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FG- Imo: :Regulatory Oversight of The State Electricity Market Is Now Underr ISERC

By Favour Ifeoluwa & Akinola Ajibade  The Federal Government yesterday( Monday) announced the transfer of Regulatory Oversight of the Electricity Market in Imo State to the state electricity regulatory commission, otherwise known as (ISERC). In a statement issued by the Nigerian Electricity Regulatory Common( NERC), the development is in compliance with the amended Constitution of the Federal Republic of Nigeria (CFRN) and the Electricity Act 2023 (Amended), reiterating that all transfers envisaged by this order shall be completed by 31 December 2024. According to the Commission,the transfer Order’s provisions include: “Direct Enugu Electricity Distribution Company (EEDC) to incorporate a subsidiary (EEDC SubCo) to assume responsibilities for intrastate supply and distribution of electricity in Imo State from EEDC, and that EEDC shall complete the incorporation of EEDC SubCo within 60 days from 27th June 2024. The subcompany shall apply for and obtain licence for the in
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BPE will fund the budget deficit with N206.18bn, says Buhari




President Muhammed Buhari yesterday said that the Bureau of Public Enterprises (BPE) will fund the 2023  country's budget deficit with  N206.18billion, being the proceeds from the privatisation of the power sector in 2004.
He said said this in Abuja, while presenting next year budget estimates totalling N20.51 trillion and tagged: Budget of Fiscal Consolidation and Transition to the joint session of the National Assembly.
According to him,  other sources of funding the budget estimates of N20.51 trillion include new burrowings totaling N8.80 trillion and N1.77 trillion drawdowns on bilateral/ multilateral loans secured for specific development projects/ programmes.
Recall that the N20.51 trillion budget proposed for 2023 expenditure comprises the followings: 
Statutory Transfers of N744.11 billion;  
Non-debt Recurrent Costs of N8.27 trillion;  
Personnel Costs of N4.99 trillion;  
Pensions, Gratuities and Retirees’ Benefits of N854.8 billion;  Overheads of N1.11 trillion;  
Capital Expenditure of N5.35 trillion, including the capital component of Statutory Transfers;  
Debt Service of N6.31 trillion; and  
Sinking Fund of N247.73 billion to retire certain maturing bonds.  
The President further said that 0 his administration had in the last seven years transformed Nigeria’s challenging power sector, through bespoke interventions such as the Siemens Power Program, with the German government under which over 2 billion US Dollars will be invested in the Transmission Grid.  
Also, he said, the administration leveraged over billions of US dollars in concessional and other funds from Nigeria’s partners at the World Bank, International Finance Corporation, African Development Bank, JICA as well as through the Central Bank of Nigeria, working with the Finance Ministry, to support the power sector reforms.  
“The Central Bank has also been impactful in its interventions to roll out over a million meters to on-grid consumers, creating much needed jobs in assembly and installation. Our financing interventions have recently been complemented with the takeover of four electricity distribution companies and the constitution of the Board of the Nigeria Electricity Liability Management Company”, he added.  
On the generation side, he announced that his administration made significant investments in and incremental 4,000MW of power generating assets, including Zungeru Hydro, Kashimbila Hydro, Afam III Fast Power, Kudenda Kaduna Power Plant, the Okpai Phase 2 Plant, the Dangote Refinery Power Plant, and others.  

“Our generation efforts are making the transition from a reliance on oil and diesel, to gas as a transitional fuel, as well as environmentally friendly solar and hydro sources. Under the Energising Education Programme, we have commissioned solar and gas power solutions at Federal Universities and Teaching Hospitals at Kano, Ebonyi, Bauchi and Delta States. Similarly, our Energising Economies Programme have taken clean, sustainable power solutions to the Sabon-Gari Market in Kano, Ariaria Market in Aba, and Sura Shopping Complex in Lagos”, he stated.  
It would be recalled that BPE contributed N90.73Bn through Privatisation Proceeds to the 2022 Budget deficit.  
 

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