Business
Electricity Consumers Rue Crazy Bills
Electricity consumers in
Lagos have condemned the recent outrageous bills received from electricity companies in spite of poor power supply in November.
Some consumers stated this in Lagos during an interview with newsmen.
They rued arbitrary and excessive billing of consumers when electricity supply was not regular.
Mrs Chinansa Oke, a resident of FESTAC Town, said the attitude of electricity companies amounted to cheating consumers.
Oke said that there was need for urgent measures to address the abnormalities in the billing system and save innocent electricity consumers.
“Last October, we had no electricity supply and I was billed N3,500 for the month. In November, supply was erratic throughout the month and they brought N8,500.
“I don’t know the criteria they are using to bill us.
“I spent N12,000 to buy petroleum and they still want me to pay for the power that was not regular,” she said.
Mr Bode Akinfenwa, a resident of Ilasamaja, said that he had applied for pre-payment meter in January but till now it had not been installed.
“After applying for pre-paid meter for almost 10 months, the Ikeja Electricity Distribution Company kept giving us estimated bill.
“This is an injustice to the masses. Government should rescue us from the hand of these investors.
“The most frustrating part of it is that even if there is no electricity for most of a month, we are still made to pay the same bill we paid previously.
“Many electricity consumers appear to be at the mercy of these electricity companies because they are the only supplier of electricity,” he said.
Mrs Damilola Joseph, a frozen fish seller at Ijora Market, said that power outage had forced majority of frozen fish sellers out of business because it was difficult to operate without supply.
Joseph appealed to the electricity companies to find lasting solution to power failure so that Nigerians could restore confidence in them.
Meanwhile, Mr Pekun Adeyanju, Assistant General Manager, Public Affairs Division of IKEDC, told reporters that the management would begin installation of 500,000 smart meters in January 2015 to its numerous consumers.
Adeyanju said that this would eliminate the bondage of estimate billings being given to its consumers.
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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
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