obasa stormed the Assembly complex in a bold move that has thrown the State’s legislature into turmoil.
In a stunning turn of events, security details assigned to the substantive Speaker, Rt. Hon. Mojisola Meranda, were abruptly withdrawn on Thursday morning, clearing the path for Obasa’s controversial comeback.
Sources revealed that the Inspector General of Police (IGP) ordered the withdrawal of all security operatives attached to Meranda, leaving her exposed in the midst of an intensifying power struggle.
The Speaker’s Special Adviser on Information, Mr. Victor Ganzallo, expressed concern over the security vacuum created by the withdrawal of personnel.
“In the early hours of Thursday, we woke up to the startling news that all security details assigned to Madam Speaker, Mojisola Meranda, had been withdrawn.
This includes the police and DSS officers, leaving her exposed to threats amid the ongoing speakership crisis,” Ganzallo stated.
He further called on Governor Babajide Sanwo-Olu, as the State’s Chief Security Officer, to intervene urgently to prevent a complete breakdown of law and order within the Assembly.
“The withdrawal of security personnel has left the Assembly naked and vulnerable at a critical time. Urgent action is needed to restore order,” he pleaded.
With the speakership battle taking a dramatic new turn, political watchers are keenly observing how the crisis will unfold in the coming days.
