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Bauchi residents lament erratic power supply

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Some of the residents who spoke with the News Agency of Nigeria (NAN) in seperate interviews, said the situation had made life unbearable for them.

NAN reports that Gwallameji area of Bauchi and other parts of the metropolis are leaving in darkness in the past months following vandalisation of electrical facilities in the affected communitie.

They urged the Jos Electricity Distribution Company (JEDCO) to address the problem and adopt proactive to protect its facilities against acts of vandalisim.

Mr Paul Ugochukwu, a resident of Rafin Zurfi area of the metropolis, said they had been experiencing erratic power supply for the past three months sequel to the alleged destruction of the power transformer in the area.

Ugochukwu said the power outage coupled with ravaging mosquito had negatively impaccted his well being.

“We are experiencing epileptic power supply in the past three months, we spent days without light in the area.

“We need the light for domestic use and most families could not afford power generators to meet their households needs.

“Children could not watch movies on television, the trend nagetively impacted their well being.

“It is disheartening that consumers are prompt in the settlement of bills but they are not getting value for their money,” he said.

Ugochukwu called on the company to adopt proactive measures to enhance response services to meet the needs of the consumers.

Mr Olayemi Abisayo, a resident of Gwallameji, said the prolonged power outage had affected businesses and water supply services in the area.

Abisayo alleged that boreholes and other sources of water were shut, a situation which forced residents to patronised unwholesome water from the vendors.

However,  Mrs Talatu Mohammed, a resident of Yelwa Tudun, commended the appreciable improvement in power supply in the community.

“There has been light in our area for some time now, however, the situation is different in Gwallameji, Rafin Zurfi and other areas of the metropolis.

“People should contribute to protect electrical and other critical facilities in their respective communities,” she said.

In his reaction, Mr Mohammed Nasir, JEDCO’s Regional Network Engineer, said the company had introduced new programmes to enhance electricity supply to the consumers in its franchise.

Nasir noted that there was no report of theft and acts of vandalism on its facilities at Rafin Zufi, Gwallameji and other areas of the metropolis.

The company, he said, would investigate the matter, and reiterated commitment to the improvement of power supply in its area of operations. (NAN

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Business & Economy

President Buhari transmits Business Facilitation bill to N’Assembly

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President Muhammadu Buhari
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The Senate has received the Business Facilitation (Miscellaneous Provisions) Bill 2022, forwarded to the National Assembly by President Muhammadu Buhari, for consideration and passage.

The bill was accompanied by a letter dated 17th June, 2022.

The letter, addressed to the Senate President, Ahmad Lawan, was read during plenary on Tuesday.

President Buhari, in the letter, explained that the expeditious consideration and passage of the bill would promote the ease of doing business in Nigeria.

It reads, “Pursuant to Sections 58(2) of the 1999 Constitution of the Federal Republic of Nigeria (as amended), I forward herewith the Business Facilitation (Miscellaneous Provision) Bill 2022 for the kind consideration of the Senate.

“Business Facilitation (Miscellaneous Provision) Bill 2022 seeks to promote the war of doing business in Nigeria by amending relevant legislation.

“While hoping that this submission will receive the usual expeditious consideration of the Senate, please accept, Distinguished Senate President, the assurances of my highest consideration.”

 

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N5 trillion urgently needed to cushion effects double digits increase on ordinary Nigerians – World Bank

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The World Bank has warned that Nigeria could lose about N5trillion in 2022 from gasoline subsidies.

The bank also said that N5 trillion is urgently needed to cushion ordinary Nigerians from the crushing effect of double-digit increases in the cost of basic commodities.

The World Bank said in it Nigeria Development Update (NDU) released on Tuesday in Abuja.

The report said: “When we launched our previous Nigeria Development Update in November 2021, we estimated that Nigeria could stand to lose more than N3 trillion in revenues in 2022 because the proceeds from crude oil sales, instead of going to the federation account, would be used to cover the rising cost of gasoline subsidies that mostly benefit the rich”.

World Bank Country Director for Nigeria Shubham Chaudhuri, however noted: “Sadly, that projection turned out to be optimistic. With oil prices going up significantly, and with it, the price of imported gasoline, we now estimate that the foregone revenues as a result of gasoline subsidies will be closer to 5 trillion Naira in 2022.

“N5 trillion is urgently needed to cushion ordinary Nigerians from the crushing effect of double-digit increases in the cost of basic commodities, to invest in Nigeria’s children and youth, and in the infrastructure needed for private businesses small and large to flourish, grow and create jobs.”

The report noted: “Nigeria is in a paradoxical situation: growth prospects have improved compared to six months ago but inflationary and fiscal pressures have increased considerably, leaving the economy much more vulnerable”.

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Nigeria’s banking sector now immune to economic shock – NDIC

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Nigeria Deposit Insurance Corporation (NDIC) has said that the banking sector is now immunized to withstand shocks that may impact the economy and the financial system.

Mr Bello Hassan, Managing Director of NDIC said this at a retreat for members of the Senate Committee on Banking, Insurance and other Financial Institutions with the NDIC, in Lagos.

Any change in fundamental macroeconomic variables or relationships that has a significant impact on macroeconomic outcomes and measures of economic performance, such as unemployment, consumption, and inflation, is referred to as an economic shock.

Mustapha Ibrahim, Executive Director (Operations), who represented the NDIC boss, said Nigerian banking industry was currently resilient to most of these difficulties, particularly external shocks over which the Corporation had no control.

He said: “We have tried to immunise the system to withstand shocks that may be impacting on the economy and the financial system”.

Hassan, further said that effective risk-based management remained critical to a safe and sound financial system.

“The NDIC and the Central Bank of Nigeria have a very robust supervisory framework under the risk-based supervisory format the risk-based approach is actually proactive. For the most part, we try to anticipate all these risks – Macro, micro, domestically and globally – to address them continuously.

“So, it is so dynamic that we also are constantly on a real-time basis, monitoring the industry continuously and fine-tuning our supervisory tools, both onsite and offsite, to mitigate some of the challenges the banks may be facing,” he said.

On his part, Chairman, Senate Committee on Banking, Insurance and Other Financial Institutions, said the retreat demonstrated progress in creating lasting and workable relationships in the national interest.

Sani, who was represented by Senator Olubunmi Adetunbi, was optimistic that the outcome will aid in the strengthening of the financial and banking sectors, particularly the corporation’s supervisory and regulatory role.

“The National Assembly and NDIC are key institutions critical to the growth and development of the Nigerian economy. While we provide the legal and institutional frameworks, NDIC carries out its regulatory or supervisory responsibilities in order to safeguard the banking sector.

“Engagement of this nature gives us the platform to deeply look into our activities and responsibilities and also examine how far we have gone in carrying out our mandate as required. It helps in injecting fresh ideas into our operations which will materialise into an improved, effective and efficient service delivery to Nigerians,” he said.

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