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The Federal Government has directed electricity distribution companies to resume the Meter Assets Providers programme. The NMMP programme under the office of Vice President,YemiOsinbajo was introduced in 2020 to bridge the wide metering gap in the Nigerian Electricity Supply Industry. While the MAP had barely reached 400, 000 homes in 2020, FG’s NMMP intervention in Phase 0 succeeded in reaching over 800,000 homes.
Investors in the Central Bank of Nigeria’s treasury bills invested a total of N390.9 billion in treasury bills since the apex bank raised its benchmark monetary policy rate to 13%. This is for the period between May 25th and June 15th. A total of N777.3 billion in subscriptions was tendered by investors representing about 198% oversubscriptions from the N362.2 billion initially offered by the central bank.
Electricity supply in Nigeria recorded a marginal decline, falling by 1.8% to 77,964.55MWh compared to 79,380.6MWh supplied the previous day. According to the Transmission Company of Nigeria, TCN, generated electricity also declined by 2% to 79,072.56MWh on Thursday from 80,656.91MWh. Meanwhile, peak generation dropped by 3.7% to 3,432.2MW, while off-peak generation stood at
The International Monetary Fund, IMF, has said the rate of inflation in Nigeria is expected to remain elevated in 2022. According to IMF, the fiscal deficit of the consolidated government is expected to remain high at 6.1 per cent of the nation’s Gross Domestic Product. Nigeria’s economic growth is driven by services and agriculture, with the GDP growth reaching 3.6 per cent in the first quarter of 2022.
Electricity consumers in Imo State have lamented the increase in electricity bill. Speaking with Boss Radio Business Team, Sam Nwachukwu, stated the difference in the price as of last year and this year. Also speaking, Franklin Idika said they pay exorbitant bills but do not enjoy steady power supply. Martins Igwe added that the price is imposed on them.
The price of building materials in Imo State recorded a significant increase due to inflation. Speaking with Boss Radio correspondent, a Business owner, Ihezuo Chidebere says there is always fluctuation in the prices. A Trader, Ike Chinemelum, laments in the increase in price of Shovel and Head pans.
The Federal government has said Nigeria imports about 2.4 million metric tonnes of frozen fish annually and this has affected the Country’s foreign exchange reserves. Speaking to newsmen on Monday in Abuja, the Minister of Agriculture and Rural Development, Mohammed Mahmood, said Nigeria’s annual fish demand was 3.6 million metric tonnes, but only 1.2MMT was produced domestically.
Airlines’ traffic across Africa increased by 116.2% in April 2022 compared to a year ago in March 2021. According to the International Air Transport Association, IATA, air travel continued to be in strong recovery trend. The development is an acceleration over the 93.3% year-over-year increase recorded in March 2022.
The Nigerian exchange lost approximately N13 billion in capitalization. The All-share Index lost 0.04% from 53,193.98 basis points to close at 53,170.73 basis points. Also, the market capitalization lost 0.04% to close at N28.67 trillion.
