Queue at the filing station The President, Petroleum Products Retailers Owners of Nigeria( PETROAN), Dr Billy Gills Harry, says the reduction of the product, by the Nigerian National Petroleum Company Limited( NNPCL) is good for the nation'struggling economy, as it would help in soften the difficult situations posed by the sharp rise in the price of petroleum products. While reacting to the issue through a statement issued and signed to the NEWSMIRROR yesterday, Harry said that the slight reversal of the price by NNPCL shows that the government is committed to the alleviation of the problems of the masses. According to him, the reduction in the price per litre of Petrol Motoring Spirit( PMS) from N1,020 per litre to N899 per litre is good, adding that the country will soon get over its problem, if the readjustment of the economy continues. Also, PETROAN's Public Relation Officer, Dr Joseph Obele said that Dangote Petroleum Refinery had earlier started the r...
By Akinola Ajibade
The Central Bank of Nigeria(CBN) embarked on several performance improvement projects in order reduce the problems facing the industry, the apex bank's Directors of Developmental Finance, Strategy Management, Trade and Exchange, Messrs Yusuf Philips, Clement Buhari and Ozoemena Nnaji, have said.
They spoke during their visit to the Eko Electricity Distribution Company ( EKEDC) recently.
The visit was part of the monitoring and evaluation tour of the CBN- funded intervention facilities for electricity distribution companies in Nigeria. They all justified the intervention of CBN in the nation's power sector.
Speaking,Yila explained that the CBN had intervened by funding the procurement, installation, rehabilitation, and replacement of some electricity distribution infrastructure to assist the Discos’ capacity in the delivery of adequate and reliable power supply to Nigerians.
He said the CBN commenced phase zero of the National Mass Metering Programme in 2020 to address the problem of metering. As a result, adding that the apex bank’s monitoring and evaluation team visited the Disco for progress reports on these projects.
He commended Eko Disco for its effort towards the achievement of the Federal Government/CBN intervention schemes.
The National Mass Metering Scheme is very important to the CBN,he said,adding that the tour is also meant to carry out due diligence on the execution of phase zero of the scheme and how the apex bank and the Disco can collaborate better in proceeding to the next phase.
Speaking,the Managing Director, Eko Disco, Dr Tinuade Sanda, was quoted as expressing her appreciation to the CBN for its effort in improving the power sector.
According to her, the CBN-funded Capex projects had helped her company in improving its supply to meet the high demand for electricity in its network.
She added that the projects have brought about the rehabilitation and replacement of obsolete equipment.
She he said the NMMP came at the appropriate time to reduce our losses and cushion the effect of the Service Reflective Tariff.
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