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FG To Invest $800m In Power Substations, Distribution Networks

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The Federal Government has announced plans to invest $800 million in the construction of sub-stations and distribution networks under the Presidential Power Initiative (PPI).

This was disclosed by Bolaji Tunji, Special Adviser on Media and Strategic Communication to the Minister of Power, in a statement issued in Abuja on Sunday.

According to Tunji, the Minister revealed this during a visit to TBEA, a Chinese manufacturer of power transformers and transmission project developer, in Beijing.

He said that the minister was in Beijing for the China-Africa Cooperation Summit.

Adelabu said that the investment would be divided into two lots: $400 million for lot 2, covering Benin, Port Harcourt, and Enugu Distribution Companies (DisCos) franchise areas, and $400 million for lot 3, covering Abuja, Kaduna, Jos, and Kano DisCos franchise areas.

The minister expressed concern over the rejection of power by DisCos, which recently led to a reduction in generation capacity by 1,400 megawatts, from a peak of 5,170 megawatts, due to their inability to manage the supply.

He said that in spite of the setback, the government aimed to increase power generation to 6,000 megawatts by the end of the year.

“When this administration came on board in 2023, we met about 4 gigawatts (4,000 megawatts) of power but within a year, we were able to generate a milestone of 5,170 megawatts,” Adelabu said.

”That is about 1,000 megawatts of power within the first year. It may look small, but compared to the history of the country, this is commendable.

”Our plan is by the end of the year, we aim to achieve 6,000 megawatts of power through a combination of hydro electric power plants and our gas-fired power plant.

“We are also targeting 30 gigawatts of power to be generated, transmitted and distributed by year 2030 out of which 30 per cent will be renewable energy.”

Speaking on the problems in the power sector which had hindered industrial growth, the minister said this was due partly to the fragility of the transmission and distribution infrastructure which had become old and dilapidated.

“This has led to historical epileptic supply of Power to households, industry and businesses,” he said.

“More than 59 per cent of industries in Nigeria are off the grid. They did not see the national grid as reliable and dependable. So, a lot of them now operate their own captive, self-generated power.”

On the construction of a super grid, Adelabu said the national grid in its present state could not support the vision for the power sector.

“If we look at the strength, the capacity and the age of our existing network on the national grid, it cannot really support our vision for the power sector, hence the need for the construction of the western and eastern super grid,” he said.

”Though we have been on this since my assumption of duty, I can also tell you that the president is in full support of this because it will improve our transmission network.”

“It will also stabilise the grid and also expand the capacity and the flexibility of the grid.”

Adelabu said 90 percent of the approval required is in place and will be concluded soon.

BIG STORY

BON Awards Hosts Memorable Book Reading Of Do As You’re Told Baji

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On November 24th, 2024, the Best of Nollywood (BON) Awards organized a captivating book reading of Do As You’re Told, Baji, authored by the renowned writer Lola Shoneyin. The event, held at 11 a.m. in Kwara State, celebrated the power of storytelling and the importance of fostering a culture of reading among families.

Among the distinguished attendees were the First Lady of Kwara State, Ambassador Olufolake AbdulRazaq, alongside notable figures such as Wole Ojo, Cynthia Clarke, Chioma Okafor, Segun Arinze, and Kemi Adekomi, who added prestige and insight to the event.

In her remarks, Ambassador Olufolake AbdulRazaq highlighted the vital role of parents in fostering a love for reading among children. “Parents should cultivate the habit of reading with their children,” she said. “It’s not just about education—it’s about creating lasting memories and strengthening family bonds.”

The reading of Do As You’re Told, Baji showcased Lola Shoneyin’s vibrant and relatable storytelling, leaving participants inspired to embrace literature as a means of cultural and personal enrichment. The event also featured engaging discussions about the book’s themes, celebrating the depth and diversity of Nigerian literature.

This initiative reinforces the BON Awards’ dedication to promoting the arts, literacy, and the celebration of Nigerian creative talents.

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BIG STORY

An Aspirant Gave Each Delegate $30,000 During PDP Primary In 2022 — Dele Momodu

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Dele Momodu, publisher of Ovation Magazine, says he regrets spending about N50 million to buy the presidential nomination form of the Peoples Democratic Party (PDP) in 2022.

Momodu spoke in a recent interview on Eden Oasis, published on Sunday.

The journalist and politician said the primary was heavily monetised, with a particular aspirant doling out $30,000 to each of the 774 delegates who voted during the election.

The politician stated that he would not vie for any party’s presidential ticket unless he is adopted as a consensus candidate.

“Experience is the best teacher. I have come to realise that there are powers that you can describe as principalities that control Nigeria,” he said.

“Unless a major political party decides to adopt me — where you have a consensus of people who say Dele Momodu is best suited to change and to lead Nigeria. Then I will consider it.

“But if I have to pick my money to buy a presidential nomination form of about N100 million… I spent about N50 million to buy the form for the last one.

“N50 million would have bought me a property. It was a waste. I didn’t get even one vote because everything was monetised.

“One of the candidates paid as much as $30,000 per delegate, and we had 774 delegates.

“So, how do you want to compete with them? They have stolen the country blind and are doing all kinds of deals to make money, especially those in the oil-rich areas.

“It is not easy. You can’t compete with them. That’s why they insult Nigerians anyhow because of the amount of money available to them in raw cash. There’s no country where people buy raw cash like Nigeria.

“The bulk of their money is not in any bank. So, they are not traceable to any bank. So, they have the money. If today you say to some politicians that you need $500 million to become a president, they will find it.

“So, people like us, where will I start from?”

Momodu was one of the presidential hopefuls of the PDP at the time. He did not secure any votes during the exercise.

Atiku Abubakar clinched the presidential ticket with 371 votes to beat his closest challenger, Nyesom Wike, now minister of the federal capital territory (FCT), who polled 237 votes.

Abubakar was defeated by Bola Tinubu of the All Progressives Congress (APC) in the 2023 presidential election.

Bukola Saraki, former senate president, scored 70 votes; Bala Mohammed, Bauchi governor, got 20 votes; Udom Emmanuel, former governor of Akwa Ibom, secured 38 votes; while Pius Anyim, former secretary to the government of the federation, polled 14 votes.

Sam Ohuabunwa, a businessman, alongside Momodu and Ayodele Fayose, the former governor of Ekiti, received zero votes.

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BIG STORY

Nigeria Has Saved $20bn From Subsidy Removal, Naira Float Policies — Finance Minister Edun

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Wale Edun, minister of finance and coordinating minister of the economy, says Nigeria has saved $20 billion from “petrol” subsidy removal and market-based pricing of the foreign exchange rate.

Edun spoke at a ceremony recently held to mark the first 100 days in office of Esther Walso-Jack, head of civil service of the federation, in Abuja.

“An amount of five per cent of GDP is what those two subsidies were costing when there was a subsidy on “PMS”; when there was petroleum product generally for a long time and when there was a subsidy of foreign exchange. Between them, they were costing five percent of GDP,” he said.

“If you say GDP was on average, let’s say $400 billion. We all know what five percent of that is – $20 billion of funds that could be going into infrastructure, health, social services, education.”

Edun said these flows now return into the government’s coffers for further deployment to the aforementioned sectors.

“The real change that has happened with the measures of Mr. President is that nobody can wake up and their target for the day or for the week or the month or the year is to get access to cheap funding, cheap funding exchange from central bank, which they can now flip,” Edun said.

“And overnight, they become wealthy from no value added for doing virtually nothing, except you know the right people. Similarly, they can no longer try and be part of a new peak market and very inefficient “petrol” subsidy regime as a way of making money overnight.”

On May 29, President Bola Tinubu said the “petrol” subsidy regime was over.

Three months later, TheCable reported that Tinubu was considering a “temporary subsidy” on “petrol” as crude oil prices and foreign exchange rates soared.

After several denials of the return of “petrol” subsidy by the authorities, the Nigerian National Petroleum Company (NNPC) Limited, on August 19, said the federal government owes it N7.8 trillion for under-recovery.

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