Finally, NERC Grants Power Gencos Right to Sell Electricity Directly to Consumers Gencos laud declaration, says electricity customers will be ‘kings’ again Chineme Okafor in Abuja Effective May 15, 2017, electricity generating companies (Gencos) in Nigeria would now be free to generate and sell electricity directly to end-users across the
country, with very minimal interferences from the 11 electricity distribution companies (Discos), the Nigerian Electricity Regulatory Commission (NERC) has declared. Tagged as the ‘eligible
customers’ regime, the declaration, NERC said in a statement yesterday, was signed off by the Minister of Power, Works and Housing, Mr. Babatunde Fashola. The statement announcing this was signed by NERC’s head
of public affairs, Dr. Usman Arabi. It said its declaration was legally backed by the provisions of Section 27 of the Electric Power Sector Reform Act 2005 (EPSRA), adding that it represented a major policy
directive which now grants electricity consumers under this category the right to buy power directly from Gencos almost unhindered. NERC stated that under the regime, Fashola signed off four
categories of eligible customers to become operative in the Nigerian Electricity Supply Industry (NESI). The first category of eligible Continued on page 8
Ambode: Tax Payers’ Money is at Work in Lagos ... Page 8 Saturday 20 May, 2017 Vol 22. No 8066. Price: N250
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Diligent Consideration of Budget 2017 Commences, Says Presidency Oil price rises to $53
Omololu Ogunmade in Abuja and Obinna Chima in Lagos
Stock market surge continues very prompt and diligent consideration," Akande tweeted. In a related development, the Nigerian Stock Exchange (NSE) continued on a positive momentum this week as the market capitalisation of the NSE improved by 2.2 per cent
The National Assembly yesterday transmitted the N7.4 trillion 2017 budget it passed last week to the Presidency, with the Media Assistant to Acting President
Yemi Osinbajo, Laolu Akande swiftly confirming that the bill was already undergoing prompt executive consideration. "2017 Appropriation Bill now officially received in the Acting President's office. Following the receipt, it is now undergoing
The Senior Special Assistant to President Muhammadu Buhari on National Assembly Matters, Ita Enang delivered the 2017 Appropriation Bill to Acting President Yemi Osinbajo at the Presidential Villa yesterday at a closed-door meeting, with an amendment to his earlier position on the man to sign the document. Answering questions from journalists after the meeting, Enang said he had delivered the Appropriation Bill to the acting president as passed by the National Assembly. According to him, the acting president has the full power of the president to assent to the budget within 30 days subject to
EUGENE ANENIH GOES HOME...
...Enang Recants, Says Acting President Has Power to Assent Budget
Continued on page 8
to close at N9.72 trillion yesterday, compared with the N9.51 trillion it closed on Monday. Also, the NSE All Share Index closed higher at 28,113.38 basis points yesterday, as against the 27,513.69 basis points it attained on Monday.
Naira extends gain Similarly, the Naira exchange rate against the dollar appreciated significantly on the parallel market during the week as it gained N6 to close at N380/$ yesterday, stronger than the N386/$1 it was as at Monday, as the central bank sustained its
dollar injection strategy. The National Assembly had raised the budget of N7.2 trillion presented by Buhari to it last year to N7.4 trillion with the appropriation document predicatContinued on page 8
L-R: Elder brother of the deceased, Mr. Tony Anenih Jr.; widow Mrs. Yomi Anenih; and their children during funeral rites of Eugene Anenih held at Catholic MUBO PETERS Church of Divine Mercy, Lekki, Lagos ...yesterday
Senate: We're Complementing Anti-Corruption Fight, Not Mocking it ...Page 15