APA – Lagos (Nigeria)
The report that power generation on the national grid crashed to 59.9 megawatts around 12 pm on Sunday as the country’s grid witnessed a nationwide collapse is one of the trending stories in Nigerian newspapers on Monday.
The Punch reports that power generation on the national grid crashed to 59.9 megawatts around 12 pm on Sunday as the country’s grid witnessed a nationwide collapse.
Data obtained from the Federal Ministry of Power showed that electricity generation on the grid plunged from 2,658.75MW at 11 am to 59.9MW by 12 noon on Sunday, as power distributors lost supply from the grid.
This led to widespread blackouts across the country, as power distribution companies blamed it on the collapse of the grid managed by the Transmission Company of Nigeria, an agency of the Federal Government.
Kaduna Disco, for instance, confirmed that the loss of bulk power supply left Kaduna, Sokoto, Zamfara, and Kebbi states in darkness on Sunday.
Also, the Management of Abuja Electricity Distribution Plc informed its customers in a public notice that “the power outage being experienced is as a result of a system failure from the national grid at 11:21 hours today, February 4, 2024, which has led to a nationwide power outage.”
A statement by the Kaduna Disco Head of Corporate Communications, Abdulazeez Abdullahi, also confirmed the development on Sunday.
The newspaper says that against the backdrop of the incessant cases of crude oil theft in the country’s coastal areas, maritime security experts have called on8 to establish the Nigerian Coast Guard Corps to address the menace.
Such a corps, they argue, would ensure that a professional security outfit with knowledge of maritime security is deployed and create would create jobs and generate revenue for the Federal Government to fund critical infrastructure.
Recall that attacks on vessels leading to crude oil theft have been recurring in the past few years; a development that made the immediate past administration of Muhammadu Buhari to engage the services of a private security firm, Tantita Security Services Nigeria Limited, owned by ex-militant leader, Government Ekpemupolo, fondly known as Tompolo.
Speaking exclusively with The PUNCH, a security expert and former administrative officer, Rivers Command of the Nigerian Merchant Navy, Mohammed Adara, justified the calls for the establishment of the NCGC on the premise that when created, the corps would serve the specific mandate of policing the coastal and territorial waters.
He said, “There are valid reasons in support of the establishment of the NCGC despite concerns about potential overlap with existing security agencies like the Nigeria Security and Civil Defense Corps. The NCGC would bring specialised maritime expertise to the security landscape. Unlike general-purpose security agencies, the NCGC would focus specifically on maritime security, law enforcement at sea, and the protection of coastal and territorial waters.
“Another area is targeted response to maritime threats. Maritime security threats, such as piracy, illegal fishing, and smuggling, require a specialised and targeted response. The NCGC, with its maritime focus, would develop specific strategies and capabilities to address these threats more effectively than agencies with broader mandates.”
The Guardian reports that while the policy to regulate the solid minerals sector in Nigeria has potential economic benefits, addressing the associated challenges will be crucial to realising its full potential and ensuring sustainable and inclusive development, the Lagos Chamber of Commerce and Industry (LCCI), has said.
With the decline in the global oil market, diversifying into the solid minerals sector reduces Nigeria’s dependency on oil revenues.
LCCI president, Gabriel Idahosa, said this would help mitigate the impact of oil price fluctuations on the country’s economy and enhance economic stability. “The development of the solid minerals sector is likely to create job opportunities across various stages of exploration, mining, processing and marketing. This can contribute significantly to reducing unemployment and fostering economic growth.
“The effective regulation of this sector can also lead to increased revenue generation for the government through taxes, royalties and other levies, which can then be utilised for infrastructure development, social programs and other public services. By regulating the sector, Nigeria can position itself to participate more effectively in the global market for solid minerals. This can open new opportunities for international trade and partnerships,” he said.
He added that the approval of this policy review allows for better management and utilization of the abundant solid mineral resources in Nigeria; ensuring that the resources are exploited judiciously, efficiently and sustainably, preventing their depletion and ensuring long-term economic benefits.
According to him, the successful implementation of the policy may face various challenges, including regulatory hurdles, lack of infrastructure and bureaucratic inefficiencies, which could hinder the policy’s intended benefits.
The newspaper says that the adoption of the spot foreign exchange (FX) rate in computing duty on imported commodities has thrown importers and the entire business community into a panic mode.
For the first time, the Nigeria Customs Service (NCS) raised the import duty exchange twice within 24 hours on Friday under the guise of “obeying” the Central Bank of Nigeria’s (CBN) directive. The unusual adjustment raised the going duties across commodity lines by 48.5 per cent in less than two days.
Recall that NCS adjusted the rate from N951.94/$ to N1356.8/$ on Friday. While the market was yet to fully digest the decision, it was raised further by over four per cent on Saturday, to the current N1,413.6 to a dollar.
In a swift response, the NCS said the service is simply adhering to the official market as directed by the Central Bank of Nigeria (CBN).
Since President Bola Ahmed Tinubu came into office, the import duty determination rate has been increased by 235 per cent. It stood at N422.3/$ as of May 29, 2023, when the administration was inaugurated.
With the liberalisation of the FX market, naira saw a sharp depreciation last June, forcing NCS to also adjust the rate used for duty assessment. Since then, the Customs rate mimics the spot segment of the FX market, explaining it is not a decision it has control over.
The service has ignored calls for the adoption of the average rate as opposed to the spot rate. Those who have advocated average rate adoption have argued that the option would make more sense for the predictability and stability of prices.
With spot rate adoption, the Customs has left importers guessing what the next day’s duty could be – a situation economists said could worsen the inflation, increase the cost of living and raise the poverty index.
GIK/APA