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Electric Power Operators Lose N1.25bn As Generation Drops 62.96mw

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Unless you live in privileged communities, you might have wondered why there had been prolonged failure of electricity supply lately.

Well, latest report on the power sector by the vice-president’s advisory power team says power generation dropped by nearly sixty-three megawatts in one day.  The drop cost the power sector more than a billion naira.

The report blames the financial loss and reduction in power generation on what it calls “several constraints in the industry.”  It identified one of such as insufficient gas supply.

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Nigerian News

TCN Says Nigeria Needs N1TRN To Stabilize National Grid

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The Transmission Company of Nigeria says the country must fork out a lot of money, one trillion naira to be exact, if it is to stabilize the national grid.

The company’s executive director Victor Adewumi, dropped this bomb on Wednesday during the fifty-second power dialogue of the Nigeria electricity hub.

He said the one and a half trillion dollars inflow into the company from international agencies is not enough to stabilize the grid.  He said with internal financing through its internally generated revenue and federal government input, TCN would still require at least six hundred billion naira.  He said, when the two are combined, about one trillion naira would be needed to accomplish the goal.

Adewumi said that kind of money does not flow into TCN at the moment because distribution companies, discos, are not paying TCN the required monies.  Adewumi said TCN is getting below sixty percent of its tariff.

The TCN boss said the alternative funding avenue is to explore project financing, where financiers would fund specific areas of TCN operations, like transmission lines.  Those financiers would get their money back over a period of time, based on the cost of energy that is ultimately wheeled on those lines.

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Nigerian News

IGP Blames Fakes News For Massive Destruction During EndSARS Protests

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Inspector-General of Police, Muhammed Adamu has laid the blame for EndSARS destruction, at the tail end of the otherwise peaceful protests, on fake news, which he says is inimical to the growth and unity of the country.

Adamu made the charge while visiting the Nigeria Police Command in Ondo State.  He said one of the goals of the EndSARS protesters was to destabilize the current government although he provided no proof to the charge.

Adamu praised the police for showing respect to human lives during the protests across the country.

The IGP wrapped up his visit with a courtesy call on the state governor Rotimi Akeredolu.

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Nigerian News

Fashola To APC: Respect Your Zoning Plan In 2023

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Minister of works and housing, Babatunde Fashola, has advised leadership of the All Progressives Congress (APC) to respect its zoning formula in picking a presidential candidate for the 2023 elections.

Fashola says this is the core of the agreement by APC founding fathers before the 2015 elections.

The minister said although zoning is not in the party’s constitution, party leaders had agreed on the zoning when the party was being formed.

Fashola has also advised party members to support the Mala Buni-led caretaker, extra-ordinary, convention committee, which he described as a product of necessity.

He says the caretaker committee must be respected because it is a by-product of the leadership crisis that engulfed the party.

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