In December 2015, when the Nigerian Electricity Regulatory Commission, NERC, with the backing of the Federal Government, carried out the last upward electricity of tariff review, it told Nigerians that the hike would bring about stable electricity supply and finally resolve the problems of the country’s power sector. Specifically, then-Minister[Read More…]
News
New VAT will affect small businesses
A section of the Nigerian economy which will feel the impact of the recent increase in Value Added Tax from 5% to 7.5% is Micro Small and Medium Enterprises (MSMEs). President Muhammadu Buhari recently signed the Finance Bill which among other things, increased Value-Added Tax (VAT) from 5% to 7.5%[Read More…]
CBN raises Cash Reserve Ratio to 27.5%
The Central Bank of Nigeria has raised the Cash Reserve Ratio from 22.5 per cent to 27.5 per cent. Briefing the press after the first Monetary Policy Committee (MPC) meeting in 2020 held in Abuja, the CBN Governor, Mr Godwin Emefiele, said that all other parameters were retained. Accordingly, the[Read More…]
DisCos lied, we didn’t direct them to decommission metres – NERC
The Nigerian Electricity Regulatory Commission (NERC) says it has not directed the decommissioning of metres by the Electricity Distribution Companies of Nigeria (DisCos). NERC’s General Manager, Public Affairs, Mr Usman Abba-Arabi, made this known in a statement in Abuja on Friday. Abba-Arabi said that the commission did not also direct[Read More…]
Facebook seeks partnership with NCC
The management of Facebook, a leading global digital services provider, recently paid a visit to the Nigerian Communications Commission (NCC) to explore opportunities for collaboration and partnership for infrastructure deployment to strengthen connectivity, enhance businesses and bolster citizens’ embrace of digital culture. Underscoring the centrality of infrastructure to the flourishing[Read More…]
Consumers will enjoy uninterrupted power supply in no distance time – Momoh
James Momoh, chairman of the Nigerian Electricity Regulatory Commission (NERC), says he has a dream that Nigerians will enjoy uninterrupted electricity supply one day. This is coming less than five days after the national grid collapsed twice within two hours, causing blackout across the country. The Transmission Company of Nigeria[Read More…]
Minor Review of MYTO For NESI
The attention of the Nigerian Electricity Regulatory Commission (the “Commission”) has been drawn to reports in the media that an immediate increase in end-user electricity tariffs has been approved by NERC. The Electric Power Sector Reform Act provides that the Commission shall determine and periodically review electricity tariffs charged by[Read More…]
MTN to compensate consumers for network disruption
Telecoms giant, MTN, says it is finalising modalities to compensate its subscribers for the major network disruption last week. Corporate Services Executive at the leading mobile network operator, Sam Koranteng, said discussions on the compensation package will soon be announced. “At MTN, when our subscribers have gone through some discomfort[Read More…]
Our labs are certified to check substandard products – NAFDAC
Prof. Mojisola Adeyeye, the Director-General (DG), National Agency for Food and Drug Administration and Control (NAFDAC), says five out of its seven laboratories are now certified to check substandard products. Adeyeye said this in an interview with the News Agency of Nigeria (NAN) in Abuja on Tuesday. “We have seven[Read More…]
CBN sets new rules to improve PoS usage
Central Bank of Nigeria (CBN) is taking steps meant to get more people embrace e-payment channels, especially Point of Sale (PoS) machine. The Nigeria Interbank Settlement System (NIBSS) data showed the total volumes of PoS transactions for 2017 stood at 146.3 million, which was worth N1.4 trillion; 285.9 million transactions[Read More…]
Consumer TV
FG Revenue Rises 76% to N12.5tn, Fueled by Tax and Oil Gains — Budget Office
The Federal Government’s earnings have increased by 76 percent, rising from N7.1 trillion in 2022 to N12.5 trillion in 2023, due to higher taxes and oil revenues. This information was revealed in the recently released 2025-2027 Medium Term Expenditure Framework and Fiscal Strategy Paper from the Ministry of Budget and[Read More…]