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Fed Govt Slightly Reverse The Price of PMS

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...
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Hopes, as CBN ready to fund Ikeja Electric's Metering Project

Hopes, as CBN ready to fund Ikeja Electric's  Metering Project


By Akinola Ajibade


Hopes on the horizon for customers in need of meters at Ikeja Electricity Distribution Company ( IEDC) as the Central Bank of Nigeria ( CBN) has promised to provide funds for the Phase One of the metering project of the company.

The Director of Development Finance, CBN, Yila Yusuf, said it is this  during a monitoring and evaluation tour of IKEDC facilities in Ikeja, Lagos, where he also expressed the bank’,s satisfaction with the projects executed with funds earlier disbursed.

He said:“Let me say that Ikeja Electricity is very innovative; we have followed some of the things you have done, especially providing electricity upward of 20 hours with different prices, among others.I think that’s the only way you can ensure that you run the DISCO well. I look at all the performance numbers, month by month and you have done excellently well, to be honest compared to the others.

“We will continue to task you as you go to Phase One from the Phase Zero metering.And we look forward to providing the requisite funding for that intervention, and we believe it will go a long way in ensuring that the market is not only liquid but electricity gets to consumers”

He promised that his bank  would design interventions that would sort out some of the challenges with the energy sector.

He  disclosed  that the bank, as part of its development finance effort, disbursed N8.83 trillion to different sectors, adding that 24 per cent of the funds went to the energy sector.

He also said energy was important for development and without energy (electricity), no country could grow on the path of sustainable development.

In her earlier remarks,the Chief Executive Officer of Ikeja Disco, Mrs Folake Soetan, implored the CBN team to expedite its intervention for the company.

She said:“The projects that we have executed so far were for 2021, and we are already in Q2 2022. So, in order to effectively execute the projects that we planned for 2022, we once again require your support as we have always done.

“For the National mass Metering Initiative, Phase Zero, for Ikeja Electric, we executed on time, we completed the number of metering that was required of us and we are very eager to start Phase One.So, I’m appealing once again for your support in helping us fast track that process. Opex (Operational Expenditure) is very key at this time”

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