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REA signs $395m deal to boost rural electricity

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REA signs $395m deal to boost rural electricity

The Rural Electrification Agency (REA) has signed 267 agreements worth about $395 million to provide electricity to unserved and underserved Nigerians under the Nigeria Electrification Projects.

The Managing Director of REA, Mr Salihijo Ahmad, told newsmen in Abuja that the Nigeria Electricity Programme was currently funded by a 350 million dollar World Bank loan and a 200 million dollar African Development Bank (AfDB) loan to provide electricity to Nigerian communities.

He said that about 64.8 million dollars of the commitments had been disbursed to private sector partners for the execution of the projects.

According to him, the programme is expected to provide off-grid reliable and clean electricity supply to 705,000 households, and 90,000 micro, small and medium enterprises.

It would also provide 100 isolation and treatment centres and 400 primary healthcare centres in unserved and underserved areas of the country.

Ahmad said that over the years, REA had moved from just being an implementer of Federal Government projects in the sector to a hub and an enabler of business in the sector.

He said the agreements signed with private developers led to over a million connections across the country.

In his words, “the REA has the mandate of taking power to unserved and underserved Nigerians. How it goes about doing this depends on where the funding comes from.

“According to the rural electrification strategy plan, we have targets to reach Nigerians everywhere in the country and the numbers at the moment, are being quoted to be as high as 80 million people,” he said.

“To achieve this, a lot of funding is required and what we are used to doing is that every year we wait and get the government’s money from the budget, go to the site and then implement the projects.

“However, if you are to do this for the next 100 years, you will not be able to meet those targets hence it became important for the agency to ensure that its mandate does not end at implementation.”

Ahmad said that with the Rural Electrification Fund, which is private sector driven, REA became a hub and an enabler to ensure that funding comes from different areas to enable it to deliver on its mandate.

REA signs $395m deal to boost rural electricity
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Headlines

Police to partner NDLEA against drug abuse in Osun

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Police arrest three suspected kidnappers in Lagos

The Commissioner of Police in Osun, Mohammed Abba, has pledged   collaboration with the National Drug Law Enforcement Agency (NDLEA) in tackling the menace of drug Abuse in the state.

A statement by the Police Public Relation Officer, CSP Yemisi Opalaola, on Thursday in Osogbo, said that the commissioner made the pledge while playing host to NDLEA State Commandant, Adetula Lawal.

Abba expressed his readiness to further strengthen the healthy partnership between the two agencies.

The police commissioner said that the fight against drug abuse required collective efforts.

According to him, many of those committing crimes are doing so under the influence of dangerous drugs.

Abba promised to provide the necessary support to the NDLEA in the state.

The statement quoted Lawal as commending the police commissioner’s efforts in combating crime and criminality in the state.

He reiterated the agency’s collaboration with the police, as a leading security agency to tackle the menace of drug abuse and trafficking in the state.

 

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Customs’ 4% FOB levy will further increase inflation – financial experts

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Suspected drug smugglers kill two Customs officers in Kebbi

Financial experts have raised alarm that the implementation of the 4 per cent Free-On-Board (FOB) Levy on imports would exacerbate inflation in the country.

The News Agency of Nigeria (NAN) report that the Nigeria Customs Service (NCS) on Feb. 5 announced its introduction of the FOB levy on imports.

According to Abdullahi Maiwada, the spokesman of the service, the introduction of the levy was in line with the provisions of the Nigeria Customs Service Act (NCSA) 2023.

“In line with the provisions of Section 18 (1) of NCSA 2023, the NCS is implementing a 4 per cent charge on the Free On-Board (FOB) value of imports.

“The FOB charge, which is calculated based on the value of imported goods, including the cost of goods and transportation expenses incurred up to the port of loading, is essential to driving the effective operation of the service.”

However, a former Chairman, Manufacturers Association of Nigeria (MAN), Ogun Chapter, Dr Wale Adegbite and Evans Osabuohien, a Professor of Economics, said that the levy would worsen the nation’s inflation rate.

In separate interviews with the News Agency of Nigeria (NAN) on Monday in Ota, Ogun, Adegbite and Osabuohien of the Department of Economics, Covenant University, said that the policy would negatively impact the economy.

The former MAN chairman said that the 4 per cent levy by the NCS “is a disaster and will worsen an already bad situation with multiple devastating effect on the economy.

” Why would the government inflict more hardship on the population as this new policy will certainly lead to more price increase, thus further increasing the country’s inflation rate.

“In addition, the masses will suffer more because of the impending price increase without any corresponding increase in income.”

Also, Osabuohien said that though the new FOB policy by the NCS was meant to generate more revenue for the federal government, but it would negatively impact on the economy.

He said that the NCS action would increase the cost of living of households.

The economist explained further that the development would increase the cost of operations of Small Medium Enterprises (SMEs), especially those companies that depend on imported raw materials for their production.

“This additional cost to be incurred through the 4 per cent increase in FOB would be transferred to the consumers and it would automatically trigger increase in the nation’s inflation rate,” Osabuohien said.

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Trump plans 25% tariffs on steel, aluminium imports

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U.S. President Donald Trump plans to impose tariffs of 25 per cent on steel and aluminium imports into the United States, he said on Sunday.

“Any steel coming to the United States is going to have them, 25 per cent tariff,” Trump said, according to journalists travelling with the president. When questioned about tariffs on aluminium imports, Trump replied, “25 Per cent for both.”

Trump also confirmed his plan to announce further reciprocal tariffs in the coming week.

He spoke of an announcement on Tuesday or Wednesday.

“Very simply, if they charge us, we charge them, Trump told reporters, adding that the tariffs would go into effect almost immediately.”

U.S. tariffs of 10 per cent on Chinese goods took effect from Feb. 4.

The planned tariffs of 25 per cent on Mexico and Canada were suspended for an initial period of 30 days following promises from the two countries to increase border security measures.

Trump won November’s presidential election promising to slap high tariffs on foreign goods to reduce U.S. trade deficits.

He implemented a number of duties during his first term from 2017 to 2021.

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