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February 21, 2024 Senate Rejects Planned Increase In Electricity Tariff
IFMNEWS

Senate Rejects Planned Increase In Electricity Tariff

The Senate has expressed strong opposition to the proposed plans by the Ministry of Power to increase electricity tariffs and remove subsidies from electricity, considering the current economic challenges facing the nation.

This stance was reached following the Senate's deliberation and approval of a motion presented by Senator Aminu Abbas (PDP, Adamawa Central) during a plenary session. The motion emphasized the necessity of maintaining subsidies on electricity in Nigeria for the foreseeable future.

Last week, Minister of Power Adebayo Adelabu disclosed during a press conference in Abuja that sustaining the current electricity subsidy in Nigeria would be challenging. He cited the substantial indebtedness of the country's power sector to electricity-generating and gas companies, amounting to over N3 trillion.

Adelabu further explained that a significant portion of the debt, approximately 60%, was owed to gas suppliers, with a legacy debt existing before 2014 amounting to $1.3 billion, equivalent to close to N2 trillion at the current exchange rate.

The Senate's spokesperson, Yemi Adraamodu, affirmed the Senate's stance, asserting that any increase in electricity prices would exacerbate the challenges faced by Nigerians and would not be tolerated.

February 21, 2024 Peter Obi Urges Nigerian Govt To Address Inconsistent Customs Duties
IFMNEWS

Peter Obi Urges Nigerian Govt To Address Inconsistent Customs Duties

Peter Obi, the Labour Party's presidential candidate in the 2023 elections, has urged the federal government to promptly address the adverse effects of fluctuating customs duties on businesses in Nigeria.

In a post on a microblogging platform, Mr. Obi underscored how arbitrary and escalating charges foster an unfriendly business climate for entrepreneurs.

He pointed out a critical challenge that importers face, who initially calculate costs based on a specific exchange rate, only to encounter different rates upon arriving in Nigeria. He emphasised that this inconsistency poses significant hurdles for businesses and exacerbates inflation, resulting in elevated goods and living expenses for citizens.

Mr. Obi cautioned that the current situation could lead to further business closures and job losses. He warned of the potential consequences of importers seeking alternative ports in neighbouring countries if the inconsistencies persist, thereby rendering Nigerian ports unproductive and worsening economic woes.

He stressed the urgent need for the government to maintain policy consistency, highlighting its importance for economic forecasting and business planning. Additionally, he called for immediate action to support businesses, especially those in the manufacturing sector, to prevent closures and sustain economic growth.

February 21, 2024 Emefiele Writes Akpabio, Threatens N25bn Lawsuit Over Alleged Defamation
IFMNEWS

Emefiele Writes Akpabio, Threatens N25bn Lawsuit Over Alleged Defamation

Former Central Bank of Nigeria Governor Godwin Emefiele is taking legal action against Nigerian Senate President Godswill Akpabio over alleged defamation. Emefiele, represented by his legal team, demands an apology and N25 billion in damages if Akpabio fails to retract his statements.

In a letter penned by Emefiele's lead counsel, Matthew Burkaa, SAN, and directed to Senator Akpabio, it was stated that Akpabio's remarks, as seen in a video aired by Channels Television, were deemed false and aimed at tarnishing Emefiele's reputation. Akpabio's statement implied that Emefiele's policies were responsible for the current hardships in Nigeria.

READ ALSO: Emefiele Left Economy In Mess, We Don’t Know What To Charge Him With – Akpabio

Emefiele's legal team argued that Akpabio's comments portrayed Emefiele as a habitual offender and suggested that he was solely responsible for the nation's difficulties. They also accused Akpabio of undermining the court's integrity by making such statements while legal proceedings concerning Emefiele were ongoing.

The letter highlighted that Emefiele's actions as CBN Governor were carried out with the approval of the President and the Federal Executive Council, where Akpabio held a significant role. Emefiele's legal representatives demanded a retraction of Akpabio's statements and an apology published through the same medium used for the defamation. Additionally, they requested N25 billion in compensation for the damage caused to Emefiele's reputation.

Emefiele's legal team warned that failure to comply with these demands would lead to further legal action. The letter concluded with a request for compliance and conveyed regards.

In essence, Emefiele is holding Akpabio accountable for his remarks, seeking redress for the harm inflicted on his reputation.

February 20, 2024 Nigerian Government Considers Opening Border For Cement Imports
IFMNEWS

Nigerian Government Considers Opening Border For Cement Imports

The federal government has issued a stern warning, indicating the possibility of opening the borders for cement importation if local manufacturers fail to reduce the commodity price within Nigeria.

During an emergency meeting with cement and building materials manufacturers in Abuja, the Minister of Housing and Urban Development, Ahmed Dangiwa, emphasized that key input materials for cement production, such as limestone, clay, silica sand, and gypsum, sourced domestically, should not be dollar-rated.

Dangiwa highlighted that the excuse for increased gas prices, often cited by manufacturers, lacks merit as gas is readily available within the country. He also dismissed claims regarding the rising costs of mining equipment, noting that such equipment has been utilised for decades and isn't purchased frequently.

While acknowledging that the border closure was implemented to support local manufacturers, Dangiwa cautioned that opening the borders for mass importation would significantly decline cement prices, adversely affecting local producers.

Encouraging manufacturers to display patriotism, Dangiwa cited BUA Cement's willingness to lower prices below the agreed N7000–N8000 range. He urged other manufacturers to follow suit in ensuring affordable pricing for consumers.

Responding to concerns raised by Rabiu Umar, the Group Chief Commercial Officer of Dangote Cement, regarding the high gas and mining equipment costs, Dangiwa reiterated that despite challenges, Nigeria possesses the necessary resources to produce cement locally.

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