ormer Minister of State for Power, and Ministerial nominee from Kaduna State, Architect Nuhu Somo Wya has declared that the federal government projection for the achievement of 6000mega watts elecrticity by the year 2009 hit the rocks because the ministry faced the challenges of inadequate supply of gas, security and poor funding.
Responding to questions from senators during his ministerial screening, Arch Wya said he would not apportion blames on anybody for the failure but strongly believe that the ministry did all it could, but for the said problems,
”I met a programme of 6000 megawatts project and we were assigned to pursue this programme to ensure that it is executed. By the grace of God, we were able to improve the power situation in the country to a level which is not commensurable to the mandate.
“We were faced with a challenge of what we could not control, that is the source of fuel and this source of fuel is gas. I am not trying to put a blame to anybody, I am just trying to say that we did rehabilitate our plants and got up to 5200 available generation capacity as at the end of December, last year,” he said.
“But we had stranded facility of 1500 megawatts due to inadequacy of gas. This inadequacy of gas cannot be blamed on a single source”.
“We know the challenges we went through, they are challenges of security, vandalisation and challenges of inadequate funding contributed to some of the issues that militated against our achievement of 6000 megawatts,” he said.
According to the nominee, the ministry as at December 24th, 2007, generated and distributed about 3700 megawatts of electricity, a target met before he came on stream but which later fell to 1500.
He said that after rehabilitating existing plants they were able to raise the supply to the same 3700mw and beyond and had remained there for limitations in availability of gas.
Nneka Amaechi- Nnadi (Abuja)
NSE Begins Week On Negative Note, Loses N19.49bn
The Nigerian stock market began the week on a negative note as banking and consumer goods stocks, among others, triggered a N19.49bn loss.
At the end of trading on the floor of the Nigerian Exchange Limited , the NGX All-Share Index dropped by 0.09 per cent to end at 43,270.94 basis points, while the market capitalisation declined to N22.58tn.
Market activities were mixed as the total volume of shares traded decreased by 30.19 per cent while the value traded rose by 34.05 per cent.
A total of 213.13 million shares valued at N2.36bn were exchanged in 4,105 deals, compared to 305.32 million shares worth N3.58bn in 4,450 deals last Friday.
FCMB Group Plc topped the traded stocks in terms of volume, accounting for 27.43 per cent of the total volume of trades while Airtel Africa Plc emerged as the most traded stock by value, representing 28.81 per cent of the total value of trades on the exchange.
14 firms gained compared to 21 losers.
AIICO Insurance Plc was the biggest gainer for the day, topping the gainers’ chart with a price appreciation of 8.57 per cent to N0.76 per share.
It was followed by LivingTrust Mortgage Bank Plc with a rise of 7.95 per cent, ending the day at N0.95 per share.
Analysing by sectors, three of the five major indices closed lower, led by NGX Oil & Gas (-0.56 per cent), NGX Consumer Goods (-0.23 per cent) and NGX Banking (0.18 per cent).
But the insurance (0.82 per cent) and industrial goods (0.002 per cent) indices gained at the end of trading.
… Introduces TIES To Boost Business Loan
The Central Bank of Nigeria (CBN) has introduced the Tertiary Institutions Entrepreneurship Scheme (TIES), which provides undergraduates and graduates with a platform to access loans.
The TIES’ underlying aim is to provide access to capital for Nigerian undergraduates and graduates with innovative entrepreneurial and technological ideas from polytechnics and universities.
TIES intends to shift undergraduates and graduates away from white-collar job pursuits and towards a culture of entrepreneurship development for economic development and job creation.
In a national biennial entrepreneurship competition, the Developmental Component would be distributed in the form of awards to Nigerian polytechnics and universities.
The competition aims to increase undergraduates’ awareness and visibility of high-impact entrepreneurial/technological concepts, foster entrepreneurial talent hunts in Nigerian polytechnics and universities, and encourage commercially viable and transformative technologies.
Interested Nigerian polytechnics and universities shall apply to participate in the national biennial entrepreneurship competition on a dedicated online portal.
Outlining brief details of the project, potential impact and evidence of originality of project, CBN said it is an innovation for students entrepreneurs.
CITN Applauds FG, Tax Authorities On Fiscal Policy Decisions
The Chartered Institute of Taxation of Nigeria (CITN) has lauded the Federal Government and tax authorities on the giant strides made on fiscal policy decisions and tax administration measures initiated this year in the area of Finance Act 2021 and the introduction of TaxPromax solution.
President of the institute, Adesina Adedayo, who gave the commendation at the institute’s yearly award ceremony at the weekend in Lagos, assured the government and tax authorities of aligning with the measures and promised to provide professional thoughts and insights on ways through which they could achieve an efficient and effective Nigerian tax system.
Adedayo emphasised the need to address the database, adding that without knowing who the tax-payers are, there is no way they can take money from unknown tax-payers.
Database is the aspect we have been emphasising on as an institute and in doing this, there are so many of pockets of data we have. All the data must be harmonised to have a simple unique tax-payers identification number,” he said.
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