Here’s why Nigeria still wallows in darkness
Nigeria has continued to wallow in darkness for more than three decades largely because of the lack of leadership in the power sector.
The nation with the largest economy in Africa signed a Memorandum of Understanding with German energy giant, Siemens, last year to add about 25,000 megawatts (MW) of electricity by 2025.
But the deal is coordinated from the office of Abba Kyari, the president’s chief of staff, whose table is overflowing with competing national issues and lacks expertise regarding the power sector.
The country is yet to move the needle on the deal.
In Nigeria’s northeastern state of Taraba, after several fits and starts, the Federal Government and the Chinese will this year begin construction of the massive 3,050MW Mambilla power plant, set to cost $4.8 billion.
Coronavirus plunges EMs’ inflow by 88% in February
Emerging markets attracted only $3.4billion in February 2020, a tenth of the portfolio flow the region raked in January.
According to the latest monthly report by the Institute of International Finance (IIF) the spread of the coronavirus rattled the markets.
EMs inflow stood at $29.5bn in January according to data from the Washington-based institute, which equated outflows seen in the period to the “trade-tantrum” episodes, when US-China trade tensions impacted equity market.
Oshiomhole refuses to obey sacking order
Adams Oshiomhole, the National Chairman of the All Progressives Congress (APC), on Wednesday declared he would hold on to his position despite the court order that upheld his suspension from the party.
A High Court of the Federal Capital Territory (FCT), Jabi District, had yesterday upheld the suspension of Oshiomhole, pending the determination of a substantive suit before it.
Meanwhile, Edo State governor, Godwin Obaseki, said the court ordered suspension of Adams Oshiomhole as national chairman of APC has ushered in a new dawn in the state chapter of the party.
Obaseki said with the court ruling, peace has returned to the party and the crisis rocking the party has finally been laid to rest.
Senate President seeks release of N620m for completion of COVID-19 isolation center
President of the Senate, Ahmad Lawan, on Wednesday, urged the Federal Ministry of Finance to immediately release N620 million to the Nigerian Center for Disease Control (NCDC), for completion of the Gwagwalada Isolation Center for COVID -19.
Lawan made the demand after inspecting the center in Gwagawalada, a suburb of the Federal Capital Territory (FCT).
Accompanied by Principal Officers of the Senate and members of committees on Health and Primary Health Care, Lawan expressed worry over the non-completion of the center.
Nigeria to review 2020 budget on Coronavirus outbreak
The Federal Government on Wednesday said tthe outbreak of Covid-19 (coronavirus) has negatively impacted Nigeria’s oil revenue, saying a mid-term review of the 2020 budget will be carried to reflect the realities on ground.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, said it is likely to revise the benchmark if oil price remains at $57 per barrel the rest of the year occasioned by the virus outbreak.
