Connect with us

Business

FG Earmarks N70.2bn For Gas Infrastructure

Published

on

The Federal Govern
ment has announced the allocation of N70.2 billion ($450m) for the improvement of gas infrastructure across the country to address gas supply issue that has been recurrent for a while now and led to a sharp reduction in power generation in the country.
Also, Federal Government had sourced for additional $1.47bn from the World Bank, African Development Bank, French Development Bank and the Chinese EXIM Bank for the improvement of the electricity transmission infrastructure.
The Minister of Power, Prof. Chinedu Nebo, disclosed this in Abuja last Friday when delegates from the Independent Power Producers Association of Nigeria visited the ministry.
The Federal Government had last Tuesday said the proceeds from the sale of the 10 National Independent Power Project plants, amounting to $1.6bn, would be used to finance the Transmission Company of Nigeria.
Nebo also said the Ministers of Finance, Petroleum Resources and Power had met last week to deliberate on the gas supply problems which he said was also caused by the inability to fix the right pricing for domestic gas.
He said, “Nigeria has enough gas; more than enough; but there are things that have to be put in place and part of this include the right pricing for domestic gas.
“Government is also trying to address gas infrastructure challenges. The first segment is the East-West axis. Government is putting in billions of naira to address that. The next is the South-North, South-South and the North axis. So, there is a gas master plan and soon, the issue of gas will be settled.”
On transmission, he said once the Federal Government effectively put the funds allocated for the TCN to use, the country would be able to transmit 10,000 megawatts of electricity.
Nebo said, “we might come up with 10,000MW and might be able to transmit all. That is why a huge sum of what is being realised as proceeds of the sale of the NIPP plants, about $1.6bn, has been set aside to finance transmission.
“In addition, the World Bank is funding (the transmission system) with $800m; the French Development Bank is funding with another $170m to aid transmission. When you look at this, we will say there is a huge investment going on for transmission. We hope with these, we will be able to produce the 10,000MW and at the same time wheel it out for full distribution. I forgot to mention the $500m we got from the Chinese EXIM Bank, still for transmission.”
The minister also said President Goodluck Jonathan had approved the inauguration of the Geometric Power Plant in Aba, Abia state.
He added that the government was working to make sure that the Nigerian Bulk Electricity Trader was fully capitalised so as to ensure partial risk guarantee for the IPPs.

Continue Reading

Business

11m Benefitted From $415m World Bank Supported CSDP  – FG

Published

on

The Federal Government has disclosed that 11 million Nigerians benefited from $415 million World Bank-supported Community and Social Development Project (CSDP) programme.
Minister of Humanitarian Affairs, Hajiya Umar Farouq, disclosed this in an opening address during the close out ceremony of the CSDP programme.
According to Farouq, 11 million direct beneficiaries with an estimated 25 million indirect beneficiaries across 29 states and the Federal Capital Territory (FCT) were reached between 2009 and 2021 when the CSDP programme was being implemented.
She also described the project as highly successful and highlighted sectors the project focused on including health, education, transportation, electrification, community housing, and others.
She said: “The Project became effective in 2009, has had two additional financing, all totaling USD415 million. In its over 11 years of existence, the CSDP has evolved into one of the strong pillars for the implementation of the Social Protection Programmes of the Federal Government under the supervision of my Ministry through the National Social Safety Nets Coordinating Office (NASSCO).
“The CSDP operates with the core principle of Community Driven Development (CDD) Approach.  This is a development paradigm that focuses on the needs of the poor and vulnerable and empowering them with development resources to address their peculiar needs.
“Using this unique approach, the CSDP has implemented micro projects in poor communities across the 543 Local Government Areas of 29 States and the Federal Capital Territory.
“This represents about 70 per cent of the total number of Local Governments in Nigeria.  The poor communities are identified specifically through the use of Poverty Maps agreed to by each participating State and FCT.
“The Project has made substantial impact on improving access of the poor and vulnerable to social and natural resources infrastructure across the benefiting communities.  The total number of beneficiaries of CSDP stands at 11 million direct beneficiaries across the 29 states, with estimated 25 million indirect beneficiaries.
“Specifically, the CSDP has achieved the following: Successful completion of 16,166 micro-projects in 5,664 communities and 934 vulnerable groups.  These micro-projects cut across eight sectors of intervention namely education, health, water, transportation, electrification, socio-economic, environment and community housing; 5,764 classrooms, 1,323 health centres and 4,442 water micro projects were constructed and or rehabilitated.

Continue Reading

Business

Cooking Gas Use Campaign Begins In 12 States

Published

on

The Federal Government in collaboration with the Nigerian Energy Support Programme has kicked off the national sensitisation and awareness campaign for the use of Liquefied Petroleum Gas in Nigeria beginning with 12 pilot states.
The states include Sokoto, Katsina, Bauchi, Gombe, Enugu, Ebonyi, Delta, Bayelsa, Lagos, Ogun, Niger and the Federal Capital Territory.
The government said the campaign to ensure increased usage of LPG, popularly called cooking gas, was in line with its ‘Decade of Gas’ initiative, adding that its socioeconomic and health benefits far outweighed the use of kerosene and firewood.
Speaking at the inaugural campaign in Abuja, Tuesday the Vice President, Prof. Yemi Osinbajo, said there was no excuse for Nigeria not to be able to develop its gas sector considering the huge gas reserves in-country.
Osinbajo, who was represented by the Programme Manager, National LPG Expansion Plan, Office of the Vice President, Dayo Adeshina, said the use of LPG would help in cutting down gas flaring in Nigeria.
He said the government was working to ensure that Nigeria achieved the five million metric tons LPG consumption target, adding that efforts were being made to ensure the provision of cylinders at affordable rates to Nigerians.
“Our gas reserves in this country are enormous and we have every reason to develop the gas sector and ensure that our citizens use LPG,” the Vice President said.
He added, “The use of LPG is good for our health and has better socioeconomic benefits and this is in line with the ‘Decade of Gas’ initiative of government.”
Recently, the Minister of State for Petroleum Resources, Chief Timipre Sylva, said over 120 million Nigerians were experiencing energy poverty despite the huge natural gas resources across the country.
Participants at the awareness campaign also called for adequate penetration of LPG usage in Nigeria, as they pledged to support the government in achieving this target.

Continue Reading

Business

Rail Transport Suffers 38% Decline In Q1 2021 – NBS

Published

on

Rail transportation suffered a 38 per cent, year-on-year average decline in passenger and cargo travel in the first quarter of the year 2021 (Q1’21).
The National Bureau of Statistics (NBS) disclosed this yesterday in its Rail Transport Data for Q1’21, which  showed that passenger travel fell by 34.4 per cent, year-on-year, to 424,460 passengers   in Q1’21 from 647,055 passengers recorded in Q1’2020.
Similarly, cargo travel fell by 43.13 per cent, year-on-year, to 10,511 tons in Q1’21 from 18,484 recorded in Q1 2020.
The NBS stated: The rail transportation data for Q1 2021 reflected that a total of 424,460 passengers travelled via the rail system in Q1 2021 as against 647,055 passenger recorded in Q1 2020 and 134,817 in Q4 2020 representing -34.40 per cent decline year-on-year and +214.84 per cent growth QoQ respectively.
“Similarly, a total of 10,511 tons of volume of goods/cargo travelled via the rail system in Q1 2021 as against 18,484 recorded in Q1 2020 and 35,736 in Q4 2020 representing -43.13 per cent decline year-on-year and -70.59 per cent decline QoQ respectively.
Revenue generated from passengers in Q1 2021 was put at N892,467,526 as against N398,999,290 in Q4 2020. 
Similarly,revenue generated from goods/cargo in Q1 2021 was put at N26.19 million as against N82.57 million in Q4 2020.

Continue Reading

Trending