Business
DISCOs Appeal Against Bond Stoppage For Electricity Firms
The Association of Nige
rian Electricity Distributors (ANED) on Sunday appealed the National Assembly to reconsider stoppage of bond for electricity companies to avoid collapse of the power sector.
The Executive Director, Research and Advocacy of ANED, Mr Sunday Oduntan, made the appeal in a telephone interview with newsmen.
Oduntan said that the sector had a huge liquidity gap, which was being bridged by Federal government’s intervention in form of bond, adding that electricity consumers longer show willingness to pay bills.
“Government’s ministries, departments and agencies are owing the sector over N100 billion electricity bills.
The executive director said that bond was a form of promissory notes given to power sector in form of loan to cover some shortfalls in the industry.
He said that electricity Distribution Companies (DISCOs) had no chances of obtaining bank loans because banks believed that it would be difficult to recover loans given to them.
“We are appealing to the senate to revisit its stand on stoppage of bond for electricity companies.
“At present, electricity companies need bond to balance the liquidity gap in the sector.
”Government is assisting the sector through this medium.
“With stoppage of this intervention, DISCOs will find it difficult to buy new transformers and meters, while Generation Companies (GENCOs) will not have resources to service their plants.
”The stoppage of this bond with contribute to collapse of the power sector,” he said.
It would be recalled that on Oct. 12, the senate passed a resolution stopping the Federal Ministry of Power, Works and Housing from using the Nigeria Bulk Electricity Trading Company (NBET) to give electricity companies a N309 billion bond.
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Business
Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor
The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.
He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.
Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.
“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”
Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.
“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.
Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.
Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
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