General
FG Shares N5,000 to Oyo Residents to Reduce Poverty
By Modupe Gbadeyanka
Some vulnerable residents of Oyo State have started to receive N5,000 from the federal government through the Conditional Cash Transfer scheme aimed to reduce poverty.
The disbursement of the cash in the state commenced on Tuesday across the 33 local government areas, with the funds expected to prevent beneficiaries from failing further down the poverty line and build their resilience to withstand shocks, the government said.
On Tuesday, the distribution of the money kicked off at Ibadan Southwest headquarters, Aleshinloye and Ona Ara council secretariat, Akanran.
A statement signed by the Permanent Secretary, Ministry of Information, Culture and Tourism, Dr Bunmi Babalola in Ibadan, said the payments of cash to beneficiaries will extend to other local government areas.
Speaking with newsmen during the monitoring exercise, the Head of Unit in the state, Mr Ezekiel Oladipo, said that the programme started in Oyo State in 2016 and about 13,813 beneficiaries across the 33 local government areas have been benefiting since inception.
“The existing structure of Youth Empowerment and Social Operations (YES O) qualified the state to be one of the eight states that started the programme in 2016.
“There is an agency that is working for the World Bank which is called State Coordinating Unit SOCU that populated the register based on the criteria laid down by World Bank and it was done through the local government areas,” he said.
Mr Oladipo explained further that the programme has three major components which is designed to deliver timely and accessible cash transfers to beneficiary households.
“The Conditional Cash Transfer supports the poor and vulnerable with #5,000 per month to improve consumption with the aim of reducing poverty, preventing the vulnerable households from failing further down the poverty line and building their resilience to withstand shocks, while the Top-Up cash transfer incorporates benefits linked to the participation of selected households in activities which is focused on human capital development and sustainable environment through adherence to specified conditions known as co-responsibilities with four broad areas of health, education, nutrition and environment.
“The livelihood support activities facilitate graduation of beneficiaries out of poverty, thereby making them financially independent which is fundamentally focused at enabling beneficiaries to establish a sustainable means of livelihood,” he added,
In their separate remarks, the Executive Chairman, Ona Ara Local Government, Mr Sanusi Adesina and his counterpart in Ido Local Government Area, Mr Sheriff Adeojo appreciated the federal government for the gesture.
While they also promised to continue to support the downtrodden in the society through various empowerment programmes, they equally advised the beneficiaries to take care of their health and ensure the judicious use of the cash given unto them.
Speaking on behalf of the beneficiaries, Mrs Tawakalitu Tajudeen, a petty trader from Ibadan Southwest local government, Mrs Abosede Atunbi a fashion designer from Ona Ara local government, Mrs Falilatu Sumonu from Ibadan North West, Mrs Kosenatu Olalere from Ibarapa East and Mrs Temilade Busi from Ibarapa Central thanked the federal and state governments, stating that the scheme will prevent them from falling further down poverty line.
By Dipo Olowookere
A $15 million debt facility has been obtained by Watt Renewable Corporation from the AfriGreen Debt Impact Fund to finance hybrid solar power plants to be built and operated by the former, especially in Nigeria.
WATT intends to use the projects to serve commercial and industrial clients in Nigeria, particularly in the telecommunication and financial services sectors.
By integrating solar hybrid solutions, the firm aims to significantly reduce diesel consumption and CO2 emissions, enabling its clients to achieve substantial energy cost savings while promoting environmental sustainability.
As a pioneer in renewable energy solutions, WATT continues to drive innovation in Nigeria’s energy sector.
The company’s robust roll-out plan includes deploying hundreds of hybrid solar power sites nationwide to meet the growing energy demands of commercial & industrial clients.
This strategic expansion aligns with WATT’s vision to revolutionize energy access across Africa, enabling sustainable development and reducing reliance on fossil fuels.
The funds from AfriGreen provide the critical capital needed to accelerate WATT’s ambitious projects, strengthening its market position and empowering businesses with reliable and affordable energy solutions.
Business Post gathered that to mitigate the currency risk for WATT in the event of devaluation of the Nigerian Naira, AfriGreen is offering a local currency facility that matches the payment structure of the power purchase agreements.
“We are thrilled to partner with AFRIGREEN on this transformative journey to expand reliable and sustainable energy solutions across Africa.
“With this support, it enables us to accelerate our shared mission of providing hybrid solar power to businesses, reducing carbon emissions, and supporting economic growth while enhancing energy security for our clients,” the Managing Director of WATT, Mr Oluwole Eweje, said.
“We are delighted to support WATT in rolling out hundreds of hybrid sites across the country.
“This represents another key transaction for AFRIGREEN in Nigeria. The combination of high energy prices, good solar irradiation, and strong demand from industrial and commercial energy users makes this market particularly attractive for companies like WATT.
“By leveraging these favourable market conditions alongside WATT’s exceptional operational performance and a well-structured financing solution, we are setting the stage for a strong and lasting business partnership,” the Managing Director of AfriGreen, Mr Alexandre Gilles, stated.
By Adedapo Adesanya
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has denied issuing a directive that gas supply to power generating companies (GenCos) be halted.
In a statement on Wednesday, the authority also denied instructing wholesale gas suppliers to stop further supply of gas to companies due to failure in payment obligations.
The NMDPRA described reports stating that it has directed the stoppage of gas supply to GenCos over N2 trillion debt as “false and completely unfounded”.
“It has absolutely no bearing on the information shared at a recent stakeholders’ engagement held in Lagos between the Authority, the OPTS, IPPG and other stakeholders in the oil and gas industry,” the NMDPRA said.
“The purpose of the engagement was to sensitise stakeholders on the requirements, opportunities and benefits associated with the implementation of the wholesale supply license as provided by sections 142 and 197 of the Petroleum Industry Act (PIA) 2021.
“It was a follow-up to an earlier stakeholder engagement held at the NMDPRA corporate headquarters in Abuja on November 27, 2024.
“The Authority wishes to reassure all our stakeholders and indeed the general public that at no time was the false statement made at that event and anywhere else, and are advised to completely disregard the publication as every effort is being made to ensure that the supply and distribution of natural gas and petroleum products to end users is seamless and unabated as we head into the festive season and indeed all through the coming year 2025.”
Recall that Nigeria’s national grid experienced another collapse on Wednesday, the 11th time in 2024 as Gencos couldn’t generate enough power, compounding issues facing the Nigerian power sector.
This was the first time in over a month as the last time the nation witnessed a nationwide shutdown in electricity supply was on November 7, 2024.
Before then, the country was experiencing an incessant collapse of the grid, which prompted the federal government to set up a team to address the issue.
By Aduragbemi Omiyale
Nigeria is currently experience a cut in power supply after the national grid collapsed for the 11th time in 2024.
This is the first time in over a month as the last time the nation witnessed a nationwide shut down in electricity supply was on November 7, 2024.
Before then, the country was experiencing an incessant collapse of the grid, which prompted the federal government to set up a team to address the issue.
However, just when Nigerians were thinking they will not witnessed another national grid collapse in the year, it issue reared its ugly head again.
On Wednesday afternoon, most of the energy distribution companies suffered power outage, prompting them to inform their customers of the situation.
One of the DisCos, Ikeja Electric Plc, in a message to electricity consumers under its franchise area, said, “Please be informed that we experienced a system outage today, December 11, 2024, at about 13:32 hours affecting supply within our network.
“Restoration of supply is ongoing in collaboration with our critical stakeholders. Kindly bear with us.”
Recall that on Tuesday, in a report, Google listed national grid as one of the top trending searches by Nigerians this year.
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