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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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World Bank offers Nigeria $800m ahead of subsidies' removal


By Akinola Ajibade



World Bank has given Federal  Government $800 million ahead of June this year, slated for the  removal of petrol subsidies, the Minister of Finance, Zanaib Ahmed has said.

The global banking institution gave out the money in order to scale up national programmes before  government remove the subsidies. 

Speaking yesterday ( Wednesday) after the cabinet's meeting in Abuja, Ahmed said  the money was given to the government to provide social infrastructure for its more than 200million population.

She noted that the government was considering cash transfers and mass transit buses for workers to ease the pain of the subsidy removal on the most vulnerable segment of its population. 

She  added that the country registered ten million households,  a figure, that is equivalent of 50 million people on the  list. of vulnerables in the country. 

Ahmed said: “Several things are on plan. Some  we can start executing quickly while others are not.The latter would take some time before they are implemented"

The World Bank, Ahmed said, was  expecting  COVID-19 crisis to push over 11 million Nigerians into poverty by 2022,  a development which has taking the total number of people classified as poor in the country to over 100 million. 

According to her, discussions were going on at different levels of government and with members of the incoming administration of President-elect Bola Tinubu on the subsidy removal.

Recall that Federal Government has set aside N3.36 trillion ($7.3 billion) this year to spend on petrol subsidies until mid-2023, after which it has made no provision for the expense, which cost more than its spending on healthcare and education.


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