Press focuses on report of likely hike in electricity tariff, others
APA – Lagos (Nigeria)
The report that there are strong indications the Federal Government may consider the request by power distribution companies for a review of their tariff, as the government spending on electricity subsidy has risen to N2.8tn is one of the trending stories in Nigerian newspapers on Monday.
The Punch reports that there are strong indications the Federal Government may consider the request by power distribution companies for a review of their tariff, as the government spending on electricity subsidy has risen to N2.8tn.
A new report by the Nigerian Electricity Regulatory Commission, obtained by our correspondent in Abuja on Sunday, indicated that past hikes in electricity tariffs by Discos saved the government from paying additional N1tn in subsidy to power firms annually.
The July 2023 NERC report was titled, ‘Overview of the Nigeria Electricity Supply Industry.’
Providing an update on the country’s tariff review journey, the commission stated that “between January 2020 and January 2023, tariff increased from 55 per cent of cost recovery to 94 per cent.
It added, “Without the tariff reviews that commenced in 2019, subsidies payable by the government would have grown to about N1tn per annum by 2023. Service-Based Tariff was instrumental in the transition to cost-reflective levels.”
On subsidy payable, the NERC stated that subsidy (tariff shortfall) paid by the Federal Government between 2015 and 2022 rose to N2.8tn in December last year.
It added that between January and April this year, subsidy on electricity gulped N57bn, adding that the Service-Based Tariff scheme help in reducing the amount spent by the government on power subsidies.
The newspaper says that Unilever Nigeria and UNICEF have jointly launched the Future-X Campus Ambassadors Programme with the aim of impacting three million young Nigerians.
The programme aimed to empower 700,000 individuals between the ages of 16 to 24, with the necessary abilities to thrive in the future job market by 2026.
A statement disclosed that this aligned with the Unilever Compass commitments to equip 10 million young people worldwide with essential skills to prepare them for job opportunities by 2030.
“UNICEF’s Generation Unlimited Nigeria initiative, a public-private-youth partnership aimed to support 20 million young Nigerians by 2030 with skills and opportunities to transition from learning to earning, through shared-value partnerships around digital skills development, workforce readiness programmes, and young people engagement,” Unilever said.
The FUCAP initiative was launched on UNICEF’s Yoma and U-Report Platforms, a youth-centred platform, to ensure an extensive reach of young people in universities and other institutions of higher learning across Nigeria.
Speaking on the initiative during the launch of the programme in Lagos on Friday, the Managing Director, Unilever Nigeria, Tim Kleinebenne, said, “FUCAP is targeted at students in Universities and Polytechnics across Nigeria. This is part of our commitment to helping young people in Nigeria reach their full potential and contribute to the development of Nigeria.”
On his part, the Human Resources Director, Unilever West Africa, Ola Ehinmoro, said, “Our target for FUCAP which is a three-year programme is to equip 700,000 young people with skills to become entrepreneurial-minded, and prepared to keep re-inventing themselves for the future of work annually in the first year of kick-off.
The Guardian reports that Standard Chartered Bank and Access Bank Plc have entered into agreements for the sale of Standard Chartered’s shareholding in its subsidiaries in Angola, Cameroon, The Gambia and Sierra Leone as well as its consumer, private and business banking business in Tanzania.
Each transaction remains subject to the approval of the respective local regulators and the Central Bank of Nigeria (CBN), the announcement said. The announcement was made today at Standard Chartered’s headquarters in London in the presence of senior representatives from both banks and was signed by Regional CEO, Africa and Middle East, Standard Chartered, Sunil Kaushal and Group Managing Director, Access Bank, Roosevelt Ogbonna.
The agreement is in line with Standard Chartered’s global strategy, aimed at achieving operational efficiencies, reducing complexity and driving scale, it stated.
Access Bank will provide a full range of banking services and continuity for key stakeholders including employees and clients of Standard Chartered’s businesses across the five countries.
The two banks will work closely together in the coming months to ensure a seamless transition with the transaction expected to be completed in the next 12 months.
Commenting on the agreement, Kaushal said: “Following on the announcement we made in April last year, the project is now substantially completed with the announcement for the sale of the 5 markets and the furtherance of a partnership with Access Bank.
This strategic decision allows us to redirect resources within the AME region to other areas with significant growth potential, ultimately enabling us to better support our clients. We look forward to working closely with Access Bank’s team over the coming months to achieve a successful conclusion to this transaction while safeguarding the interests of our valued clients and prioritising our employees.”
The newspaper says that the Chair, Alliance on Surviving COVID-19 and Beyond (ASCAB), Femi Falana, has called on leaders and members of the National Assembly to reverse the N110 billion palliatives and purchase of exotic vehicles they allocated to themselves.
Falana said the action cannot be justified in a democratic society, which claims to operate under the rule of law. He warned that by approving allowances in the form of palliatives for themselves, without approval of the Revenue Allocation Mobilisation and Fiscal Commission (RAMFC), members of the National Assembly deliberately acted illegally and contemptuously.
He said: “If the illegal decisions are not reversed, we call on RAMFC to take urgent steps to prevent the National Assembly from further usurping its constitutional functions. Otherwise, we are going to commence contempt proceedings against the chairman of the RAMFC and leaders of both chambers of the National Assembly.
“Out of sheer insensitivity, coupled with impunity, members of the National Assembly, regardless of political affiliation, conspired to breach relevant provisions of the 1999 Constitution by padding the Supplementary Appropriation Bill, 2023 to provide the so-called palliative of N70 billion for 306 newly elected members. While the masses of Nigeria are groaning under excruciating economic pains unleashed on them by the ruling class, the National Assembly has awarded N228.7 million to each of the newly elected legislators.
“As if that is not enough, members of the National Assembly have earmarked N40 billion to purchase 465 Sports Utility Vehicles (SUVs) and bulletproof cars for principal officials and members.
“However, the legislators approved the sum of N500 billion for 12 million indigent people in a country, where the National Bureau of Statistics has said that ‘62.9 per cent of people (133 million) are multi-dimensionally poor’.”
The human rights lawyer maintained that the callous and insensitive decisions of the members of the National Assembly constitute a flagrant contravention of Section 70 of the 1999 Constitution of Nigeria, which stipulates that: “A member of the Senate or of the House of Representatives shall receive such salary and other allowances as RMAFC may determine.”
GIK/APA