Connect with us

News

Electricity Tariff Hike Looms as Subsidy Costs Surge

Published

on

Electricity Tariff Hike Looms as Subsidy Costs Surge

Nigerian electricity customers, particularly those on Band A feeders, may face another tariff increase as the Federal Government’s electricity subsidy rises to N181.63 billion in September, up from N102.30 billion in May. The subsidy covers the shortfall between cost-reflective tariffs and what consumers pay, with Band A customers—who receive a minimum of 20 hours of power daily—having already seen their tariff rise to N225 per kilowatt-hour (KWh).

Data from the Nigerian Electricity Regulatory Commission (NERC) shows a steady increase in subsidies since April, when they amounted to N140.7 billion. By July, the figure had risen to N163.87 billion, followed by N173.88 billion in August. The growing cost is largely driven by the fluctuating naira-to-dollar exchange rate, which hit N1,601.5 per dollar in September, and rising inflation, which impacts the cost of power production.

Despite the rising cost, the government has yet to approve further tariff hikes, possibly due to the economic difficulties faced by Nigerians. However, with power generation costs increasing and distribution companies (Discos) operating at a loss, pressure is mounting to adjust tariffs, particularly for bands beyond Band A.

Advertisement

The Federal Government aims to increase electricity generation to 6,000 megawatts by the end of the year, but distribution companies have been rejecting surplus power due to non-cost-reflective tariffs, creating concerns over grid stability. As subsidy costs continue to climb, a tariff adjustment may be necessary to ensure the sustainability of the sector.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Georgian PM Rejects Protest Demands Amid Intensifying Unrest and Resignations

Published

on

Georgian PM Rejects Protest Demands Amid Intensifying Unrest and Resignations

Georgia continues to be engulfed in political turmoil as thousands protest nightly against the ruling party’s decision to suspend European Union membership talks, a move that has led to high-profile resignations and mounting unrest.

Prime Minister Irakli Kobakhidze has dismissed accusations that the government has halted its EU accession push, calling such claims opposition-driven “lies.” This follows Georgian Dream’s earlier declaration accusing the EU of “blackmail” and stating the issue would not be revisited until at least 2028.

David Zalkaliani, Georgia’s ambassador to the United States, is among the latest to resign, citing “considerable pressure.” His departure follows similar resignations by other officials amid the escalating crisis.

Advertisement

Demonstrations in the capital, Tbilisi, and other cities entered their fourth consecutive night on Sunday. Tensions flared when fireworks were launched at parliament and riot police, prompting a forceful response with water cannons. By early Monday, authorities had dispersed the crowds on Rustaveli Avenue, detaining multiple protesters, including opposition leader Zurab Japaridze.

The Georgian Interior Ministry reported that 21 officers were injured in the clashes, while President Salome Zourabichvili, a vocal critic of the ruling party, accused authorities of subjecting arrested protesters to beatings, with many reportedly sustaining serious injuries.

The protests highlight growing frustration with Georgian Dream’s perceived retreat from EU integration and accusations of increasing authoritarianism. The demonstrators demand early elections and the reinstatement of a pro-EU agenda.

Advertisement

With no signs of the protests abating and calls for government accountability mounting, Georgia faces a crucial test of its democratic resilience

Continue Reading

News

President Biden Pardons Son Hunter in Final Act of Clemency

Published

on

President Biden Pardons Son Hunter in Final Act of Clemency

In a significant move, outgoing U.S. President Joe Biden has issued a “full and unconditional” pardon for his son, Hunter Biden, who faced potential prison time for charges related to gun possession and tax fraud. The pardon, announced as Biden prepares to leave office, has drawn sharp criticism and stirred political debate.

Biden, who previously stated he would not use his presidential powers to pardon Hunter, explained the decision as an act of justice. “Hunter has been unfairly persecuted,” Biden said, suggesting the legal scrutiny was politically motivated.

Hunter Biden expressed gratitude in a statement, saying, “I will never take this clemency for granted.” He also reflected on his struggles with addiction, which he acknowledged had contributed to his legal troubles.

Advertisement

Hunter Biden’s charges stemmed from two key cases:

  • He was found guilty of lying about his drug use on a federal firearms application and for possessing a gun while addicted to drugs.
  • In September, he pleaded guilty to nine charges of tax fraud, admitting to failing to pay $1.4 million in income taxes between 2016 and 2019.

Hunter was scheduled for sentencing on December 16, facing the possibility of years in prison.

President-elect Donald Trump strongly condemned the pardon, calling it “an abuse and miscarriage of justice.” The move is likely to intensify partisan divisions, with critics accusing Biden of shielding his family from accountability.

The pardon also revives broader debates over presidential clemency powers and their potential misuse.

Advertisement

As President Biden exits the White House, this act of clemency will likely remain a defining and divisive moment of his tenure. While supporters argue it demonstrates compassion for a troubled family member, opponents view it as undermining the justice system for personal reasons.

Continue Reading

News

Trump Names Kash Patel as FBI Director

Published

on

Trump Names Kash Patel as FBI Director

President-elect Donald Trump has announced his intention to appoint Kash Patel, a loyal former aide and critic of the Federal Bureau of Investigation (FBI), as its new director. Patel, who served as chief of staff at the Department of Defense during Trump’s first term, has been a vocal supporter of Trump and a frequent critic of the FBI.

For Patel to assume the role, current FBI Director Christopher Wray would need to resign or be removed from office. However, Trump did not explicitly call for Wray’s resignation in his announcement.

Trump praised Patel on his social media platform, Truth Social, calling him “a brilliant lawyer, investigator, and ‘America First’ fighter.” He added that Patel had “spent his career exposing corruption, defending justice, and protecting the American people.”

Advertisement

Patel has been a polarizing figure, previously involved in efforts to discredit the FBI’s Russia investigation during his time in Congress and as a key figure in Trump’s administration.

In addition to Patel, Trump has announced other key appointments:

  • Chad Chronister, the sheriff of Hillsborough County, Florida, has been tapped to lead the Drug Enforcement Agency (DEA).
  • Pam Bondi, former Florida attorney general, has been nominated for the role of Attorney General.

Trump also revealed his choice of Charles Kushner—a real estate developer and father of his son-in-law Jared Kushner—as the U.S. ambassador to France. The nomination marks the first administration role Trump has formally offered to a relative since securing re-election.

The nominations have sparked mixed reactions. Supporters tout Patel’s legal acumen and unwavering loyalty to Trump’s agenda, while critics have expressed concerns over potential politicization of the FBI under Patel’s leadership. Similarly, Kushner’s nomination has raised questions about nepotism in Trump’s cabinet picks.

Advertisement
Continue Reading

Trending